The
following table summarizes the activities for the Company’s restricted share grants for the year ended December 31, 2025 under
the Second Amended & Restated 2019 Equity Incentive Plan:
SCHEDULE
OF EQUITY INCENTIVE PLAN
| | |
Number of Restricted Shares | |
| Outstanding as of December 31, 2024(1) | |
| 532,136 | |
| Granted | |
| 697,169 | |
| Vested(2) | |
| (217,132 | ) |
| Forfeited | |
| (55,000 | ) |
| Outstanding as of December 31, 2025 | |
| 957,173 | |
| Total vested since inception as of December 31, 2025 | |
| 1,168,249 | |
| (1) | Not
including unvested dividends. |
| (2) | The
balance of vested shares reflects the total shares vested during the period and has not been
reduced for those vested shares forfeited at time of vest related to net share settlement.The
Second Amended & Restated 2019 Equity Incentive Plan provides for the concept of “net
share settlement.” Specifically, it provides that the Company is authorized to withhold
the Common Stock at the time the restricted shares are vested and taxed in satisfaction of
the Participant’s tax obligations. |
|