Company: APT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007218
Chunk: 35

Company: ALPHA PRO TECH LTD
Filing Date: 2025-03-12
Form: 10-K
Item: Item 7A
Chunk 35
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5, expire no later than the fifthanniversary from the date of grant. The exercise price of the options was determined based on the fair market value of the stock on the date of grant.

At the Company’s 2020 Annual Meeting of Shareholders held on June 9, 2020, the Company’s shareholders approved the Alpha Pro Tech, Ltd. 2020 Omnibus Incentive Plan (the “2020 Incentive Plan”). The 2020 Incentive Plan provides for the grant of incentive and nonqualified stock options, stock appreciation rights, awards of restricted stock and restricted stock units, performance share awards, cash awards and other equity-based awards to employees (including officers), consultants and non-employee directors of the Company and its affiliates. A total of1,800,000shares of the Company’s common stock are reserved for issuance under the 2020 Incentive Plan, plus the number of shares underlying any award granted under the 2004 Option Plan that expires, terminates or is cancelled or forfeited under the terms of the 2004 Option Plan. As a result of the approval of the 2020 Incentive Plan, no future equity awards will be made pursuant to the 2004 Option Plan. Although no new awards may be granted under the 2004 Option Plan, all previously granted awards under the 2004 Option Plan will continue to be governed by the terms of the 2004 Option Plan.

The following table summarizes restricted stock awards activity for the years ended December 31, 2024 and 2023:

                                                        Weighted-Average                   
                                                        Grant Date Price                   
                                                        Restricted stock awards            
  Outstanding, December 31, 2022            18,372      $                            4.00  
  Granted to employees and directors       227,000                                   4.23  
  Vested                                  ( 10,200                                   3.99  
  Outstanding, December 31, 2023           235,172                                   4.21  
  Granted to employees and directors        29,675                                   5.56  
  Vested                                   ( 8,172                                   4.02  
  Outstanding December 31, 2024            256,675                                   4.38  

During the years ended December 31, 2024, and 2023,29,675and227,000restricted stock awards were granted under the 2020 Incentive Plan, respectively. The Company recognized $404,000and