v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

20. 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 401(k) 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 expense of $40,000 and $32,000 for the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025, the Company incurred an expense of $226,000 and $184,000, respectively.

 

On September 17, 2021, the Company’s shareholders approved the Siebert Financial Corp. 2021 Equity Incentive Plan (the “Plan”). The Plan authorizes the issuance of stock options, restricted stock, and other equity-based awards to employees, officers, directors, consultants, affiliates, and other service providers. The Plan originally provided for up to 3,000,000 shares of the Company’s common stock.

 

On November 18, 2025, at the Annual Shareholder Meeting, shareholders approved an amendment and restatement of the Plan (the “Amended Plan”) to increase the number of shares available and reserved for issuance to 5,000,000. As of June 30, 2026, 2,034,000 shares remained available for issuance under the Amended Plan.

 

The table below presents the Plan awards granted and the related fair values for the six months ended June 30, 2026.

 

    Shares     Weighted- Average Grant Date Fair Value  
Nonvested as of December 31, 2025     1,350,000     $ 2.77  
Granted     185,000       3.10  
Vested     (505,000 )     2.86  
Nonvested as of March 31, 2026     1,030,000     $ 2.78  
Granted     170,000       1.83  
Vested     (160,000 )     1.83  
Nonvested as of June 30, 2026     1,040,000     $ 2.78  

 

As of June 30, 2026, there was $2,376,000 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted average period of 2.44 years.

 

The Company recognized stock-based compensation expense of $368,000 and $435,000 for the three months ended June 30, 2026 and 2025, respectively, which is included in the line item “Employee compensation and benefits.” The Company did not capitalize any stock-based compensation expense for either the three months ended June 30, 2026 or 2025.

 

The Company recognized stock-based compensation expense of $1,200,000 and $989,000 for the six months ended June 30, 2026 and 2025, respectively. The Company did not capitalize any stock-based compensation expense for either the six months ended June 30, 2026 or 2025.