23. SHARE-BASED PAYMENTS

The Trust compensates its three non-employee independent Trustees for their services through grants of restricted or unrestricted Shares. The aggregate grant date fair value of these Shares was $21,600. These restricted 18,000 shares, (6,000 each to the three Independent Trustees at the beginning of the Fiscal Year), vest in equal monthly amounts during Fiscal Year 2026.

On September 11, 2025, the Trust’s Board of Trustees approved a grant to issue Officers, Trustees, and Key Employees totaling 43,500 fully paid IHT restricted shares. The aggregate grant date fair value of these Shares was approximately $82,215. These shares partially vested on December 31, 2025, and February 28, 2026, in two equal amounts.

See Note 2 – “Summary of Significant Accounting Policies” for information related to grants of restricted shares under “Stock-Based Compensation.”