|9 Months Ended|
Sep. 30, 2021
|Share-based Payment Arrangement [Abstract]|
Schedule of Stock-based Compensation Expense Recognized
Summary of Stock Option Activity
Total unrecognized compensation cost related to unvested stock options was $ as of September 30, 2021 and is expected to be recognized over a weighted-average period of less than .
As of September 30, 2021, shares of common stock are available for future awards under the 2012 Equity Incentive Plan (the “Plan”).
Each executive officer and non-employee director receiving equity-based awards is subject to a minimum dollar value stock ownership holding requirement with respect to the awards received as well as all prior equity awards under the Plan which requirements are intended to align the ability to sell shares with the performance of the Company’s stock price. The executive officer recipients each have a minimum dollar value stock ownership holding requirement threshold equal to two times (2x) their then base salaries below which dollar threshold they would be precluded from selling any shares of Company stock obtained from the Company under its Plan. Also, the non-employee directors are each subject to a minimum dollar value stock ownership holding requirement threshold equal to six times the annual Board retainer ($270,000) below which dollar threshold they would be precluded from selling shares of Company stock acquired from the Company under its Plan.
The Company entered into a separation agreement with its former chief executive officer which provided for severance payments as contemplated by his employment agreement and (i) accelerated the vesting of certain outstanding option awards; and (ii) extended the time for the exercise of certain vested options for one year from the date of separation. The former executive exercised options to acquire shares of common stock during the period.
The entire disclosure for share-based payment arrangement.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef