2021 Stock Incentive Plan

Prior to the Business Combination, the Company maintained its 2009 Omnibus Equity Compensation Plan (the “2009 Plan” and together with the 2021 Plan, the “Plans”). Upon Closing of the Business Combination, awards under the 2009 Plan were converted at the exchange ratio calculated in accordance with the Business Combination Agreement and the 2021 Plan became effective. On June 21, 2022, the 2021 Plan was amended and restated to, among other things, increase the number of shares of Common Stock authorized for issuance under the 2021 Plan by 5,643,450 shares. As of September 30, 2023, there were 6,007,718 shares of Common Stock authorized for issuance under the amended and restated 2021 Plan, plus any shares of Common Stock subject to awards under the 2009 Plan that are forfeited or reacquired by the Company due to termination or cancellation. As of September 30, 2023, there were 13,932,936 shares of Common Stock authorized for issuance under the Plans.

The following table summarizes share-based compensation expense for the three and nine months ended September 30, 2023 and 2022 (in thousands):

Common Stock Options

The following table sets forth the activity for all Common Stock options:

As of September 30, 2023, there was $2.3 million of unrecognized compensation expense related to stock options to be recognized over a weighted average period of 2.27 years.

Restricted Stock Units

As part of the consideration in the Business Combination, RSUs with respect to 1,750,000 shares of Common Stock were granted to the participants in Legacy Airspan’s MIP. For the RSUs granted to MIP Participants, the weighted average grant date fair value was $9.75 per RSU. The RSUs granted in connection with the MIP vested one year after the date of the grant. There were 681,620 restricted stock units granted to the directors during the nine months ended September 30, 2023. There were no restricted stock units granted to the employees during the nine months ended September 30, 2023.

The following table sets forth the activity for all RSUs:

Because the Company maintained a full valuation allowance on its U.S. deferred tax assets, it did not recognize any tax benefit related to share-based compensation expense for the three and nine months ended September 30, 2023 and 2022. As of September 30, 2023, there was $6.5 million of unrecognized compensation expense related to RSUs to be recognized over a weighted average period of 1.48 years.