Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 1211

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 9
Chunk 1211
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000,
respectively, of total unrecognized compensation expense related to non-vested stock options granted under the Plans.

There
were no options granted during the year ended December 31, 2024 or 2023.

Restricted
Stock Awards

The
Company may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s
outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based
conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes
fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based
conditions is based on the value of the Company’s stock on the grant date.

Information
with respect to the activity of unvested restricted stock awards during the year ended December 31, 2024 and 2023 is as follows
(share amounts not in thousands):

 SCHEDULE
OF ACTIVITY OF UNVESTED RESTRICTED STOCK AWARDS

    Weighted-  

    Number of  
    Weighted- 

    Restricted  
    Average 

    Stock  
    Grant Date 

    Awards  
    Fair Value 

    Nonvested at January 1, 2023 
     23,000  

    Granted 
     100,647  
    $2.37 
  
    Vested 
     (77,574) 
    $2.37 
  
    Nonvested at December 31, 2023 
     46,073  

    Granted 
     136,427  
    $1.07 
  
    Vested 
     (143,785) 
    $1.07 
  
    Nonvested at December 31, 2024 
     38,715  

Compensation
expense recognized for the years ended December 31, 2024 and 2023 totaled $214,000 and $238,000, respectively, and is included in general
and administrative expenses. At December 31, 2024 and 2023, there was approximately $48,000 and
$119,000, respectively, of unrecognized compensation expense related to non-vested restricted stock granted under the Plans. The
Company expects to recognize the remaining compensation expense over a weighted-average period of two (2) months.

    F