Stock Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock Based Compensation

Under the Union Bankshares, Inc. 2024 Equity Plan, a total of 250,000 shares of the Company’s common stock have been reserved for equity awards of incentive stock options, nonqualified stock options, restricted stock and RSUs to eligible officers and (except for awards of incentive stock options) nonemployee directors. Shares available for issuance of awards under the 2024 Equity Plan consist of unissued shares of the Company’s common stock and/or shares held in treasury. The 2024 Equity Plan replaces, and is substantially similar to, the Company’s 2014 Equity Plan.

RSUs. Each outstanding RSU represents the right to receive one share of the Company's common stock upon satisfaction of applicable vesting conditions. The general terms of the awards are described in the Company's 2024 Annual Report. Prior to vesting, the RSUs do not earn dividends or dividend equivalents, nor do they bear any voting rights.

The following table summarizes the RSUs awarded to Company executives in 2025 under the 2024 Equity Compensation Plan, and the number of such RSUs remaining unvested as of March 31, 2025:

	Number of RSUs Granted	Weighted Average Grant Date Fair Value		Number of Unvested RSUs
2025 Award	18,139	$	32.70	18,139
Total	18,139			18,139

The following table summarizes the RSUs awarded to Company executives in 2023 and 2024 under the 2014 Equity Plan, and the number of such RSUs remaining unvested as of March 31, 2025:

	Number of RSUs Granted	Weighted Average Grant Date Fair Value		Number of Unvested RSUs
2023 Award	19,282	$	26.90	2,508
2024 Award	19,910	$	28.87	11,280
Total	39,192			13,788

No new grants will be made under the 2014 Equity Plan.

Unrecognized compensation expense related to the unvested RSUs under both plans as of March 31, 2025 and 2024 was $740 thousand and $680 thousand, respectively, and $393 thousand as of December 31, 2024.

On May 15, 2024, the Company's board of directors, as a component of total director compensation, granted an aggregate of 3,736 RSUs to the Company's non-employee directors under the 2014 Equity Incentive Plan. Each RSU represents the right to receive one share of the Company's common stock upon satisfaction of applicable vesting conditions. The RSUs will vest in May 2025, subject to continued board service through the vesting date, other than in the case of the director's death or disability. Prior to vesting, the RSUs do not earn dividends or dividend equivalents, nor do they bear any voting rights. Unrecognized director compensation expense related to the unvested RSUs as of March 31, 2025 was $16 thousand.