The Company has granted service-based restricted stock awards (“RSAs”) and performance stock units (“PSUs”) to employees and non-employee directors under the STRATTEC SECURITY CORPORATION 2024 Equity Incentive Plan (“2024 Equity Incentive Plan”). Prior to October 2024, stock options and RSAs were granted under the Amended and Restated STRATTEC SECURITY CORPORATION Stock Incentive Plan (“Stock Incentive Plan”). Awards that expire or are canceled without delivery of shares become available for re-issuance under the 2024 Equity Incentive Plan. No additional grants will be made under the Stock Incentive Plan.

The number of shares of the Company's common stock authorized under the 2024 Equity Incentive Plan is 550,000. As of December 29, 2024, there were 454,376 shares available for future awards. No stock options were outstanding as of December 29, 2024.

Shares of restricted stock granted under approved plans have voting rights, earn dividends and vest over a pre-determined period of time, up to three years from the date of grant. The fair value of restricted stock awards are based on the closing stock price on the date of grant. A summary of RSA activity follows:


	Shares			Weighted Average Grant Date Fair Value
Nonvested balance, June 30, 2024		79,325		$	27.21
Granted		113,546			39.14
Vested		(48,963	)		30.97
Forfeited		(10,275	)		31.61
Nonvested balance, December 29, 2024		133,633		$	35.56

As of December 29, 2024, there was $3.8 million of unrecognized compensation cost related to unvested restricted stock awards, which will be expensed over the remaining vesting period of approximately 1.1 years.

As of December 29, 2024, 16,878 PSUs were outstanding which may be earned based on the achievement of certain financial metrics over the three year period ending June 27, 2027. The PSUs will vest ranging from 0% (for performance below threshold) to 200% (for performance above target) and continued employment. The fair value of PSUs was based on the closing stock price on the date of grant. The PSUs earn dividend equivalents during the vesting period while compensation expense is recognized over the service period when it is probable that the performance criteria will be met. As of December 29, 2004, there was $616,000 of unrecognized compensation cost related to unvested PSUs, which will be expensed over the remaining vesting period of approximately 1.3 years.