In the Company adopted the National Commerce Corporation Equity Incentive Plan (the Equity Incentive Plan”) to provide a means of enhancing and encouraging the recruitment and retention of individuals on whom the success of the Company depends. The Equity Incentive Plan provides for the grant of stock options, phantom stock, performance awards, and restricted and unrestricted stock awards. A total of shares were reserved for possible issuance under the plan.

The Company did issue any stock options during or During the Company assumed options to purchase shares of the Company’s common stock in the acquisition of Reunion and during assumed options to purchase shares of the Company’s common stock in the acquisition of United, in each case through the assumption of the applicable equity plan maintained by the acquired company at the time of the transaction.

A summary of activity related to options to purchase the Company’s common stock for the years ended and is presented below:

The options outstanding and exercisable at had a weighted average remaining contractual life of approximately years. As of there was unrecognized compensation expense, as all stock options previously granted by the Company immediately vested at the time of the grant, and the assumed options vested at the date of acquisition. compensation expense related to stock options was recognized in or

 

During and the Company granted performance share awards under the Equity Incentive Plan to certain key employees. The awards vest over years, and the number of shares ultimately awarded be fixed or variable, depending on the terms of the agreement with the employee to whom the award is granted. Some grants vest solely based on the passage of time, and the ultimate payout is fixed. Other awards are based on factors such as loan production and the Company’s performance relative to peers over time, using metrics such as net income and asset quality. The Company records total compensation expense equal to the amount of shares that it expects to pay out at the end of the award period over the associated vesting period. The Company recognized and in compensation expense related to performance share awards during and respectively. As of there was approximately of unrecorded compensation related to the performance share awards.

 

The Company sponsors a savings plan under which eligible employees choose to contribute up to of their salary on a pre-tax or after-tax basis, subject to certain limits imposed by the Internal Revenue Service. Effective the Company amended the plan to include a matching employer contribution equal to of the deferred by eligible participants. During and the Company recognized matching contribution expense of approximately and respectively.