Employee Benefit Plans |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Employee Benefit Plans [Abstract] | |
| Employee Benefit Plans | 19. Employee Benefit Plans
The Company sponsors a defined-contribution retirement plan under Section 401(k) of the Internal Revenue Code that covers substantially all employees (“401(k) plan”). Participant contributions to the plan are voluntary and are subject to certain limitations. The Company may also make discretionary contributions to the plan. For 401(k) employee contribution matching, the Company incurred $135,000 and $0 of expense for the three months ended March 31, 2024 and 2023, respectively.
On September 17, 2021, the Company’s shareholders approved the Siebert Financial Corp. 2021 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of stock options, restricted stock, and other equity awards of the Company’s common stock to employees, officers, consultants, directors, affiliates and other service providers of the Company. There were 3 million shares reserved under the Plan and 2,654,000 and 2,704,000 and shares remained as of March 31, 2024 and December 31, 2023, respectively.
On February 14, 2024, the Company granted 50,000 restricted stock units at a price of $1.70 to employees and consultants of the Company. These units were fully vested upon grant date and the Company recognized equity stock compensation expense of $85,000 in the line item “Employee compensation and benefits” on the statements of operations for the three months ended March 31, 2024. The Company did not issue any share-based compensation for the year ended December 31, 2023.
On February 22, 2024, the Company granted 150,000 restricted stock units at a price of $1.65 to consultants of the Company, which are vested over the vesting period subject to certain conditions. As of March 31, 2024, there was approximately $259,000 of unrecognized compensation costs related to restricted stock units that will be recognized over a remaining period of 1.8 years. |