RELATED PARTY |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY | Note 10 - 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 1,671 RSUs under the Plan, subject to the same vesting terms and continued Board service.
On June 18, 2026, the Company appointed Lukas Lutz as an independent director. In connection with his appointment, the Company granted him 1,250 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 Board.
During the three months ended September 30, 2026, the Company received services from Battery Sphere GmbH, of which Lukas Lutz, a member of the Board, is the Chief Executive Officer. The expense for these services was $77 and is included in general and administrative expenses in the Condensed Consolidated Statements of Operations.
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