On July 23, 2014, Company stockholders approved the CV Sciences, Inc. Amended and Restated 2013 Equity Incentive Plan (as amended, the “Amended 2013 Plan”), which provides for the granting of stock options, restricted stock awards, restricted stock units, stock bonus awards and performance-based awards. On December 21, 2015, Company stockholders approved an amendment to the Amended 2013 Plan, increasing the number of shares that may be issued under such plan to 15,000,000 shares of common stock. The Amended 2013 Plan serves as the successor to the 2013 Equity Incentive Plan. There were no option awards under the 2013 Equity Incentive Plan. As of March 31, 2016, the Company had 5,277,000 of authorized unissued shares reserved and available for issuance upon exercise and conversion of outstanding awards.

The stock options are exercisable at no less than the fair market value of the underlying shares on the date of grant, and restricted stock and restricted stock units are issued at a value not less than the fair market value of the common stock on the date of the grant. Generally, stock options awarded are vested in equal increments ranging from two to four years on the annual anniversary date on which such equity grants were awarded. The stock options generally have a maximum term of 10 years. The following table summarizes stock option activity for the Amended 2013 Plan during the three months ended March 31, 2016:

The following table summarizes unvested stock options as of March 31, 2016:

The Company recognized expenses of $405,151 and $1,165,994 relating to stock options issued to employees, consultants, officers, and directors during the three months ended March 31, 2016 and 2015, respectively. The Company recognized expenses of $0 and $590,000 relating to common stock issued to employees, consultants, officers, and directors during the three months ended March 31, 2016 and 2015, respectively. For the three months ended March 31, 2016 and 2015, stock-based compensation of $405,151 and $1,743,327, was expensed to selling, general and administration, respectively. For the three months ended March 31, 2016 and 2015, stock-based compensation of $0 and $12,667, was expensed to research and development, respectively. As of March 31, 2016, total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted to employees, officers, and directors was $2,718,572, which is expected to be recognized over a weighted-average period of 2.04 years.