EQUITY BASED COMPENSATION

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

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”), applicable to employees and non-employee directors.

Restricted Common Stock Unit Awards

During the nine months ended September 30, 2022, the Company awarded 55,870 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 nine months ended September 30, 2022 is summarized below:


	RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	516,987	$	6.80
Granted	55,870	$	5.70
Vested	(90,704)	$	6.25
Unvested at September 30, 2022	482,153	$	6.77

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 nine months ended September 30, 2022, the fair market value of the awards granted totaled $0.3 million, and as of September 30, 2022, there was approximately $2.0 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 1.02 years.

Common Stock Options

The Company’s common stock options activity for the nine months ended September 30, 2022 is summarized below:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2021	583,080	$	6.01	9.2	$	5,854

Exercised	(2,296)	$	6.25
Forfeited	(9,554)	$	6.77
Expired	(667)	$	6.25
Outstanding at September 30, 2022	570,563	$	6.00	8.38	$	-
Exercisable as of September 30, 2022	447,930	$	5.89	8.35	$	8,386

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 September 30, 2022, there was approximately $0.2 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 1.49 years.

Stock-based Compensation

The Company recognized stock-based compensation expense of $0.4 million and $0.4 million during the three months ended September 30, 2022 and 2021, respectively, and $1.0 million and $1.5 million during the nine months ended September 30, 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.