Customers’ 2019 Plan is administered by the Leadership Development and Compensation Committee of the Board of Directors. At March 31, 2026 and December 31, 2025, the aggregate number of shares of common stock available for grant under the 2019 Plan was 45,597 and 283,983 shares, respectively.

Share-based compensation expense relating to stock options and restricted stock units is recognized on a straight-line basis over the vesting periods of the awards and is a component of salaries and employee benefits expense. Total share-based compensation expense for the team members’ incentives for the three months ended March 31, 2026 and 2025 was $5.3 million and $3.9 million, respectively. At March 31, 2026, there was $42.8 million of unrecognized compensation cost related to all non-vested share-based compensation awards. This cost is expected to be recognized through 2031.

The fair value of restricted stock units granted under the 2019 Plan is determined based on the closing market price of Customers’ common stock on the date of grant, except for the performance based restricted stock units with market conditions. There were 232,221 and 278,815 restricted stock units granted under the 2019 Plan during the three months ended March 31, 2026 and 2025, respectively. The grants are mostly subject to either a three-year waterfall vesting (with one third of the amount vesting annually) or a three-year cliff vesting.

In addition, in 2025, an incentive award of 225,000 performance-based restricted stock units were granted, subject to certain performance conditions under the Company’s 2019 Stock Incentive Plan in connection with an executive appointment. These restricted stock units vest if the executive is employed by the Company as of January 1, 2031 and, at any time during a five-year period commencing on January 1, 2026, the average closing price of the Company’s common stock is, for 20 consecutive trading days, equal to or greater than $125.00.

The table below presents the status of the restricted stock units at March 31, 2026 and 2025, and changes during the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026			Three Months Ended March 31, 2025
	Restricted Stock Units	Weighted- Average Grant- Date Fair Value		Restricted Stock Units	Weighted- Average Grant- Date Fair Value
Outstanding and unvested at January 1,	1,028,926	$	42.63	1,110,122	$	32.61
Granted	232,221	65.17		278,815	50.68
Vested	(163,978)	46.94		(403,777)	28.75
Forfeited	(2,562)	51.69		(4,239)	39.30
Outstanding and unvested at March 31,	1,094,607	47.67		980,921	39.18

As a part of Customers’ annual equity compensation program, including the long-term incentive program, the Leadership Development and Compensation Committee of the Board of Directors approved granting of an aggregate of 71,935 restricted stock units and 15,043 restricted stock units and 22,563 performance based restricted stock units to certain executives (collectively, the “Contingent Grants”), subject to approval of an increase in the number of shares authorized for issuance under the 2019 Plan by the Customers Bancorp shareholders at the annual shareholders’ meeting to be held in May 2026. If shareholders do not approve the amendments to the 2019 Plan, the Contingent Grants will be canceled or settled in cash, as determined by the Leadership Development and Compensation Committee. As such, the Contingent Grants are excluded from the table above.