For the years ended December 31, 2021 and 2020, our total stock-based compensation expense, which includes reversals of expense and incremental expense for certain modified, forfeited or cancelled awards, was approximately $471,000 and $231,000, respectively. We have not recorded any income tax benefit related to stock-based compensation for the years ended December 31, 2021 and 2020.

On November 23, 2021, our former Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, Jed A. Latkin, signed a Separation Agreement and General Release (the “Separation Agreement”) in connection with his resignation from those positions and as a director on October 24, 2021 (the “Separation Date”). Pursuant to the Separation Agreement, among other things, the Company agreed to provide Mr. Latkin with certain separation benefits, commencing on the “Effective Date,” defined as the eighth day after Mr. Latkin signed, without revoking, the Separation Agreement. On the Effective Date, each of Mr. Latkin’s unvested stock options vested, and all of his vested stock options (covering 69,918 shares) and previously unvested options (covering 333,332 shares) may be exercised by Mr. Latkin on or before the earlier of the fifth anniversary of the Separation Date and the original expiration date. On the Effective Date, each of Mr. Latkin’s 33,333 outstanding unvested restricted stock units became fully vested, and all of such restricted stock units were settled within thirty days after the Separation Date, less applicable withholding in shares of common stock. As a result of these equity award modifications, the Company reversed prior expense of $503,000 and recognized incremental expense of $243,000 during the fourth quarter of 2021.

A summary of the status of our stock options as of December 31, 2021, and changes during the year then ended, is presented below.

The weighted average grant-date fair value of options granted in 2021 and 2020 was $1.46 and $1.36, respectively. During 2021, 4,000 stock options with an aggregate intrinsic value of $2,500 were exercised in exchange for issuance of 4,000 shares of our Common Stock, resulting in gross proceeds of $4,240. No stock options were exercised during 2020. The aggregate fair value of stock options vested during 2021 and 2020 was $122,000 and $0, respectively.

A summary of the status of our unvested restricted stock as of December 31, 2021, and changes during the year then ended, is presented below.

During 2021 and 2020, 70,000 and 15,000 shares, respectively, of restricted stock vested with aggregate vesting date fair values of $113,000 and $17,000, respectively. During 2021 and 2020, 20,000 and 15,000 shares of restricted stock held by non-employee directors with aggregate fair values of $43,000 and $17,000, respectively, vested as scheduled according to the terms of the restricted stock agreements.

As of December 31, 2021, there was approximately $320,000 of total unrecognized compensation cost related to stock option and restricted stock awards, which we expect to recognize over remaining weighted average vesting terms of 1.8 years.