STOCK INCENTIVE PLAN

12 Months Ended

Dec. 31, 2023

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN

12.STOCK INCENTIVE PLAN

Effective August 1, 2016, the Company adopted the 2016 Stock Incentive Plan (“the 2016 Plan”). Pursuant to the 2016 Plan, the Board of Directors may grant up to 800,000 shares under share-based awards to officers, directors, and employees. The 2016 Plan provides for the issuance of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, performance shares, performance units and other stock-based awards or any combination thereof. The 2016 Plan was approved by the shareholders of the Company at its Annual Meeting on May 26, 2017. The 2016 Plan will terminate on August 1, 2026.

Restricted Stock Units

Restricted stock units are subject only to service conditions. Executive Officer awards vest ratably over five years and non-employee director awards cliff-vest after one year.

The following table summarizes all transactions related to restricted stock units under the 2016 Plan:

(in thousands, except share amounts)	Restricted Stock Units		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021	—	$	—
Granted	160,000		29.95
Vested	—		—
Forfeited	—		—
Nonvested at December 31, 2022	160,000	$	29.95
Granted	18,835		33.98
Vested	(32,000)		(29.95)
Forfeited	—		—
Nonvested at December 31, 2023	146,835	$	33.98

The following table provides additional data related to restricted share unit activity:

(in thousands)		2023		2022		2021
Total compensation cost, net of estimated forfeitures, related to nonvested restricted share unit awards not yet recognized, pre tax	$	3,154	$	4,392	$	—
Weighted-average period in years over which restricted share and share unit cost is expected to be recognized (in years)		3.2		4.2		—
Total fair value of shares vested during the year	$	958	$	—	$	—

On April 11, 2023, the Compensation Committee of the Board of Directors adopted the 2023 Executive Annual Bonus Plan (the “New Bonus Program”). The New Bonus Program supersedes and replaces the cash bonus programs the Company previously adopted for its Co-Chief Executive Officers in September 2018, for certain of its executive officers in May 2021 and for the Company’s executive officers in February 2022.

As of the date of this filing, no restricted stock units under the New Bonus Program have been granted. For further information under this New Bonus Program, please see the Form 8-K filed on April 17, 2023.