Prior to June 21, 2023, the Company issued stock-based compensation awards to its directors and officers under the 2018 Long Term Incentive Plan (“LTIP”) which allowed the grant of non-qualified and incentive stock options, stock appreciation rights, full value awards and cash incentive awards. The maximum number of shares available to be awarded under the LTIP was 161,639 shares.

On June 21, 2023, stockholders approved an Amendment and Restatement of the 2018 Long Term Incentive Plan (“Amended and Restated LTIP”) which allows the issuance of 487,500 additional shares and brought the number of shares that may be issued under the Amended and Restated LTIP to 649,139 shares.

Stock-based compensation is recognized on a straight-line basis over the vesting period. During the three months ended June 30, 2026 and 2025, the Company recorded $21 thousand of stock-based compensation income and $111 thousand of stock-based compensation expense, respectively. During the six months ended June 30, 2026 and 2025, the Company recorded $113 thousand and $210 thousand of stock-based compensation expense, respectively. The Company did not record any director stock expense during the three months ended June 30, 2026 or June 30, 2025. During both the six months ended June 30, 2026 and 2025, the Company recorded $168 thousand of director stock compensation expense, which was determined using the fair value of the stock on the dates of the awards.

As of June 30, 2026, 460,307 shares had been awarded under the Amended and Restated LTIP and 188,832 shares were available to be awarded. The following tables present unvested stock award activity during the three and six months ended June 30, 2026 and 2025:

No stock options were granted, exercised or expired during the three months ended June 30, 2026 or 2025, or during the six months ended June 30, 2025. During the six months ended June 30, 2026, 12,500 stock options were forfeited.

No stock options were outstanding or exercisable at June 30, 2026. The Company did not record any stock-based compensation expense related to stock options during the three or six months ended June 30, 2026 or 2025.