Company: FCAP
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001171843-25-001868
Chunk: 513

Company: FIRST CAPITAL INC
Filing Date: 2025-03-31
Form: 10-K
Item: Item 13
Chunk 513
---
,000, $5,000 and $7,000 for the years ended December 31, 2024, 2023 and 2022, respectively.

F-46

FIRST CAPITAL, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED

(14 - continued)

The Bank also has a directors' deferred compensation plan whereby a director defers into a retirement account a portion of his/her monthly director fees for a specified period to provide a specified amount of income for a period of fifteen years following normal retirement.  Assuming normal retirement, the benefits under the plan will be paid in varying amounts through 2041.  The agreements also provide for payment of benefits in the event of disability, early retirement and termination of service or death.  The Bank accrues the interest cost on the deferred obligation so the amounts required will be provided at the normal retirement dates and thereafter.  The balance of the accrued benefit for the director plan was $124,000 and $127,000 at December 31, 2024 and 2023, respectively.  Deferred compensation expense for the director plan was $15,000, $15,000 and $16,000 for the years ended December 31, 2024, 2023 and 2022, respectively.

			(15)

			STOCK-BASED COMPENSATION PLANS

On May 20, 2009, the Company adopted the 2009 Equity Incentive Plan (the “2009 Plan”) which terminated as of May 20, 2019.  The 2009 Plan provided for the award of stock options, restricted stock, performance shares and stock appreciation rights.  The aggregate number of shares of the Company’s common stock available for issuance under the 2009 Plan could not exceed 223,000 shares and 176,150 shares were still available for issuance under the 2009 Plan at its termination. 

On May 22, 2019, the Company adopted the 2019 Equity Incentive Plan (the “2019 Plan”).  The 2019 Plan provides for the award of stock options, restricted stock, performance shares and stock appreciation rights.  The aggregate number of shares of the Company’s common stock available for issuance under the 2019 Plan may not exceed 176,150 shares.  If an award under the 2009 Plan is canceled, terminates, expires, is forfeited or lapses for any reason, any issued shares subject to