In May of 2020, the stockholders approved the Cullman Bancorp, Inc. 2020 Equity Incentive Plan (the “2020 Equity Incentive Plan”) for employees and directors of the Company. The Equity Incentive Plan authorizes the issuance of up to 200,000 shares of the Company’s common stock, with no more than 80,000 of shares as restricted stock awards and 120,000 as stock options, either incentive stock options or non-qualified stock options. The exercise price of options granted under the Equity Incentive Plan may not be less than the fair market value on the date the stock option is granted. The compensation committee of the board of directors has sole discretion to determine the amount and to whom equity incentive awards are granted.

As of June 30, 2022, there were no shares available for future grants under this plan.

The following table summarizes stock option activity for the six months ended June 30, 2022:


	Options		Weighted- Avg Exercise Price/Share		Weighted- Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value(1)
Outstanding 1/1/22		340,903	$	9.86
Granted		—		—
Exercised		—		—
Forfeited		—
Outstanding 6/30/22		340,903	$	9.86		8.13
Vested or expected to vest		340,903	$	9.86		8.13	$	494
Exercisable at period end		68,177						99

(1) Based on close price of $11.31 as of June 30, 2022. Intrinsic value for stock options is defined as the difference between the current market value and the exercise price multiplied by the number of in-the-money options.

There were no options that vested during the six months ended June 30, 2022. Stock based compensation expense for stock options for the three and six months ended June 30, 2022 was $27 and $54, respectively. Unrecognized compensation cost related to nonvested stock options at June 30, 2022 was $333 and is expected to be recognized over 3.08 years.

The following table summarizes non-vested restricted stock activity for the quarter ended June 30, 2022:


	Shares
Balance – January 1, 2022		181,811
Granted		—
Vested		—
Balance –June 30, 2022		181,811

For the three and six months ended June 30, 2022, stock-based compensation expense for restricted stock included in non-interest expense was $112 and $224, respectively. Unrecognized compensation expense for nonvested restricted stock awards was $1,381 as of June 30, 2022 and is expected to be recognized over 3.08 years.