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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Employee Benefit Plans [Abstract]  
Employee Benefit Plans

23. Employee Benefit Plans

 

The Company sponsors a defined-contribution retirement plan under Section 401(k) of the Internal Revenue Code that covers substantially all employees of the Company (“401(k) plan”). Participant contributions to the 401(k) plan are voluntary and are subject to certain limitations. The Company may also make discretionary contributions to the 401(k) plan. For 401(k) employee contribution matching, the Company incurred an expense of $196,000 and $173,000 the years ended December 31, 2024 and 2023, respectively.

 

On September 17, 2021, the Company’s shareholders approved the Siebert Financial Corp. 2021 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of stock options, restricted stock, and other equity awards of the Company’s common stock to employees, officers, consultants, directors, affiliates and other service providers of the Company. There were 3 million shares reserved under the Plan and 2,214,000 and 2,704,000 shares remained as of December 31, 2024 and 2023, respectively.

 

The table below presents the Plan restricted stock awards granted and the related fair values for the year ended December 31, 2024.

 

   Shares   Weighted- Average Grant Date Fair Value 
Nonvested as of December 31, 2023(1)   
—
   $
—
 
Granted   490,000    1.74 
Vested   (340,000)   1.78 
Nonvested as of December 31, 2024   150,000   $1.65 

 

(1)The Company did not issue any share-based compensation for the year ended December 31, 2023.

 

As of December 31, 2024, there was $124,000 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted average period of 0.6 years.

 

The Company recognized stock-based compensation expense of $730,000 for the year ended December 31, 2024, which included $460,000 within the line item “Employee compensation and benefits” and $270,000 fully capitalized within the line item “Software, net” in the consolidated statements of financial condition.