At the annual meeting held on May 27, 2021, stockholders of the Company approved the Bogota Financial Corp. 2021 Equity Incentive Plan ("2021 Plan"), which provides for the issuance of up to 902,602 shares (257,887 restricted stock awards and 644,718 stock options) of Bogota Financial Corp. common stock.

On September 2, 2021, 226,519 shares of restricted stock were awarded, with a grant date fair value of $10.45 per share. Grants of restricted common stock were issued from authorized but unissued shares. Restricted shares granted under the 2021 Plan vest in equal installments, over a service period of five years, beginning one year from the date of grant. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. During the three and six months ended June 30, 2023 and June 30, 2022, approximately $118,000 and $236,000 in expense was recognized in regard to these awards, respectively. The expected future compensation expense related to the 181,215 non-vested restricted shares outstanding at June 30, 2023 was approximately $1.7 million over a period of four years.

The following is a summary of the Company's restricted stock activity during the six months ended June 30, 2023:


	Number of Non-vested Restricted Shares		Weighted Average Grant Date Fair Value
Outstanding, January 1, 2023		181,215	$	10.45
Granted		—		—
Vested		—		—
Forfeited		—		—
Outstanding, June 30, 2023		181,215	$	10.45

On September 2, 2021, options to purchase 526,119 shares of Company common stock were awarded, with a grant date fair value of $4.37 per option. Stock options granted under the 2021 Plan vest in equal installments over a service period of five years beginning one year from the date of grant. Stock options were granted at an exercise price of $10.45, which was the Company's common stock price on the grant date and have an expiration period of 10 years.

Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the three and six months ended June 30, 2023 and June 30, 2022, approximately $115,000 and $230,000 in expense was recognized in regard to these awards, respectively. The expected future compensation expense related to the 418,895 non-vested options outstanding at June 30, 2023 was $1.6 million over the vesting period of four years.

The following is a summary of the Company's option activity during the six months ended June 30, 2023:


	Number of Stock Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding, January 1, 2023		523,619	$	10.45		6.5	$	—
Granted		—
Exercised		—
Forfeited		—
Outstanding, June 30, 2023		523,619	$	10.45		5.9	$	—
Options exercisable at June 30, 2023		104,724					$	—

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options.