M-tron Industries, Inc.
For the period ended Dec 31, 2024. Filed Mar 27, 2025.
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FY2024 · Filed Mar 27, 2025
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Stock-Based Compensation
7.** Stock-Based Compensation
In connection with the Separation, the Company's board of directors (the "Board") approved the Amended and Restated2022 Incentive Plan (the*"2022* Plan"), including the authority to issue 500,000 shares of common stock pursuant to the2022 Plan. The2022 Plan is the only long-term plan under which equity compensation* maybe awarded to employees, advisors and members of the Board aligning their interest with those of stockholders. As of December 31, 2024*,255,230 shares remained available for future issuance under the2022 Plan.
The following table summarizes stock-based compensation expense, which includes expenses related to awards granted under the Plan for the period indicated:
| Year Ended December 31, | ||
|---|---|---|
| (in thousands, except share data) | 2024 | 2023 |
| Restricted stock awards | $636 | $409 |
| Stock options | — | 2,013 |
| Total | $636 | $2,422 |
Restricted Stock Awards
Restricted stock awards are measured at a value equal to the market price of the Company's common stock on the date of grant which is recognized over the service period of the award.
A summary of the Company's restricted stock awards for the year ended* December 31, 2024* follows:
| (in thousands, except share data) | Number of Shares | Weighted Average Grant Date Fair Value | Aggregate Grant Date Fair value |
|---|---|---|---|
| Balance as of December 31, 2023 | 79,896 | $11.20 | $895 |
| Granted | 32,548 | 38.66 | 1,258 |
| Vested | (42,320) | (12.93) | (547) |
| Balance as of December 31, 2024 | 70,124 | $22.90 | $1,606 |
As of* December 31, 2024*, there was $1,371 of total unrecognized compensation cost related to nonvested shares granted. The cost is expected to be recognized over a weighted-average period of 1.9 years.
Stock Options
The following table provides a rollforward of stock option activity:
| (in thousands, except share data) | Number of Options Outstanding | Weighted Average Exercise Price | Weighted Average Grant Date Fair Value | Weighted Average Remaining Term (in years) | Aggregate Intrinsic Value |
|---|---|---|---|---|---|
| Outstanding and exercisable as of December 31, 2023 | 193,010 | $34.90 | $10.63 | 2.9 | $219 |
| Granted | — | — | — | ||
| Exercised | (92,296) | (33.64) | (10.05) | ||
| Forfeited | (2,700) | (36.06) | (10.98) | ||
| Outstanding and exercisable as of December 31, 2024 | 98,014 | $36.06 | $10.98 | 2.0 | $1,212 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.