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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation We maintain a stock-based compensation program intended to attract, retain and provide incentives for talented employees and directors and align stockholder and employee interests. During the 2020 and 2019 periods we granted options and restricted stock units ("RSUs") from the 2010 Equity Compensation Plan (“2010 ECP”) and the 2017 Equity Compensation Plan (“2017 ECP”). The 2010 ECP expired by its terms in April 2020. Option and RSUs vesting periods are generally up to three years and/or achieving certain financial targets. On August 14, 2019, the Inuvo Nominating, Corporate Governance and Compensation Committee approved modifications to the outstanding RSU grants under the 2010 ECP and 2017 ECP. The modifications include deeming the performance criteria for the performance based RSU grants with a measurement period based on June 30, 2019 as met and vested. In addition, any remaining RSU grants outstanding were modified to vest in three equal parts on August 19, 2019, January 1, 2020 and July 1, 2020 as long as the grantee is employed by Inuvo on the vesting date. On August 21, 2019 our board of directors adopted, subject to stockholder approval, an amendment to our 2017 ECP to increase in the number of shares reserved for issuance upon grants made under the plan by an additional 6,800,000 shares of our common stock. The stockholders approved the amendment to our 2017 ECP at the annual stockholders meeting on October 4, 2019. On January 1, 2020, in accordance with the plan provisions, the number of shares available for issuance under the 2017 and 2010 ECP plans were increased by 150,000 and 250,000 shares, respectively. Compensation Expense For the three and nine months ended September 30, 2020, we recorded stock-based compensation expense for all equity incentive plans of $258,430 and $660,615, respectively. For the three and nine months ended September 30, 2019, we recorded stock-based compensation expense for all equity incentive plans of $447,937 and $594,630, respectively. Total compensation cost not yet recognized at September 30, 2020 was $220,689 to be recognized over a weighted-average recognition period of less than one year. The following table summarizes the stock grants outstanding under the 2010 ECP and the 2017 ECP for the nine months ended September 30, 2020:
| Options Outstanding |  | RSUs Outstanding |  | Options and RSUs Exercised |  | Available Shares |  | Total
2017 ECP | — |  |  | 1,519,442 |  |  | 945,159 |  |  | 6,785,399 |  |  | 9,250,000 |
2010 ECP (*) | 9,500 |  |  | 957,666 |  |  | 4,084,095 |  |  | — |  |  | 5,051,261 |
Total | 9,500 |  |  | 2,477,108 |  |  | 5,029,254 |  |  | 6,785,399 |  |  | 14,301,261 |
(*) Expired April 2020 The following table summarizes the activity of stock option awards under the 2010 ECP for the nine months ended September 30, 2020:
| Shares Subject to Options Outstanding
| Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Balance as of December 31, 2019 | 18,248 |  |  | $ | 1.74 |  |  | 1.8 |  | $ | 2,019 |
Stock options canceled | 8,748 |  |  | $ | 3.01 |  |  | — |  |  | — |
Balance as of September 30, 2020 | 9,500 |  |  | $ | 0.56 |  |  | 1.83 |  | $ | 2,019 |
Stock options exercisable as of September 30, 2020 | 9,500 |  |  | $ | 0.56 |  |  | 1.83 |  | $ | 2,019 |
The following table summarizes the activities for our unvested RSUs for the nine months ended September 30, 2020:
| Unvested RSUs
| Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2019 | 2,568,951 |  |  | $ | 0.79 |
Granted | 587,103 |  |  | $ | 0.44 |
Vested | 662,619 |  |  | $ | 0.21 |
Forfeited | 16,327 |  |  | $ | 0.46 |
Unvested as of September 30, 2020 | 2,477,108 |  |  | $ | 0.32 |

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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