Stock-based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

8. Stock-based Compensation

On August 15, 2012 the stockholders approved the 2012 Incentive Plan which reserves 1,000,000 shares of Class B common stock for distribution to executive officers (including executive officers who are also directors), employees, directors, independent agents, consultants and attorneys in accordance with the 2012 Plan’s terms. The 2012 Plan provides for the grant of any or all of the following types of awards (collectively, “Awards”): (a) stock options and (b) restricted stock. Awards may be granted singly, in combination, or in tandem, as determined by the Compensation Committee. The maximum number of shares of Class B common stock with respect to which incentive stock options may be granted to any one individual in any calendar year shall not exceed $100,000 in fair market value as determined at the time of grant. If any outstanding Award is canceled, forfeited, delivered to us as payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Incentive Plan.

The following summarizes the outstanding and vested stock option activity as of September 30, 2021 and December 31, 2020:

	Shares Underling Options		Weighted Average Exercise Price (per share)		Weighted Average Remaining Contractual Term (in years)
Outstanding at December 31, 2020		550,000	$	0.00		7
Granted		-		-
Forfeited and expired		-		-
Outstanding at September 30, 2021		550,000	$	0.00		6

PRESIDENTIAL REALTY CORP/DE/ 10-Q