FNCB had an Employee Stock Incentive Plan (the “Stock Incentive Plan”), where stock options were granted to key officers and other employees of FNCB. The aggregate number of shares authorized to be issued upon exercise of the options under the Stock Incentive Plan could not exceed shares. Options and rights granted under the Stock Incentive Plan became exercisable months after the date the options were awarded and expire years after the award date. Upon exercise, the shares are issued from FNCB’s authorized but unissued stock. The Stock Incentive Plan expired on Accordingly, no further grants will be made under the Stock Incentive Plan. There was compensation expense related to options under the Stock Incentive Plan required to be recorded in each of the years ended and

 

The following table summarizes the status of FNCB’s Stock Incentive Plan:

At and the exercisable options had total intrinsic value and there was unrecognized compensation expense.

 

The following table presents information pertaining to options outstanding at  

On the Board of Directors adopted a Employee Stock Grant Plan (the Stock Grant Plan”) under which shares of common stock not to exceed were authorized to be granted to employees. On FNCB granted shares of its common stock to each active full and part time employee. There were shares granted under the Stock Grant Plan at a fair value of per share.

 

On the Board of Directors adopted a Employee Stock Grant Plan (the Stock Grant Plan”) under which shares of common stock not to exceed were authorized to be granted to employees. On FNCB granted shares of its common stock to each active full and part time employee. There were shares granted under the Stock Grant Plan at a fair value of per share.

 

The total cost of these grants, which was included in salary expense in the consolidated statements of income, amounted to thousand and thousand for the years ended and respectively. additional shares were granted under these plans. There was no such plan adopted in

 

FNCB has a Long Term Incentive Compensation Plan (“LTIP”) for executives and certain key employees. The LTIP authorizes up to shares of common stock for issuance and provides the Board of Directors with the authority to offer several different types of long-term incentives, including stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares. The Board of Directors approved initial awards under the terms of the LTIP, which were granted to executives and certain key employees on The initial grant was comprised solely of shares of restricted stock. On and an additional shares and shares, respectively, of restricted stock were awarded under the LTIP. At there were shares of common stock available for award under the LTIP. For the years ended and stock-based compensation expense, which is included in salaries and benefits expense in the consolidated statements of income, totaled thousand, thousand and thousand, respectively. Total unrecognized compensation expense related to unvested restricted stock awards at and was thousand, thousand and thousand, respectively. On an additional shares of restricted stock were awarded under the LTIP.

The following table summarizes the activity related to FNCB’s unvested restricted stock awards during the year ended