Note 12 - Employee Stock Purchase Plan

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Employee Stock Purchase Plan [Text Block]

(12)  EMPLOYEE STOCK PURCHASE PLAN

The inTEST Corporation Employee Stock Purchase Plan (the “ESPP”) was adopted by the Board in April 2021 subject to approval by our stockholders, which occurred on June 23, 2021 at our Annual Meeting of Stockholders. The ESPP provides our eligible employees with an opportunity to purchase common stock through accumulated payroll deductions at a discounted purchase price. The ESPP became effective on October 1, 2021.

The ESPP provides that an aggregate of up to 250,000 shares of our common stock will be available for issuance under the ESPP. The shares of our common stock purchasable under the ESPP will be shares of authorized but unissued or reacquired shares, including shares repurchased by us on the open market.

During the nine months ended September 30, 2024, employees purchased 12,973 shares of our common stock through the ESPP at a cost of $111. The closing market price of our common stock on the dates of purchase were $13.25, $9.88 and $7.30, respectively. The prices paid by employees were $11.26, $8.40 and 6.20, respectively, which represented a 15% discount. The total amount of the discount of $20 was recorded as compensation expense in our consolidated statements of operations. During the nine months ended September 30, 2023, employees purchased 6,925 shares of our common stock through the ESPP at a cost of $118. The closing market price of our common stock on the dates of purchase were $20.74, $26.26 and $15.17, respectively. The prices paid by employees were $17.63, $22.32 and $12.89, respectively, which represented a 15% discount. The total amount of the discount of $21 was recorded as compensation expense in our consolidated statements of operations.

From the effective date of the ESPP through September 30, 2024, a total of 55,905 shares of stock have been purchased by employees through the ESPP at a cost of $525. We have recorded a total of $93 of compensation expense in our consolidated statements of operations related to these shares.