Company: NSTS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001437749-25-009831
Chunk: 262

Company: NSTS Bancorp, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 14
Chunk 262
---
 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 12,018 shares of restricted stock available for future grants under the 2023 Equity Plan. 
    
   The following is a summary of the status of the Company's restricted shares as of  December 31, 2024 and changes thereto during the periods presented.  

     Restricted Stock   Shares    Weighted Average Grant Date Fair Value  
         
 Nonvested balance as of December 31, 2022   —  $— 
 Granted   187,200   9.36 
 Vested   (9,200)  9.36 
 Forfeited   —   — 
 Nonvested balance as of December 31, 2023   178,000  $9.36 
         
 Nonvested balance as of December 31, 2023   178,000  $9.36 
 Granted   16,700   11.30 
 Vested   (42,960)  9.36 
 Forfeited   —   — 
 Nonvested balance as of December 31, 2024   151,740  $9.57 

   Expected future expense related to the non-vested restricted shares outstanding as of period end is $1.3 million over a weighted average period of 3.6 years. 

      The following table presents the stock based compensation expense for the periods presented. 

       Year Ended