Stock-Based Compensation

9 Months Ended

Mar. 31, 2025

(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 nine months ended March 31, 2025 and 2024 were as follows:


	Three months ended March 31,			Nine months ended March 31,
		2025	2024		2025		2024
Number of options outstanding, beginning of period		1,873,590	2,317,535		2,253,535		2,535,840
Options granted		-	-		651,595		672,095
Options forfeited		-	-		(12,000	)	-
Options paid in cash upon vesting		-	-		(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 March 31,				Nine months ended March 31,
(In thousands)		2025		2024		2025		2024
Cash paid out on options vested	$	-	$	-	$	4,249	$	4,051
Compensation expense recognized	$	809	$	908	$	2,053	$	2,302

The total liability for the Plan was $3.3 million and $5.5 million at March 31, 2025 and June 30, 2024, respectively, and is included in accrued expenses and other liabilities on the consolidated statements of financial condition.