Company: REX
Filing Date: 2025-12-04
Form Type: 10-Q
Source: 0000930413-25-003566
Chunk: 22

Company: REX AMERICAN RESOURCES Corp
Filing Date: 2025-12-04
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 a replacement equity plan at its Annual Meeting
in 2026.

Restricted Stock Awards

As a component of their
compensation, restricted stock has been granted in the past to directors and certain employees at the closing market price of REX
common stock on the grant date. In addition, one quarter of executives’ incentive compensation is payable by an award of
restricted stock based on the then closing market price of REX common stock on the grant date. The Company’s board of directors
has determined that the grant date will be June 15th, or the next business day if June 15th is not a business
day, for all grants of restricted stock.

Based on retirement eligibility
provisions, a portion of restricted stock grants were expensed at grant date, based on grant date fair value, thus considered vested
for accounting purposes. At October 31, 2025, 20,964 shares were unvested for accounting purposes and unrecognized compensation
cost related to

21

these nonvested restricted
stock awards was approximately $317,000, to be recognized over a weighted average vesting term of 1.3 years.

The following tables
summarize legally unvested restricted stock award activity for the periods presented:

    Nine Months Ended October 31, 2025 
              
    Shares   Weighted Average Grant Date Fair Value (000’s)   Weighted Average Remaining Vesting Term (in years) 
                 
 Unvested at January 31, 2025   324,784   $6,190    2 
 Granted   -    -      
 Forfeited   -    -      
 Vested   164,420    2,946      
                 
 Unvested at October 31, 2025   160,364   $3,244    1 
                 
    Nine Months Ended October 31, 2024 
              
    Shares   Weighted Average Grant Date FairValue (000’s)   Weighted Average Remaining Vesting Term (in years) 
                 
 Unvested at January 31, 2024   325,710