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STOCK-BASED COMPENSATION
 3 Months Ended
Jun. 30, 2023
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

NOTE 6 – STOCK-BASED COMPENSATION

The 2016 TechPrecision Equity Incentive Plan, or the “2016 Plan”, is designed to reflect our commitment to having best practices in both compensation and corporate governance. The 2016 Plan provides for a share reserve of 1,250,000 shares of common stock.

The 2016 Plan authorizes the award of incentive and non-qualified stock options, restricted and unrestricted stock awards, restricted stock units, and performance awards to employees, directors, consultants, and other individuals who provide services to TechPrecision or its affiliates. The purpose of the 2016 Plan is to: (a) enable TechPrecision and its affiliated companies to recruit and retain highly qualified employees, directors and consultants; (b) provide those employees, directors and consultants with an incentive for productivity; and (c) provide those employees, directors and consultants with an opportunity to share in the growth and value of the Company. Subject to adjustment as provided in the 2016 Plan, the maximum number of shares of common stock that may be issued with respect to awards under the 2016 Plan is 1,250,000 shares (inclusive of awards issued under the 2006 Long-Term Incentive Plan, or the “2006 Plan”, that remained outstanding as of the effective date of the 2016 Plan). Shares of our common stock subject to awards that expire unexercised or are otherwise forfeited shall again be available for awards under the 2016 Plan.

At June 30, 2023, there were 312,500 shares available for grant under the 2016 Plan. The following table summarizes information about options granted during the most recently completed periods:

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Weighted

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Average

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Weighted

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Aggregate

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Remaining

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Number Of

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Average

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Intrinsic

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Contractual Life

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Options

    

Exercise Price

    

Value

    

(in years)

Outstanding at March 31, 2023

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667,500

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$

1.37

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$

3,804,625

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3.70

Outstanding at June 30, 2023

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667,500

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$

1.37

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$

4,018,225

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3.46

Vested or expected to vest at June 30, 2023

 

667,500

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$

1.37

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$

4,018,225

 

3.46

Exercisable and vested at June 30, 2023

 

667,500

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$

1.37

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$

4,018,225

 

3.46

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The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the first quarter of fiscal 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2023. This amount changes based on the fair market value of the Company’s common stock. The maximum contractual term is ten years for option grants. Other information relating to stock options outstanding at June 30, 2023 is as follows:

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Weighted

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Average

 

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Remaining

 

Weighted

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Weighted

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Options

 

Contractual

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Average

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Options

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Average

Range of Exercise Prices:

    

Outstanding

    

Term

    

Exercise Price

    

 Exercisable

    

Exercise Price

$0.01-$0.99

 

317,500

 

2.36

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$

0.46

 

317,500

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$

0.46

$2.00-$2.99

 

350,000

 

3.91

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$

2.19

 

350,000

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$

2.19

Totals

 

667,500

 

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667,500

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