The 2013 Equity Incentive Plan (the “2013 Plan”) authorizes the issuance of both nonqualified and incentive stock options. Payment for the shares may be made in cash, shares of the Company’s common stock or a combination thereof. Under the terms of the 2013 Plan, incentive stock options and non-qualified stock options are granted at a minimum of 100% of fair market value on the date of grant and may be exercised at various times depending upon the terms of the option. All existing options expire 10 years from the date of grant or one year from the date of death. The Company also operated the 1997 Stock Option ("1997 Plan") as discussed below.

Under the 2013Plan, the Company is authorized to issue up to 600,000 shares through stock options and awards such as restricted stock or restricted stock units. As of December 31, 2022, under the 2013 Plan, 25,000 shares had been issued, options to purchase an aggregate of 300,000 shares were outstanding, of which options to purchase 300,000 shares were exercisable, and 275,000 additional shares were available for issuance pursuant to awards that may be granted under the plan in the future.

Under the 1997 Plan, the Company was authorized to grant options to purchase up to 450,000 shares of its common stock. As of December 31, 2022, there were no options to purchase shares outstanding under the 1997 Plan. The board terminated the plan in 2014, but the outstanding options on that date remained outstanding until they were exercised in 2022.

There were no options granted during the years ended December 31, 2022 and 2021.

The following table summarizes the activity for outstanding incentive stock options under the 2013 Plan to employees of the company:

	Options Outstanding
	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value

Balance at December 31, 2020		125,000		$	3.78		6.1
Granted		0
Exercised		0
Canceled/forfeited/expired		0
Balance at December 31, 2021		125,000			3.78		5.1
Granted		0
Exercised		(25,000	)		3.64		5.9
Canceled/forfeited/expired		0
Balance at December 31, 2022		100,000		$	3.81		2.7
Vested and exercisable as of December 31, 2022		100,000						$	71

The following table summarizes the activity for outstanding stock options under the 2013 Plan and 1997 Plan to non-employee directors of the Company:

	Options Outstanding
	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value

Balance at December 31, 2020		207,500		$	4.62		2.4
Granted		0
Exercised		0
Canceled/forfeited/expired		0
Balance at December 31, 2021		207,500			4.62		1.4
Granted		0
Exercised		(7,500	)		4.15		0.1
Canceled/forfeited/expired		0
Balance at December 31, 2022		200,000		$	4.63		0.8
Vested and exercisable as of December 31, 2022		200,000						$	3

The Company recognized compensation expense in connection with the vesting of options of approximately $3 and $5 during the years ended December 31, 2022 and 2021, respectively.

There were 32,500 options exercised during the year ended December 31, 2022. There were no options exercised during the year ended December 31, 2021.

As of December 31, 2022, there was no unrecognized compensation expense under the 2013 Plan. To the extent the forfeiture rate is different than we have anticipated, stock-based compensation related to the awards will be different from our expectations.