BROADWAY FINANCIAL CORP DE 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on the Nasdaq Capital Market under the symbol “BYFC.” The table below shows the high and low sale prices for our common stock during the periods indicated. 2021 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter High $ 3.30 $ 3.45 $ 4.02 $ 3.36 Low $ 1.92 $ 1.79 $ 2.70 $ 2.37 2020 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter High $ 1.59 $ 3.31 $ 3.32 $ 1.94 Low $ 1.14 $ 1.14 $ 1.44 $ 1.61 The closing sale price for our common stock on the Nasdaq Capital Market on March 25, 2022 was $1.63 per share. As of March 25, 2022, we had 11,370 stockholders of record and 45,788,946 shares of Class A voting common stock outstanding. At that date, we also had 11,404,618 shares of Class B non‑voting common stock outstanding and 15,768,172 shares of Class C non-voting stock outstanding. Our non‑voting common stock is not listed for trading on the Nasdaq Capital Market, but is convertible into our voting common stock in connection with certain sale or other transfer transactions. In general, we may pay dividends out of funds legally available for that purpose at such times as our Board of Directors determines that dividend payments are appropriate, after considering our net income, capital requirements, financial condition, alternate investment options, prevailing economic conditions, industry practices and other factors deemed to be relevant at the time. We suspended our prior policy of paying regular cash dividends in May 2010 in order to retain capital for reinvestment in the Company’s business. Equity Compensation Plan Information The following table provides information about the Company’s common stock that may be issued under equity compensation plans as of December 31, 2021. Plan category Number of securities to be issued upon exercise of outstanding options (a) Weighted average exercise price of outstanding options (b) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) Equity compensation plans approved by security holders: 2008 Long Term Incentive Plan 450,000 $ 1.62 ‑ 2018 Long Term Incentive Plan ‑ ‑ - Equity compensation plans not approved by security holders: None ‑ ‑ ‑ Total 450,000 $ 1.62 - In February 2021 and 2020, the Company awarded 20,736 and 30,930 shares of common stock, respectively, to its directors under the 2018 LTIP, which are fully vested. The Company recorded $45 thousand of compensation expense in each of the years ended December 31, 2021 and December 31, 2020, based on the fair value of the stock, which was determined using the average of the high and the low price of the stock on the date of the award. In July of 2021, the Company awarded 64,516 shares of common stock to its Chief Executive Officer, which are fully vested. The company recorded $200 thousand of compensation expense for the year ended December 31, 2021 based on the fair value of the stock, which was determined using the average of the high and the low price of the stock on the date of the award. 32 Table of Contents In February 2020, the Company awarded 140,218 shares of restricted stock to its officers and employees under the 2018 LTIP. Each restricted stock award was valued based on the fair value of the stock, which was determined using the average of the high and the low price of the stock on the date of the award. These awarded shares of restricted stock became fully vested on April 1, 2021, the date of the Merger and all unrecognized compensation expense was recognized at that time. During 2021, and 2020, the Company recorded $153 thousand and $340 thousand of stock based compensation expense related to shares awarded to employees. As all restricted stock awarded to employees were fully vested as of December 31, 2021, there was no remaining unrecognized compensation cost related to non-vested restricted stock awards as of December 31, 2021.