In November 2015, the Company’s stockholders approved the Company’s 2015 Equity Incentive Plan (the “Plan”). The Plan currently authorizes the issuance of up to 1,500,000 shares of the Company’s common stock pursuant to awards granted under the Plan. The fair value of awards granted under the Plan is expensed on straight-line basis over the vesting period of the awards. Share-based compensation expense is included in selling, general and administrative expenses in the Company’s condensed consolidated statements of operations.

There were no awards granted under the Plan during the three months ended September 30, 2020 or 2019.

For the three months ended September 30, 2020 and 2019, non-cash share-based compensation expense under the Plan totaled $578,000 and $453,000, respectively.

As of September 30, 2020, the Company had $15.9 million and $1.5 million of total unrecognized compensation expense related to restricted stock awards and restricted stock units, respectively, granted under the Plan, which is expected to be recognized over the weighted-average period of 17.3 years and 16.7 years, respectively.

Index

EVI Industries, Inc. and Subsidiaries

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(Unaudited)

The following is a summary of non-vested restricted stock activity as of and for the three months ended September 30, 2020:

	Restricted Stock Awards				Restricted Stock Units
	Shares		Weighted- Average Grant Date Fair Value		Shares		Weighted- Average Grant Date Fair Value
Non-vested awards or units outstanding at June 30, 2020		987,220	$	19.40		55,610	$	30.31
Granted		—		—		—		—
Vested		—		—		—		—
Forfeited		—		—		—		—
Non-vested awards or units outstanding at September 30, 2020		987,220	$	19.40		55,610	$	30.31

Employee Stock Purchase Plan

The Company’s employee stock purchase plan provides for six-month offering periods ending on December 31 and June 30 of each year. There were no shares issued under the Company’s employee stock purchase plan during the three months ended September 30, 2020 or 2019.