EQUITY BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

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. In April 2023, the stockholders approved an amendment and restatement of the Company's 2021 Equity Plan to increase the maximum aggregate number of shares of Class A common stock that may be issued for all purposes under the Plan by 5,000,000 shares of Class A common stock from 3,831,112 to 8,831,112 shares of Class A common stock and to remove the counting of shares of Class A common stock granted in connection with awards other than stock options and stock appreciation rights against the total number of shares available under the Plan as two shares of Class A common stock for every one share of Class A common stock granted in connection with such award. For the three months ended March 31, 2023, no additional shares had been granted under the 2021 Equity Plan. In October 2022, the Company registered 3,076,842 shares of Class A common stock, outside the 2021 Equity Plan, that were reserved for issuance upon the vesting and exercise of non-qualified stock options inducement grants.

Restricted Common Stock Unit Awards

Restricted stock unit ("RSU") awards are generally eligible to vest over a three-year period.

The Company’s unvested RSU awards activity for the three months ended March 31, 2023 is summarized below:


	RSUs	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	247,286	$	6.89

Vested	(92,751)	$	6.49
Unvested at March 31, 2023	154,535	$	7.12

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. There were no grants awarded during the three months ended March 31, 2023. At March 31, 2023, there was approximately $0.9 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 1.4 years.

Common Stock Options

The Company’s common stock options activity for the three months ended March 31, 2023 is summarized below:


	Options	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value
Outstanding at December 31, 2022	3,641,850	$	2.05


Forfeited	(2,666)	$	6.25

Outstanding at March 31, 2023	3,639,184	$	2.04	9.3	$	1,638
Exercisable as of March 31, 2023	494,660	$	5.92	7.9	$	223

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. At March 31, 2023, there was approximately $2.7 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 2.5 years.

Stock-Based Compensation

The Company recognized stock-based compensation expense of $0.5 million and $0.4 million during the three months ended March 31, 2023 and 2022, respectively. Stock-based compensation expense is included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.