OP Bancorp

Note 9 —Stock-Based Compensation Plan

The Company hasone stock-based compensation plan, the OP Bancorp 2021 Equity Incentive Plan ("2021 Plan") as of March 31, 2026. The Board of Directors approved the 2021 Plan, an equity incentive plan for granting stock options and restricted stock awards to key employees, officers, and non-employee directors of the Company. An aggregate of 1,500,000 shares of the Company’s common stock were authorized under the 2021 Plan. The exercise prices of stock options granted under the 2021 Plan may not be less than 100% of the fair value of the Company’s stock at the date of grant. There wereno stock options granted under the 2021 Plan as of March 31, 2026 and December 31, 2025.

Restricted stock awards issued under the 2021 Plan may or may not be subject to vesting provisions. These awards do not confer voting rights or receive dividend entitlements until the shares have vested. Stock compensation cost for the restricted stock awards are recognized based on the grant-date fair value over the vesting period.

The following table presents a summary of the activity in the Company’s restricted stock awards under the 2021 Plan for the three months ended March 31, 2026:

The following table presents compensation cost and the related tax benefit for the restricted stock awards under the 2021 Plan for the periods indicated follows:

There were 1,064,724 shares available for future grants of either stock options or restricted stock awards under the 2021 Plan as of March 31, 2026. The Company had approximately $1.2 million of unrecognized compensation cost related to unvested restricted stock awards under the 2021 Plan as of March 31, 2026. The Company expects to recognize these costs over a weighted average period of 2.9 years.