15. SHARE-BASED PAYMENTS

The Trust compensates its three non-employee Trustees for their services through grants of restricted Shares. As compensation for our Fiscal Year 2027, on March 16, 2026, we issued 6,000 restricted Shares (with the aggregate grant date fair value of $7,200 per grant) to each of Messrs. Kutasi, Robson, and Marchi. These 18,000 Shares (6,000 each to the three Independent Trustees), vest in equal monthly amounts during Fiscal Year 2027.

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 “Trustee Stock-Based Compensation.”