QNB has stock option plans (the Plans) administered by a committee which consists of three or more members of QNB’s Board of Directors. The Plans provide for the granting of either (i) Non-Qualified Stock Options (NQSOs) or (ii) Incentive Stock Options (ISOs). The exercise price of an option, as defined by the Plans, is the fair market value of QNB’s common stock at the date of grant. The Plans provide for the exercise either in cash or in securities of the Company or in any combination thereof.

The 2005 Plan authorized the issuance of 200,000 shares. The time period by which any option is exercisable under the Plan is determined by the Committee but shall not commence before the expiration of six months after the date of grant or continue beyond the expiration of five years after the date grant date. The granted options vest after a three-year period. As of December 31, 2019, there were 184,200 options granted, 65,850 options forfeited, 109,950 options exercised and 8,400 options outstanding under this Plan. The 2005 Plan expired March 15, 2015.

The 2015 Plan authorizes the issuance of 300,000 shares. The terms of the 2015 Plan are identical to the 2005 plan. There were 98,200 options granted, 2,600 options forfeited, 650 options exercised and 94,950 options outstanding under this Plan as of December 31, 2019.

As of December 31, 2019, there was approximately $117,000 of unrecognized compensation cost related to unvested stock option awards granted. That cost is expected to be recognized over the next 26 months.

	Number of options			Weighted average exercise price		Weighted average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2016		73,950		$	27.14
Exercised		(13,125	)		22.42
Forfeited		(300	)		22.58
Granted		25,000			37.60
Outstanding at December 31, 2017		85,525			30.94
Exercised		(13,850	)		24.96
Forfeited		(1,600	)		32.52
Granted		25,000			43.60
Outstanding at December 31, 2018		95,075			35.11
Exercised		(14,925	)		27.16
Forfeited		(1,500	)		37.20
Granted		24,700			38.15
Outstanding at December 31, 2019		103,350		$	36.96		2.47	$	296
Exercisable at December 31, 2019		30,200		$	30.08		0.84	$	259

	Options outstanding		Exercise price		Remaining life (in years)		Options exercisable		Exercise price
		8,400	$	29.25		0.08		8,400	$	29.25
		21,800		30.40		1.13		21,800		30.40
		23,950		37.60		2.13		—		—
		24,500		43.60		3.14		—		—
		24,700		38.15		4.13		—		—
Outstanding at December 31, 2019		103,350	$	36.96		2.47		30,200	$	30.08

The intrinsic value related to total stock options exercised during 2019, 2018, and 2017 are as follows: