Equity Incentive Plan

3 Months Ended

Mar. 31, 2022

Equity Incentive Plan.

Equity Incentive Plan

Note 11 – Equity Incentive Plan

In August 2020, the Company's stockholders approved the 2020 Eureka Homestead Bancorp, Inc. Equity Incentive Plan (the “2020 Plan” or the “Plan”). No more than 200,154 shares of the Company's common stock may be issued under the Plan, of which a maximum of 142,967 may be issued pursuant to the exercise of stock options and 57,187 may be issued pursuant to restricted stock awards, restricted stock units and unrestricted share awards. Stock options awarded to employees may be incentive stock options or non-qualified stock options. The shares that may be issued may be authorized but unissued shares. The Plan permits the grant of incentive awards in the form of options, stock appreciation rights, restricted share and share unit awards, and performance share awards. The 2020 Plan contains limits on certain types of awards to individual participants.

Awards may vest or become exercisable only upon the achievement of performance measures or based solely on the passage of time after award.  Stock options and restricted stock awards provide for accelerated vesting upon death, disability or if there is an involuntary termination of service following a change in control (as defined in the Plan).

On December 21, 2021, the Company made a grant of restricted shares for 3,225 shares, to a member of Management. The award vests over a three-year period.

Restricted Shares

Restricted shares are accounted for as fixed grants using the fair value of the Company's stock at the time of the grant.  Unvested restricted shares may not be disposed of or transferred during the vesting period.

The table below presents the restricted stock award activity for the period shown:

		Weighted Average
	Restricted	Fair Value at
	Stock Awards	Grant Date
Non-vested at January 1, 2022	3,225	$	13.95
Granted	—		—
Vested	—		—
Forfeited	—		—
Non-vested at March 31, 2022	3,225	$	13.95

As of March 31, 2022, the Company had $41,000 of unrecognized compensation expense related to restricted shares, having recognized $4,000 of compensation expense for the three months ended March 31, 2022.  The cost of the restricted shares will be amortized in monthly installments over the three-year vesting period.