13. RESTRICTED STOCK AWARDS

On December 20, 2019, the Company approved and adopted the Verb Technology Company, Inc. 2019 Omnibus Incentive Plan (the “Plan”).

A summary of restricted stock unit activity for the nine months ended September 30, 2021 is presented below.

 SUMMARY OF RESTRICTED STOCK AWARD ACTIVITY

On January 4, 2021, the Company granted an additional 813,265 shares of its restricted stock to employees and members of Board of Directors. The Restricted Stock Units vest in various dates up to January 2025. These Restricted Stock Units were valued based on market value of the Company’s stock price at the respective date of grant and had aggregate fair value of $1,374,000, which is being amortized as stock compensation expense over its vesting term.

The total fair value of restricted stock units that vested or deemed vested for the nine months ended September 30, 2021 was $1,285,000 and is included in general and administrative expenses in the accompanying condensed consolidated statements of operations. In addition, during the nine months ended September 30, 2021, the Company issued 889,212 shares of its restricted stock based upon its vesting. As of September 30, 2021 the amount of unvested compensation related to issuances of restricted stock units was $2,032,000 which will be recognized as an expense in future periods as the shares vest. When calculating basic net loss per share, these shares are included in weighted average common shares outstanding from the time they vest. When calculating diluted net loss per share, these shares are included in weighted average common shares outstanding as of their grant date.