The Company’s 2015 Equity Incentive Plan (the “Plan”) was approved by stockholders in June 2015. The Plan is an omnibus plan that allows for grants of stock options, stock appreciation rights, stock awards, restricted stock, stock units and performance units. As of May 1, 2021, options to purchase 855,000 shares and 3,000 unvested restricted shares were outstanding under the 2015 Plan and 1,081,000 shares were available for future grant.

During the 13-week period ended May 2, 2020, the Company made grants of unregistered shares to advisors associated with the March 2020 debt restructuring in the aggregate amount of 300,000 shares, and a corresponding reduction of warrants on 300,000 shares previously issued to the advisors. On a combined basis, the shares issued were valued at $216,000, and the warrant reductions were valued at $89,000, resulting in a net compensation expense of $127,000. Additional expense for restricted shares vesting during the period amounted to $24,000, bringing total stock-based compensation to $151,000.

No grants of options or shares were made during the 13-week period ended May 1, 2021. Stock-based compensation expense for the period for vesting of stock options and restricted stock amounted to $37,000.

A summary of option activity under the 2015 Plan as of May 1, 2021 and changes during the 13 weeks then ended are presented in the table below (shares in thousands):

	Shares		Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Life in Years		Aggregate Intrinsic Value (a)
Outstanding at January 30, 2021		855
Granted		—
Exercised		—
Expired/Forfeited		—
Outstanding at May 1, 2021		855	$	1.676		4.49	$	2,089
Vested and expected to vest		855	$	1.676		4.49	$	2,089
Exercisable at May 1, 2021		707	$	1.690		4.51	$	1,720
Non-vested at May 1, 2021 (b)		148	$	1.611		4.44	$	369

(a)

The aggregate intrinsic value is based on our closing stock price of $4.103 as of May 1, 2021.

(b)

Weighted average grant-date fair value is $0.81 per share.