The Company has two Equity Compensation Plans (the 2016 Equity Incentive Plan and its replacement, the 2026 Equity Incentive Plan) under which outstanding stock options, restricted stock, and stock awards were granted to directors, officers and key employees. The 2016 Equity Incentive Plan expired in 2026 with respect to any new awards. The 2026 Equity Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, or stock awards. All stock options are non-qualified and expire ten years from the date of grant. Stock based compensation awarded to directors, officers and employees are exercisable immediately or become exercisable in cumulative installments of 20% or 25% at the end of each year following the date of grant. When stock options are exercised, the Company issues new shares after receipt of exercise proceeds and taxes due, if any, from the grantee. The number of common shares available for future issuance under the 2026 Equity Incentive Plan was 1,458,807 at June 30, 2026.

On October 21, 2025, the Company completed the closing on its Purchase and Sales Agreement to acquire the business operations and development pipeline of Altman Logistics Properties, LLC, an operating platform of BBX Capital. The Company offered the hired Altman employees project profits interests grants that can be settled in Company stock at the Company’s discretion. These interests were valued by a 3rd party specialist at $796,000 of which $344,000 was earned prior to the acquisition and treated as goodwill on the consolidated balance sheets.

The Company utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant. The assumptions were no dividend yield, expected volatility between 28.5% and 38.2%, risk-free interest rate of 2.2% to 4.5% and expected life of 5.0 to 7.0 years.

The dividend yield of zero is based on the fact that the Company does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is estimated based on the Company’s historical experience over a period equivalent to the expected life in years. The risk-free interest rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the employees.


	Three Months ended				Six Months ended
	June 30,				June 30,
	2026		2025		2026		2025
Stock option grants	$	38	$	38	$	69	$	77
Restricted stock awards	362		323		654		649
Profits interests grants	9		—		54		—
Annual director stock award	600		600		600		600

	$	1,009	$	961	$	1,377	$	1,326


Options	Number Of Options	Weighted Average Exercise Price		Weighted Average Remaining Term (yrs)	Weighted Average Grant Date Fair Value(000's)

Outstanding at December 31, 2025	160,165	$	25.52	4.7	$	1,575


Performance-based awards forfeited	(5,466)	31.44			(67)
Outstanding at June 30, 2026	154,699	$	25.31	4.1	$	1,508

Exercisable at June 30, 2026	108,438	$	22.92	2.3	$	933

Vested during six months ended June 30, 2026	3,716				$	46

The aggregate intrinsic value of exercisable in-the-money options was $305,000 and the aggregate intrinsic value of outstanding in-the-money options was $305,000 based on the market closing price of $24.99 on June 30, 2026 less exercise prices.


Restricted stock	Number Of Shares	Weighted Average Grant Date Fair Value Per Share		Weighted Average Remaining Term (yrs)	Weighted Average Grant Date Fair Value(000's)

Non-vested at December 31, 2025	94,627	$	29.73	2.7	$	2,813
Time-based awards granted	28,952	22.79			660
Performance-based awards granted	33,572	22.79			765
Performance-based awards forfeited	(1,790)	31.44			(56)
Vested	(5,551)	31.17			(173)
Non-vested at June 30, 2026	149,810	$	26.76	2.9	$	4,009