Company: NSTS
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001437749-25-016849
Chunk: 74

Company: NSTS Bancorp, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 74
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 March 31,  
   2025    2024  
   (Dollars in thousands)  
 Shares allocated   64,844   43,624 
 Shares committed for allocation   5,305   5,295 
 Shares distributed to plan participants   (1,597)  — 
 Unallocated   361,687   382,917 
 Total ESOP shares   430,239   431,836 
         
 Fair value of unearned shares as of March 31, 2025 and 2024, respectively  $4,083  $3,653 

   Fair value of unearned shares is based on a stock price of $11.29 and $9.54 as of  March 31, 2025 and 2024, respectively. 
    
   Equity Incentive Plan
    
   At the Company's annual meeting of stockholders held on  May 24, 2023, stockholders approved the NSTS Bancorp, Inc. 2023 Equity Incentive Plan (“2023 Equity Plan”), which provides for the granting of up to 755,714 shares (215,918 shares of restricted stock and 539,796 shares available for future grants of stock options) of the Company’s common stock pursuant to equity awards made under the 2023 Equity Plan.
    
   Stock options granted under the 2023 Equity Plan generally vest in equal annual installments over a service period of five years beginning on the date of grant. The vesting of the options accelerates upon death, disability or following a change in control of the Company. Stock options are generally granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price of the Company's common stock on the date of grant, and have an expiration period of ten years. As of  March 31, 2025, the Company has 24,296 shares available for future grants of stock options under the 2023 Equity Plan.  
    The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to first draw on treasury stock as the source for shares. 

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   The following is a summary of the Company's stock option activity and related information for the