Management Incentive Plans
|9 Months Ended|
Sep. 30, 2019
|Management Incentive Plans|
|Management Incentive Plans||
Note 17 – Management Incentive Plans
Upon approval of the Business Combination, the Company adopted the Limbach Holdings, Inc. Omnibus Incentive Plan (the “2016 Plan”). Certain employees, directors and consultants will be eligible to be granted awards under the 2016 Plan, other than incentive stock options, which may be granted only to employees. On May 30, 2019, the Company's stockholders approved the Limbach Holdings, Inc. Amended and Restated Omnibus Incentive Plan (the "2019 Incentive Plan") which effectively increased the amount of shares of the Company's common stock for issuance under the original 2016 Plan of 800,000 shares to 1,150,000 shares under the 2019 Incentive Plan. The number of shares issued or reserved pursuant to the 2019 Incentive Plan will be adjusted by the plan administrator, as they may deem appropriate and equitable as a result of stock splits, stock dividends, and similar changes in the Company’s common stock. In connection with the grant of an award, the plan administrator may provide for the treatment of such award in the event of a change in control. All awards are made in the form of shares only.
In 2019, the Company granted 220,636 service-based RSUs to its executives, certain employees, and non-employee directors under the 2019 Incentive Plan.
The following table summarizes our service-based RSU activity for the nine months ended September 30, 2019:
The Company did not grant any performance-based RSUs (“PRSUs”) to its executives and certain employees under the 2019 Incentive Plan during the first nine months of 2019. The Company will recognize stock-based compensation expense for these awards over the vesting period based on the projected probability of achievement of certain performance conditions as of the end of each reporting period during the performance period and may periodically adjust the recognition of such expense, as necessary, in response to any changes in the Company’s forecasts with respect to the performance conditions. As of September 30, 2019, the Company had not recognized any stock-based compensation expense related to its PRSUs granted to date.
The following table summarizes our PRSU activity for the nine months ended September 30, 2019:
The following table summarizes our market-based RSU (“MRSUs”) activity for the nine months ended September 30, 2019:
Total recognized stock-based compensation expense amounted to $0.5 million and $1.4 million for the three and nine months ended September 30, 2019, respectively. The aggregate fair value as of the vest date of RSUs that vested during the nine months ended September 30, 2019 and 2018 was $0.6 million and $0.9 million, respectively. Total unrecognized stock-based compensation expense related to unvested RSUs which are probable of vesting was $1.1 million at September 30, 2019. These costs are expected to be recognized over a weighted average period of 1.14 years.