RELATED PARTY |
6 Months Ended |
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Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY | Note 7 - RELATED PARTY
On March 15, 2026, the Company’s executive leadership team agreed to reduce their salaries by approximately 20% for the remainder of fiscal 2026, effective April 1, 2026. The adjusted salaries are as follows: Dr. Phares - $498; Mr. Seaburg - $221; Mr. Bourns - $264; and Dr. Singh - $280.
In lieu of cash compensation, the executives were granted stock options under the Company’s 2022 Plan at an exercise price of $ per share: Dr. Phares - shares; Mr. Seaburg - shares; Mr. Bourns - shares; and Dr. Singh - shares. The options vest in three equal annual installments beginning April 1, 2026, subject to continued service and the terms of the Plan.
Additionally, each non-employee director agreed to a comparable 20% reduction in cash compensation for the remainder of fiscal 2026. In lieu thereof, the directors were granted an aggregate of 13,364 RSUs under the Plan, subject to the same vesting terms and continued service on the Company’s Board of Directors.
On June 18, 2026, the Company appointed Lukas Lutz as an independent director. In connection with his appointment, the Company granted him 10,000 restricted stock units with one-half vesting upon the date of grant and one-half vesting on the one-year anniversary, subject to continued service on the Company’s Board of Directors.
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