Third Coast Bank's 2023 Financial Statement notes:

"On May 3, 2023, the Board of Directors approved the Third Coast Bancshares Inc. Phantom Stock Appreciation Plan ("the Phantom Stock Plan"). Under the Phantom Stock Plan, participants are granted phantom stock units ("PSUs") which vest reliably over a three year period through March 15, 2026. The PSU conveys to the participant the benefits of owning stock without the actual ownership or transfer of shares."

Third Coast Bancshares and Subsidiary, 2023 Annual Report, Notes to Consolidated Financial Statements, December 31, 2023 and 2022, page F-40 @TCBSSB