Company: EMYB
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001449794-25-000009
Chunk: 13

Company: Embassy Bancorp, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 13
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510 shares available for issuance under the SIP. The Company grants shares of restricted stock, under the SIP, to certain members of its Board of Directors as compensation for their services, in accordance with the Company’s Non-employee Directors Compensation program adopted in October 2010. The Company also grants restricted stock to certain officers under individual agreements with these officers. Some of these restricted stock awards vest immediately, while the remainder vest over the service period of three years to five years. Management recognizes compensation expense for the fair value of the restricted stock awards on a straight-line basis over the requisite service period. Since inception of the plan and through the three months ended March 31, 2025, there have been 275,758 awards granted. During the three months ended March 31, 2025 and 2024 there were 16,845 and 18,843 awards granted, respectively. During the three months ended March 31, 2025 and March 31, 2024, the Company recognized compensation expense for restricted stock awards of $299 thousand and $334 thousand, respectively.  Employee Stock Purchase Plan: On January 1, 2017, the Company implemented the Embassy Bancorp, Inc. Employee Stock Purchase Plan (“ESPP”), which was approved by the Company’s shareholders at the annual meeting held on June 16, 2016. Under the ESPP, each employee of the Company and its subsidiaries who is employed on an offering date and customarily is scheduled to work at least twenty (20) hours per week and more than five (5) months in a calendar year is eligible to participate. The purchase price for shares purchased under the ESPP is 95% of the fair market value of such shares on the date of purchase. The purchase price may be adjusted from time to time by the Board of Directors; provided, however, that the discount to fair market value shall not exceed 15%.  The Company has authorized 350,000 shares of its common stock for the ESPP, of which 31,258 shares have been issued as of March 31, 2025. The Company recognized discount expense in relation to the ESPP of $1 thousand for the three months ended March 31, 2025 and March 31, 2024, respectively.‎ 

18  Embassy Bancorp, Inc.                                                                                                                            Notes to Consolidated Financial Statements (Unaudited) 

Note 9 – Other Comprehensive Income (Loss)  US GAAP requires that recognized revenue, expenses,