Company: UMBFO
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028420
Chunk: 323

Company: UMB FINANCIAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 323
---
 years ended December 31, 2024, 2023 and 2022, respectively.The Company recognized $21.3 million, $16.2 million, and $20.6 million in expense related to outstanding restricted stock unit grants for the years ended December 31, 2024, 2023 and 2022, respectively.  The Company did not recognize any expense related to outstanding restricted stock grants for the years ended December 31, 2024 or 2023.  The Company recognized $196 thousand in expense related to outstanding restricted stock grants for the year ended December 31, 2022.  The Company had $16.2 million of unrecognized compensation expense related to outstanding restricted stock unit grants at December 31, 2024.  

114

Long-Term Incentive Compensation PlanAt the April 26, 2005 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Long-Term Incentive Compensation Plan (LTIP) which became effective as of January 1, 2005. The LTIP permits the issuance to selected officers of the Company service-based restricted stock grants, performance-based restricted stock grants and non-qualified stock options. Service-based restricted stock grants contain a service requirement.  The performance-based restricted grants contain performance and service requirements.  The non-qualified stock option grants contain a service requirement.At the April 23, 2013 shareholders’ meeting, the shareholders of the Company approved amendments to the LTIP Plan, including increasing the number of shares of the Company’s stock reserved for issuance under the Plan from 5.25 million shares to 7.44 million shares. Additionally, the shareholders approved increasing the maximum benefits any one eligible employee may receive under the plan during any one fiscal year from $1 million to $2 million taking into account the value of all stock options and restricted stock received.At the April 24, 2018 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Omnibus Incentive Compensation Plan which became effective as of April 24, 2018 and replaced the LTIP plan.  No service-based restricted stock grants, performance-based restricted stock grants or non-qualified stock options have been issued under the LTIP since 2018.  Total fair value of shares vested during the year ended December 31, 2022 was $2.5 million.  There are no restricted stock grants outstanding under the LTIP as of December 31, 2024 or