For many years, the regular quarterly meetings of the Board and its committees have occurred during the two days immediately following the Company’s release of its quarterly earnings results. The Compensation Committee approves the annual equity awards for executives during its first quarter meeting, typically in late January or early February, the day after the release of the quarterly earnings results. The Compensation Committee does not take material nonpublic information into account when determining the timing or terms of the annual equity awards, nor is the purpose of the timing of such awards intended to affect the value of executive compensation. 

Consistent with this practice, in 2025, the Company released its earnings results announcing its fourth quarter and full year financial results for the year ended December 31, 2024 on January 28, 2025 and the Compensation Committee granted annual stock options on January 29, 2025, one business day following the earnings release. The Compensation Committee believes that the Company was not in possession of material nonpublic information after the release of earnings and that the public markets had a sufficient period of time to absorb the Company’s earnings results. 

The following table presents information regarding stock options awarded to our named executive officers in 2025, during any period beginning four business days before the filing of a periodic report on Form 10-Q or Form 10-K or the filing or furnishing of a current report on Form 8-K disclosing material non-public information, and ending one business day after the filing or furnishing of such report with the SEC.