EMPLOYEE STOCK PLANS |
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| EMPLOYEE STOCK PLANS | NOTE 16 — EMPLOYEE STOCK PLANS
Equity Incentive Plans
On May 22, 2024, the Company’s Board approved the 2024 Equity Incentive Plan (“2024 Plan”) and Restricted Stock Units (“RSUs”) Agreements. The 2024 Plan and RSUs Agreement authorized the award of stock options, RSUs to employees and directors.
The Company recorded RSU compensation expense for the three or six months ended June 30, 2026. RSU compensation expense was $ and $ for the three and six months ended June 30, 2025, respectively.
Options
On May 22, 2024, the Company signed a stock option agreement with Mr. David Shan, the Company’s Executive Chairman of the Board of Directors and former Chief Executive Officer, and two other executives of the Company, in connection with the 2024 Plan.
On May 22, 2024, the Company granted Mr. David Shan options to purchase common shares under an incentive stock option plan at an exercise price of $ per share. The awards vested in two equal annual installments beginning May 22, 2024 and expire on .
On May 22, 2024, the Company also granted Mr. Shan options to purchase common shares under a nonqualified stock option plan at an exercise price of $ per share. The awards vested in two equal annual installments beginning May 22, 2024 and expire on .
MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 16 — EMPLOYEE STOCK PLANS (continued)
Options (continued)
On May 22, 2024, the Company granted two executives options to purchase an aggregate of common shares at $ per share. The awards vested in two equal annual installments beginning May 22, 2024 and expire on May 21, 2034. During the second quarter of 2026, unexercised options held by the former CFO lapsed following termination.
As of June 30, 2026, the intrinsic value of outstanding stock options was .
The Company recorded reversals of option compensation expense of $ and $ for the three and six months ended June 30, 2026, respectively. Option compensation expense was $ and $ for the three and six months ended June 30, 2025, respectively.
As of June 30, 2026, unrecognized compensation cost related to outstanding RSUs and stock options was .
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