Stock-Based Compensation

9 Months Ended

Mar. 31, 2022

(11) Stock-Based Compensation

Phantom Stock Option Plan and Long-term Incentive Plan

The Greene County Bancorp, Inc. 2011 Phantom Stock Option and Long-term Incentive Plan (the “Plan”) was adopted effective July 1, 2011, to promote the long-term financial success of the Company and its subsidiaries by providing a means to attract, retain and reward individuals who contribute to such success and to further align their interests with those of the Company’s shareholders. The Plan is intended to provide benefits to employees and directors of the Company or any subsidiary as designated by the Compensation Committee of the Board of Directors of the Company (“Committee”). A phantom stock option represents the right to receive a cash payment on the date the award vests. The Plan is more fully described in Note 10 of the consolidated financial statements and notes thereto for the year ended June 30, 2021.

A summary of the Company’s phantom stock option activity and related information for the Plan for the three and nine months ended March 31, 2022 and 2021 were as follows:

	Three months ended March 31,						Nine months ended March 31,
	2022			2021			2022			2021
Number of options outstanding, beginning of period		1,506,520			1,705,600			1,507,600			1,765,100
Options Granted		-			-			475,120			523,700
Options Forfeited		-			-			-			-
Options Paid in Cash		(27,000	)		(198,000	)		(503,200	)		(781,200	)
Number of options outstanding, end of period		1,479,520			1,507,600			1,479,520			1,507,600

	Three months ended March 31,				Nine months ended March 31,
(In thousands)	2022		2021		2022		2021
Cash paid out on options vested	$	83	$	813	$	3,137	$	3,920
Compensation costs recognized		1,143		1,105		3,020		2,712

The total liability for the Plan was $4.9 million and $5.0 million at March 31, 2022 and June 30, 2021, respectively, and is included in accrued expenses and other liabilities.