In February 2021, the Company adopted the Greenidge Generation Holdings Inc 2021 equity incentive plan (the "2021 Equity Plan") and reserved 3,831,112 shares of class A common stock for issuance.

The maximum number of shares of class A common stock that may be issued pursuant to awards granted under the 2021 Plan is 3,831,112 shares (after taking into account the 4-to-1 forward stock split that occurred on March 16, 2021). At December 31, 2021, 1,827,080 shares of class A common stock remain available for issuance under the 2021 Plan. Awards that may be granted include: (a) incentive stock options, (b) non-qualified stock options, (c) stock appreciation rights, (d) restricted awards (which include restricted stock and restricted stock units), (e) performance share awards, and (f) performance compensation awards.

During the year ended December 31, 2021, the Company awarded 631,920 restricted common stock units (“RSUs”) under the 2021 Equity Plan to directors, which are generally eligible to vest over a three-year period.

The Company’s unvested restricted common stock unit awards activity for the year ended December 31, 2021 is summarized below:


				Weighted Average
				Grant Date
	RSUs			Fair Value
Unvested at December 31, 2020		-		$	-
Granted		631,920			6.70
Vested		(114,933	)		6.25
Unvested at December 31, 2021		516,987		$	6.80

The value of RSU grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. During the year ended December 31, 2021, the fair market value of the awards granted totaled $3.9 million and as of December 31, 2021, there was approximately $2.6 million of total unrecognized compensation cost related to unvested restricted stock rights, which is expected to be recognized over a remaining weighted-average vesting period of approximately 2.2 years.

The Company’s stock options activity for the year ended December 31, 2021 is summarized below:


						Weighted Average
				Weighted Average		Remaining		Aggregate
				Exercise Price		Contractual Life		Intrinsic
	Options			Per Share		(in years)		Value
Outstanding at December 31, 2020		-		$	-		-
Granted		753,968			6.07
Exercised		(160,000	)		6.25
Forfeited		(10,888	)		6.25
Outstanding at December 31, 2021		583,080		$	6.01		9.2	$	5,854
Exercisable as of December 31, 2021		257,484		$	5.80		9.1	$	2,639

The value of common stock option grants is measured based on their fair market value on the date of grant and amortized over their requisite service periods. During the year ended December 31, 2021, the fair market value of the awards granted totaled $1.2 million. As of December 31, 2021, there was approximately $0.3 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.4 years.

The weighted average assumptions relating to the valuation of stock options granted for the year ended December 31, 2021 were as follows:


Weighted average fair value of grants	$	1.55
Expected volatility		35	%
Expected term (years)		4.0
Risk-free interest rate		0.5	%
Expected dividend yield		0.0	%

The Company recognized stock-based compensation expense of $3.8 million during the year ended December 31, 2021. No stock-based compensation expense was recognized during the year ended December 31 2020. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statements of operations.