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STOCK-BASED COMPENSATION
 6 Months Ended
Sep. 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.

On July 13, 2023, our former CFO exercised an option to purchase 125,000 shares of the Company’s common stock pursuant to option awards previously granted under the 2016 Plan. The option was exercised as a cashless net settlement transaction and resulted in the delivery of 109,024 shares of common stock on July 13, 2023.

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

​

Contractual Life

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Options

    

Exercise Price

    

Value

    

(in years)

Outstanding at March 31, 2023

​

667,500

​

$

1.37

​

$

3,804,625

​

3.70

Exercised

​

(125,000)

​

$

0.68

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​

846,250

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—

Outstanding at September 30, 2023

​

542,500

​

$

1.53

​

$

3,108,950

​

3.63

Vested or expected to vest at September 30, 2023

 

542,500

​

$

1.53

​

$

3,108,950

 

3.63

Exercisable and vested at September 30, 2023

 

542,500

​

$

1.53

​

$

3,108,950

 

3.63

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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 second 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 September 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 September 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

​

Options

​

Average

Range of Exercise Prices:

    

Outstanding

    

Term

    

Exercise Price

    

 Exercisable

    

Exercise Price

$0.01-$0.99

 

192,500

 

1.87

​

$

0.32

 

192,500

​

$

0.32

$2.00-$2.99

 

350,000

 

3.66

​

$

2.19

 

350,000

​

$

2.19

Totals

 

542,500

 

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​

 

  

 

542,500

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On August 3, 2023 the Company issued 15,000 restricted shares of the Company’s common stock to the Company’s new CFO. Under the terms of the employment agreement, provided she remains employed by the Company from the grant date through the applicable vesting dates, 5,000 shares of the restricted stock will vest on each of the first, second, and third anniversaries of the effective employment date of July 17, 2023.

At September 30, 2023, there were 297,500 shares available for grant under the 2016 Plan.