Company: SQFTP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001437749-25-010185
Chunk: 1226

Company: Presidio Property Trust, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1226
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 1, 2023, the Company's 2017 Incentive Award Plan was amended to increase the available shares for issuance from 2.5 million to 3.5 million and add an evergreen provision to, on  April 1st and  October 1st of each year, automatically increase the maximum number of shares of common stock available under the plan to 15% of the Company's outstanding shares of common stock, if on such date 3,500,000 (as adjusted for any reverse splits) is less than 15% of the Company's then-outstanding shares of common stock.
    
   A summary of the activity for the Company’s restricted stock was as follows:

     Outstanding shares:   Common Shares  
     
 Balance at December 31, 2023   760,995 
 Granted   1,288,493 
 Forfeited   (205,019)
 Vested   (673,664)
 Balance at December 31, 2024   1,170,805 

   The non-vested restricted shares outstanding as of  December 31, 2024, will vest over the next one to four years.  As of  December 31, 2024, there were approximately 213,000 shares available to grant under the Company's 2017 Incentive Award Plan.  Removed from the Granted and Vested totals noted above are 149,253 shares of common stock that were granted to the CEO in connection to his annual bonus in  March 2024, as set by the Board of Directors, that vested immediately.  These 149,253 shares were voluntarily returned to the Company in  December 2024 by the CEO so they could be distributed to the employees as part of their annual grants in 2025. 
    
   Share-based compensation expense was approximately $1.4 million and $1.0 million for the years ended  December 31, 2024 and 2023, respectively.  As of  December 31, 2024, future unrecognized stock compensation related to unvested shares totaled approximately $1.4 million.

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   13. SEGMENTS
    
   The Company’s reportable segments consist of three types of real estate properties for which the Company’s chief operating decision maker (CODM), which is our Chief Executive Officer ("CEO"), as the