STOCK TRANSACTIONS

9 Months Ended

Sep. 30, 2024

STOCK TRANSACTIONS

STOCK TRANSACTIONS

NOTE 5 – STOCK TRANSACTIONS

On January 15, 2024, the Company granted, with the approval of the Company’s compensation committee, 100,000 shares of restricted Common Stock, in the aggregate, to certain of the Company’s employees under the Company’s Amended and Restated 2006 Employee Stock Incentive Plan, as amended (the “Plan”). All such shares of restricted Common Stock vest over a three-year period in 12 equal quarterly increments. The Company estimated the fair value of the restricted stock on the date of grant to be approximately $0.2 million.

On April 1, 2024, the Company granted, with the approval of the Company’s compensation committee, 263,960 shares of fully-vested restricted Common Stock to the Company’s President and Chief Executive Officer under the Plan instead of a cash bonus. The Company estimated the fair value of the restricted stock on the date of grant to be approximately $0.3 million.

On July 2, 2024, the Company granted, with the approval of the Company’s compensation committee, 250,000 shares of restricted Common Stock to its new Vice President, Research and Development, under the Plan. The first third of such shares of restricted Common Stock vest on the first anniversary of the date of grant and the remaining two-thirds of the shares vest over the subsequent two-year period in eight equal quarterly increments. The Company estimated the fair value of the restricted stock on the date of grant to be approximately $0.3 million.

On September 23, 2024, the Company granted, with the approval of the Company’s compensation committee, 90,909 shares of fully-vested restricted Common Stock, in the aggregate, to its Sr. Vice President and Chief Financial Officer under the Plan. The Company estimated the fair value of the restricted stock on the date of grant to be approximately $0.1 million.

On September 23, 2024, the Company granted, with the approval of the Company’s compensation committee, 10-year options to purchase 1,015,725 shares of Common Stock, in the aggregate, to certain of the Company’s officers and other employees under the Plan. The options have an exercise price equal to $1.10 per share and vest over a three-year period in 12 equal quarterly increments. Vesting of the options granted to executive officers is subject to automatic acceleration in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan, and are subject to certain other terms and conditions. The Company estimated the aggregate fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $0.8 million.