Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 367

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 16
Chunk 367
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31, 2023   465,500  $9.36  $70 
 Exercisable - End of Period   23,000  $9.36  $3 
             
 Options, outstanding January 1, 2024   465,500  $9.36  $70 
 Granted   58,000   11.34     
 Exercised   (23,000)  9.36     
 Forfeited   —   —     
 Options, outstanding December 31, 2024   500,500  $9.59  $1,106 
 Exercisable - End of Period   106,900  $9.36  $261 

   (1) Dollars in thousands. 
    
   Expected future expense relating to the non-vested options outstanding as of  December 31, 2024 is $1.3 million over a weighted average period of 3.6 years. As of  December 31, 2024, the Company had 393,600 in nonvested stock options with a weighted average remaining life of 8.6 years. 

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   Restricted shares 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 awards accelerates upon death, disability or following a change in control of the Company. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determines the fair value of restricted shares under the 2023 Equity Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period.
    
   On  December 19, 2024, the Company granted to employees, under the 2023 Equity Plan, 16,700 shares of restricted stock with a total grant-date fair value of $189,000. Additionally, on  June 15, 2023, the Company granted to employees, under the 2023 Equity Plan, 187,200 shares of restricted stock with a total grant-date fair value of $1.8 million. These restricted stock awards vest in equal installments over a five-year period beginning one year from the date of grant. As of  December 31, 2024, the Company has