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Note 11 - Other Stock Plans

12 Months Ended

Sep. 30, 2025

Stock Plans, Excluding Stock Options [Member]

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

11.

OTHER STOCK PLANS

Dividend Reinvestment and Stock Purchase Plan

The Company offers a DRIP plan to shareholders of record for the reinvestment of dividends and the opportunity to purchase of up to $100,000 per year in additional shares of common stock of the Company. Under the DRIP, the Company issued 30,027 and 33,226 shares in 2025 and 2024, respectively.

After taking into account the activity discussed above and dividends reinvested, as of September 30, 2025, the Company had 202,371 shares of stock available for issuance under the DRIP.

Restricted Stock Plan for Outside Directors

The Board of Directors of the Company implemented the RSPD in 1997. Under the RSPD, each director may elect annually to have up to 100% of his or her fees paid in shares of common stock ("Director Restricted Stock"); however, a minimum of 40% of the monthly retainer fee must be paid to each non-employee director of Resources in shares of Director Restricted Stock until such time as the director has accumulated at least 10,000 shares. The number of shares of Director Restricted Stock awarded each month is determined based on the closing sales price of Resources' common stock on the Nasdaq Global Market on the first business day of the month. The Director Restricted Stock issued under the Plan vests only in the case of a participant's death, disability, retirement, or in the event of a change in control of Resources. The Director Restricted Stock may not be sold, transferred, assigned or pledged by the participant until the shares have vested under the terms of the Plan. The shares of Director Restricted Stock will be forfeited to Resources by a participant's voluntary resignation during his or her term on the Board or removal for cause as a director.

The Company assumes all directors will complete their term and there will be no forfeiture of the Director Restricted Stock. Since the inception of the RSPD, no director has forfeited any shares of Director Restricted Stock. The Company recognizes the market value of the Director Restricted Stock as compensation in the period it is issued.

The following table reflects the director compensation activity pursuant to the Plan:

		*2025*								*2024*
		*Shares*				*Weighted-Average Fair Value on Date of Grant*				*Shares*				*Weighted-Average Fair Value on Date of Grant*
Beginning of year balance			137,764			$	17.11				122,207			$	16.84
Granted			15,898				20.82				15,557				19.23
End of year balance			153,662			$	17.49				137,764			$	17.11

The fair market value of the Director Restricted Stock included as compensation during fiscal years ended September 30, 2025 and 2024 was $331,030 and $299,200, respectively, and included within operations and maintenance expense on the consolidated statements of income. No Director Restricted Stock was forfeited during fiscal years ended September 30, 2025 or 2024.

After taking into account the activity discussed above and dividends reinvested, as of September 30, 2025, the Company had 149,022 shares available for issuance under the RSPD.

RGC Resources, Inc. Restricted Stock Plan

The Board of Directors of the Company implemented the RSPO in 2017 as approved by shareholders. Under the RSPO, the Compensation Committee of the Board of Directors may grant shares of common stock ("Officer Restricted Stock") that vest over time to key employees and officers for the purpose of attracting and retaining those individuals essential to the operation and growth of the Company. The RSPO provides for certain restrictions and non-transferability requirements until minimum levels of ownership are obtained. Such restrictions may continue beyond the vesting period.

The Company assumes all officers will complete their requirements and there will be no forfeiture of the Officer Restricted Stock.

The following table reflects the officer compensation activity pursuant to the RSPO:

		*2025*								*2024*
		*Shares*				*Weighted-Average Fair Value on Date of Grant*				*Shares*				*Weighted-Average Fair Value on Date of Grant*
Beginning of year balance			31,482			$	20.09				8,966			$	23.19
Granted			30,470				20.00				45,723				20.12
Vested			(26,736	)			20.08				(23,207	)			21.35
End of year balance			35,216			$	20.02				31,482			$	20.09

The fair market value of the Officer Restricted Stock included as compensation during fiscal years ended September 30, 2025 and 2024 was $673,057 and $660,424, respectively, and included within operations and maintenance expense on the consolidated statements of income. As of September 30, 2025 and 2024, there was $222,026 and $285,683, respectively, of unamortized compensation expense related to unvested Officer Restricted Stock. No Officer Restricted Stock was forfeited during fiscal years ended September 30, 2025 or 2024.

After taking into account the activity discussed above and dividends reinvested, as of September 30, 2025, the Company had 286,560 shares available for issuance under the RSPO.

Stock Bonus Plan

Shares from the Stock Bonus Plan may be issued to certain employees and management personnel in recognition of their performance and service. Under the Stock Bonus Plan, the Company issued 1,352 and 1,562 valued at $27,500 and $24,841, respectively, during the fiscal years ended September 30, 2025 and 2024.

As of September 30, 2025, the Company had 1,766 shares of stock available for issuance under the Stock Bonus Plan.