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Stock Options and Restricted Stock Units

9 Months Ended

Sep. 30, 2025

Stock Options and Restricted Stock Units

Stock Options and Restricted Stock Units

8.Stock Options and Restricted Stock Units

The stock-based compensation expense related to the Innodata Inc. 2013 Stock Plan, as amended and restated effective June 7, 2016 (the “2013 Plan”) and the Innodata Inc. 2021 Equity Compensation Plan, as amended and restated effective as of April 11, 2022 (the “2021 Plan”, and together with the 2013 Plan, collectively, the “Equity Plans”) were allocated as follows (in thousands):


		For the Three Months Ended						For the Nine Months Ended
		September 30,						September 30,
		2025			2024			2025			2024
Direct operating costs		$	444		$	43		$	1,312		$	200
Selling and administrative expenses			2,263			812			6,997			2,681
Total stock-based compensation		$	2,707		$	855		$	8,309		$	2,881

Stock Options

2013 Plan

A summary of option activity under the 2013 Plan and changes during each of the nine-month periods ended September 30, 2025 and 2024 are presented below:


							Weighted-Average
				Weighted - Average			Remaining Contractual		Aggregate
		Number of Options		Exercise Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2025		3,165,193		$	3.67		6.32		$	113,458,326
Granted		-			-		-			-
Exercised		(246,742)			4.57		-			-
Forfeited/Expired		-			-		-			-
Outstanding at September 30, 2025		2,918,451		$	3.60		5.60		$	214,423,447

Exercisable at September 30, 2025		2,820,116		$	3.60		5.55		$	207,180,091

Vested and Expected to vest at September 30, 2025		2,918,451		$	3.60		5.60		$	214,423,447


							Weighted-Average
				Weighted - Average			Remaining Contractual		Aggregate
		Number of Options		Exercise Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2024		5,339,162		$	3.22		6.38		$	28,640,009
Granted		-			-		-			-
Exercised		(159,232)			4.07		-			-
Forfeited/Expired		(4,001)			6.96		-			-
Outstanding at September 30, 2024		5,175,929		$	3.19		5.62		$	70,306,343

Exercisable at September 30, 2024		3,586,369		$	2.45		4.78		$	51,361,592

Vested and Expected to vest at September 30, 2024		5,175,929		$	3.19		5.62		$	70,306,343

2021 Plan

A summary of option activity under the 2021 Plan and changes during the nine-month periods ended September 30, 2025 and 2024 are presented below.


							Weighted-Average
				Weighted - Average			Remaining Contractual		Aggregate
		Number of Options		Exercise Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2025		842,271		$	15.86		8.46		$	20,847,471
Granted		-			-		-			-
Exercised		(119,739)			3.51		-			-
Forfeited/Expired		(22,668)			3.41		-			-
Outstanding at September 30, 2025		699,864		$	18.38		7.85		$	41,075,152

Exercisable at September 30, 2025		194,006		$	3.32		6.98		$	14,308,582

Vested and Expected to vest at September 30, 2025		699,864		$	18.38		7.85		$	41,075,152


							Weighted-Average
				Weighted - Average			Remaining Contractual		Aggregate
		Number of Options		Exercise Price			Term (years)		Intrinsic Value
Outstanding at January 1, 2024		923,571		$	3.41		8.76		$	4,786,252
Granted		-			-		-			-
Exercised		(47,596)			3.41		-			-
Forfeited/Expired		(9,668)			5.40		-			-
Outstanding at September 30, 2024		866,307		$	3.39		8.01		$	11,591,122

Exercisable at September 30, 2024		339,613		$	3.36		7.99		$	4,554,490

Vested and Expected to vest at September 30, 2024		866,307		$	3.39		8.01		$	11,591,122

There were no options granted during the nine months ended September 30, 2025 and 2024.

During the nine months ended September 30, 2025, a total of 366,481 options were exercised at an average exercise price of $4.22.

The compensation cost related to non-vested stock options not yet recognized as of September 30, 2025 totaled approximately $6.4 million. The weighted-average period over which these costs will be recognized is 27 months.

Restricted Stock Units

Restricted stock unit activity under the Equity Plans during each of the nine-month periods ended September 30, 2025 and 2024 are presented below:


				Weighted-Average
		Number of		Grant Date
		Restricted Stock Units		Fair Value
Unvested at January 1, 2025		1,249,079		$	20.98
Granted		39,049			54.12
Vested		(214,506)			6.43
Forfeited/Expired		(555,208)			7.97
Unvested at September 30, 2025		518,414		$	43.44


				Weighted-Average
		Number of		Grant Date
		Restricted Stock Units		Fair Value
Unvested at January 1, 2024		749,756		$	5.77
Granted		28,973			15.10
Vested		(48,761)			8.42
Forfeited/Expired		(995)			8.29
Unvested at September 30, 2024		728,973		$	5.96

A total of 11,829 restricted stock units were granted to non-employee directors during the nine months ended September 30, 2025.

The compensation cost related to non-vested restricted stock units not yet recognized as of September 30, 2025 totaled approximately $17.0 million. The weighted-average period over which these costs will be recognized is 26 months.