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Employee Stock Compensation Plans

12 Months Ended

Dec. 31, 2021

11. Employee Stock Compensation Plans:

On June 18, 2013, Solitario’s shareholders approved the Solitario Exploration & Royalty Corp. Omnibus Stock Incentive Plan (the “2013 Plan”). Under the terms of the 2013 Plan, as amended, a total of 5,750,000 shares of Solitario common stock are reserved for awards to directors, officers, employees and consultants. Awards granted under the 2013 Plan may take the form of stock options, stock appreciation rights, restricted stock, and restricted stock units. The terms and conditions of the awards are pursuant to the 2013 Plan and are granted by the Board of Directors or a committee appointed by the Board of Directors.

a.) 2013 Plan stock option grants

The following table shows the grant date fair value of Solitario’s awards during 2021 and 2020 pursuant to the 2013 Plan:

Grant Date	5/5/21 (1)			6/10/21 (1)			4/2/20 (1)
Option – grant date price	$	0.67		$	0.69		$	0.20
Options granted		90,000			50,000			1,325,000
Expected life years		5.0			5.0			5.0
Expected volatility		76	%		76	%		67	%
Risk free interest rate		0.9	%		0.9	%		0.4	%
Weighted average fair value	$	0.41		$	0.41		$	0.11
Grant date fair value	$	37,000		$	20,000		$	145,000

(1) Option grants have a five-year term, and vest 25% on date of grant and 25% on each of the next three anniversary dates.

b.) Stock option activity

During 2021, options for 185,000 shares of common stock were exercised for proceeds of $83,000. During 2020 no options granted from the 2013 Plan were exercised. The following table summarizes the activity for stock options outstanding under the 2013 Plan for the years ended December 31, 2021 and 2020:

	2021							2020
				Weighted							Weighted
				Average		Aggregate					Average		Aggregate
	RSUs/			Exercise		Intrinsic		RSUs/			Exercise		Intrinsic
	Options			Price		Value (1)		Options			Price		Value (1)

Outstanding, beginning of year		5,558,000		$	0.58				4,373,000		$	0.58
Granted		140,000		$	0.67				1,325,000		$	0.20
Exercised		(185,000	)	$	0.45				-			-
Expired		-			-				-			-
Forfeited		-			-				(140,000	)	$	0.77
Outstanding, end of year		5,513,000		$	0.49	$	718,000		5,558,000		$	0.58	$	925,000
Exercisable, end of year		4,718,000		$	0.53	$	506,000		4,083,500		$	0.57	$	446,000

(1) Intrinsic value based upon December 31, 2021 and 2020 price of a share of Solitario common stock as quoted on the NYSE American exchange of $0.50 and $0.56, respectively, per share.

During the years ended December 31, 2021 and 2020, Solitario recorded $124,000 and $315,000, respectively, of stock option expense under the 2013 Plan for the amortization of the grant date fair value of each of its outstanding options with a credit to additional paid-in-capital. At December 31, 2021, the total unrecognized stock option compensation cost related to non-vested options is $80,000 and is expected to be recognized over a weighted average period of 21 months.