Omnibus Incentive Plan
In connection with our IPO, we adopted the Stronghold Digital Mining, Inc. Omnibus Incentive Plan (the “OIP”), which provides the Company with the ability to grant awards to employees, consultants and directors. Our Named Executive Officers are eligible to participate in the OIP. The OIP provides that we may grant options (including incentive stock options and nonqualified stock options), stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, other stock-based awards, and substitute awards intended to align the interests of service providers, including our Named Executive Officers, with those of our stockholders.
Outstanding equity award agreements with our Named Executive Officers provide for full accelerated vesting upon a qualifying termination in connection with a change in control.
Other Compensation Benefits
We currently provide broad-based welfare benefits that are available to all of our employees, including our Named Executive Officers, and include health, dental, life, vision and short- and long-term disability insurance.
In addition, we maintain, and the Named Executive Officers participate in, a 401(k) plan, which is intended to be qualified under Section 401(a) of the Code and provides eligible employees with an opportunity to save for retirement on a tax-advantaged basis, and we match 100% of an employee’s contributions up to 3% of the employee’s eligible earnings. Employees’ pre-tax contributions and our matching contributions are allocated to each participant’s individual account and are then invested in selected investment alternatives according to the participant’s directions.
Outstanding Equity Awards at Fiscal Year End
The following reflects information regarding outstanding equity-based awards held by the Named Executive Officers as of December 31, 2022:2023:
Greg Beard | | | 349,500 | | | 485,700 | | | 9.33 | | | 9/2/31 | | | — | | | — | | | — | | | — |
Matthew Smith | | | 28,800 | | | — | | | 21.29 | | | 11/21/31 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 208,542 | | | 91,578 | | | | | | |
| | | | | | | | | | | | | | | | | | | | | 161,539 | | | 71,077 |
RJ Shaffer | | | 51,120 | | | 71,658 | | | 9.33 | | | 9/2/31 | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 19,316 | | | 8,499 | | | — | | | — |
Ricardo Larroudé | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — |
Name | | | Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#) | | | Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#) | | | Option
Exercise
Price
($) | | | Option
Expiration
Date | | | Number of
Shares or
Units of
Stock
That
Have Not
Vested
(#) | | | Market
Value of
Shares or
Units of
Stock
That
Have Not
Vested
($) | | | Equity
Incentive
Plan
Awards:
Number of
Unearned
Shares That
Have Not
Vested
(#) | | | Equity
Incentive
Plan
Awards:
Market
Value
of Unearned
Shares That
Have Not
Vested
($) |
Greg Beard | | | | | | | | | | | | | | | 200,000 | | | $1,460,0000 | | | | | | |
Matthew Smith | | | | | | | | | | | | | | | 131,946 | | | $963,206 | | | | | | |
RJ Shaffer | | | | | | | | | | | | | | | 28,129 | | | $205,342 | | | | | | |
For Mr. Beard, 100,000 shares vested on March 15, 2024, and 100,000 shares will vest on September 15, 2024. For Mr. Smith, 555 shares vested on each of January 18, 2024, February 18, 2024, March 18, 2024, and April 18, 2024, 60,000 shares vested on January 22, 2024, and 419 shares vested on each of January 28, 2024 and April 28, 2024; 555 shares will vest on each of May 18, 2024, June 18, 2024, July 18, 2024, August 18, 2024, September 18, 2024, September 18, 2024, October 18, 2024, November 18, 2024 and December 18, 2024, January 18, 2025, February 18, 2025, March 18, 2025 and April 18, 2025; 419 shares will vest on July 28, 2024; 15,000 shares will vest on each of July 22, 2024, January 22, 2025 and July 22, 2025 and January 22, 2026; 30,000 shares will vest on September 15, 2024; and 418 shares will vest on each of October 28, 2024 and January 28, 2025 and April 28, 2025. For Mr. Shaffer, 105 shares vested on each of January 28, 2024 and