Stock-Based Compensation

6 Months Ended

Dec. 31, 2024

(10) 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. 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, Stock-Based Compensation of the consolidated financial statements presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

A summary of the Company’s phantom stock option activity and related information for the Plan for the three and six months ended December 31, 2024 and 2023 were as follows:

	Three months ended December 31,						Six months ended December 31,
	2024			2023			2024			2023
Number of options outstanding, beginning of period		2,656,630			3,207,935			2,253,535			2,535,840
Options granted		-			-			651,595			672,095
Options forfeited		(12,000	)		-			(12,000	)		-
Options paid in cash upon vesting		(771,040	)		(890,400	)		(1,019,540	)		(890,400	)
Number of options outstanding, end of period		1,873,590			2,317,535			1,873,590			2,317,535


	Three months ended December 31,				Six months ended December 31,
(In thousands)	2024		2023		2024		2023
Cash paid out on options vested	$	3,312	$	4,051	$	4,249	$	4,051
Compensation expense recognized	$	633	$	762	$	1,244	$	1,394

The total liability for the Plan was $2.5 million and $5.5 million at December 31, 2024 and June 30, 2024, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition.