EQUITY BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Equity Based Compensation

. EQUITY BASED COMPENSATION

In February 2021, Greenidge adopted an equity incentive plan and reserved 3,831,112 shares of class A common stock for issuance under the plan (the “2021 Equity Plan”).

Restricted Common Stock Unit Awards

During the three months ended March 31, 2022, the Company awarded 5,335 restricted common stock units (“RSUs”) under the 2021 Equity Plan to employees, which are generally eligible to vest over a three-year period.

The Company’s unvested RSU awards activity for the three months ended March 31, 2022 is summarized below:

				Weighted Average
				Grant Date
	RSUs			Fair Value
Unvested at December 31, 2021		516,987		$	6.80
Granted		5,335			15.32
Vested		(90,704	)		6.25
Unvested at March 31, 2022		431,618		$	7.01

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 three months ended March 31, 2022, the fair market value of the awards granted totaled $0.1 million, and as of March 31, 2022, there was approximately $2.4 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 2.0 years.

Common Stock Options

The Company’s common stock options activity for the three months ended March 31, 2022 is summarized below:

						Weighted Average
				Weighted Average		Remaining		Aggregate
				Exercise Price		Contractual Life		Intrinsic
	Options			Per Share		(in years)		Value
Outstanding at December 31, 2021		583,080		$	6.01	9.2		$	5,854
Granted		-			-
Exercised		(334	)		6.25
Forfeited		(2,888	)		6.25
Outstanding at March 31, 2022		579,858		$	6.01		8.9	$	1,430
Exercisable as of March 31, 2022		439,225		$	5.86		8.9	$	1,150

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. As of March 31, 2022, there was approximately $0.3 million of total unrecognized compensation cost related to unvested common stock options, which is expected to be recognized over a remaining weighted-average vesting period of approximately 1.4 years.

Stock-based Compensation

The Company recognized stock-based compensation expense of $0.4 million and $0.7 million during the three months ended March 31, 2022 and 2021, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive (loss) income.