The 2020 Graham Corporation Equity Incentive Plan, as amended (the "2020 Plan") provides for the issuance of 722 shares of common stock in connection with grants of incentive stock options, non-qualified stock options, restricted stock units and stock awards

to officers, key employees and outside directors, including 112 shares that became available under the 2020 Plan from the Company's prior plan, the Amended and Restated 2000 Graham Corporation Incentive Plan to increase Shareholder Value (the "2000 Plan"). As of August 11, 2020, the effective date of the 2020 Plan, no further awards will be granted under the 2000 Plan. There were 286 shares available for future grants pursuant to the 2020 Plan at March 31, 2026.

The following grants of restricted stock units ("RSUs") and performance stock units ("PSUs") were awarded:


	Vest 100% on First		Vest One-Third Per Year		Vest 100% on Third
	Anniversary (1)		Over Three-Year Term (1)		Anniversary (1)
			Officers and		Officers and		Total Shares
Year Ended March 31,	Directors		Key Employees		Key Employees		Awarded
2026
Time Vesting RSUs	11		26			—	37
Performance Vesting PSUs		—		—	42		42
2025
Time Vesting RSUs	18		30			8	56
Performance Vesting PSUs		—		—	62		62
2024
Time Vesting RSUs	38		40			—	78
Performance Vesting PSUs		—		—	79		79

(1) Subject to the terms of the applicable award.

Stock-based compensation cost and the related tax benefits were as follows:


	Stock-Based		Related
Year Ended March 31,	Compensation Cost		Tax Benefits
2026	$	1,976	$	454
2025		1,828		420
2024		1,188		264

As of March 31, 2026, there was $2,535 of total unrecognized stock-based compensation expense related to non-vested restricted stock. The Company expects to recognize this expense over a weighted average period of 1.85 years.

The following table summarizes information about the Company's RSUs and PSUs granted during fiscal 2026, fiscal 2025 and fiscal 2024:


	Number of RSUs and PSUs			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested at March 31, 2023		305		$	11.09
Granted		157			10.95
Vested		(68	)		11.96
Forfeited		(25	)		15.29
Non-vested at March 31, 2024		369			11.05
Granted		118			25.75
Vested		(125	)		28.21
Non-vested at March 31, 2025		362			14.72
Granted		79			42.85
Vested		(119	)		40.74
Forfeited		(60	)		8.19
Non-vested at March 31, 2026		262		$	25.66	$	20,669

The Company has an Employee Stock Purchase Plan, as amended (the "ESPP"), which allows eligible employees to purchase shares of the Company's common stock at a discount of up to 15% of its fair market value on the lower of the last or first day of the six-month offering period. A total of 400 shares of common stock may be purchased under the ESPP. Issuance of shares, stock-based compensation cost and the related tax benefits were as follows:


	Issued from		Stock-Based		Related
Year Ended March 31,	Common Stock		Compensation Cost		Tax Benefits
2026		21	$	155	$	36
2025		34		129		30
2024		50		91		20