Company: FMFG
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001437749-25-017235
Chunk: 13

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 provide service in exchange for the award (the vesting period).

  12.      Stock-Based Compensation (continued)  
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During the year ended December 31, 2023,2,000fully vested shares of common stock and RSUs relating to3,000shares of common stock were granted to one executive officer. The RSUs contemplate the issuance of shares of common stock of Farmers and Merchants Bancshares, Inc. if and when the RSUs vest. One-thirdof the RSUs vested on September 22, 2024, and one-thirdwill vest on September 22, 2025 and one-thirdwill vest on September 22, 2026 provided that the grantee is employed and in good standing with the Company on the applicable vesting date.

A summary of the Company’s RSU activity during the three months ended March 31, 2025 is shown below:

                                               Grant Date             
                                               Fair Value             
  Balance at December 31, 2024      2,000      $               18.54  
  Granted                           -                          -      
  Vested                            -                          -      
  Forfeited                         -                          -      
  Balance at March 31, 2025         2,000      $               18.54  

The compensation cost charged to income in respect of awards granted under the Equity Plan was $4.5thousand for each of the three-months ended March 31, 2025 and 2024. As of March 31, 2025, there was $27.3thousand of unrecognized compensation cost related to the unvested RSUs, which are expected to be recognized over a period of18months.

During the quarter ended March 31, 2025, the Company paid bonuses in the aggregate amount of $37.3thousand to certain employees in the form of common stock. To effect this, the Company issued1,963shares having a grant date fair value of $19.00per share. Additionally, certain directors elected to have some or all of their 2024 fees paid in common stock. The Company paid $116.1thousand of board fees in the form of common stock by issuing6,731shares having a grant date fair value of $17.25per share.

Item 2. Management’ s Discussion and Analysis of Financial Condition and Results of Operations