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Employee Benefit Plans
12 Months Ended
Dec. 31, 2022
Financial Instruments With Off-Balance Sheet Risk [Abstract]  
Employee Benefit Plans

23. Employee Benefit Plans

The Company, through KCA, sponsors a defined-contribution retirement plan under Section 401(k) of the Internal Revenue Code that covers substantially all employees of the Company. Participant contributions to the plan are voluntary and are subject to certain limitations. The Company may also make discretionary contributions to the plan. No contributions were made by the Company or KCA for the years ended December 31, 2022 and 2021.

On September 17, 2021, the Company’s shareholders approved the Siebert Financial Corp. 2021 Equity Incentive Plan (the “Plan”). The Plan provides for the grant of stock options, restricted stock, and other equity awards of the Company’s common stock to employees, officers, consultants, directors, affiliates and other service providers of the Company. There were 3 million shares reserved under the Plan, 296,000 shares were issued during the year ended December 31, 2022, and 2,704,000 shares remained as of December 31, 2022. The Company did not issue any shares for the year ended December 31, 2021.

The Company granted 296,000 restricted stock units at a weighted average price of $1.56 to employees and consultants of the Company for the year ended December 31, 2022. These units were fully vested upon grant date and the Company recognized equity stock compensation expense of $461,000 in the line item “Employee compensation and benefits” in the statements of operations for the year ended December 31, 2022.