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Note 10 - Benefit Plans
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Compensation and Employee Benefit Plans [Text Block]

NOTE 10. BENEFIT PLANS

 

The Company has established a 401(k) plan (the “401(k) Plan”) for its employees. The 401(k) Plan allows employees to contribute a portion of their earnings, and the Company may match a percentage of the contributions on a discretionary basis. In April 2020, the Company temporarily suspended 401(k) matching contributions and there were no expenses associated with the 401(k) Plan for the three months ended June 30, 2020. The expense associated with the 401(k) Plan for the three months ended June 2019, was $0.3 million. The expense associated with the 401(k) Plan for the three and six months ended  June 30, 2020 and 2019, was $0.4 million and $0.7 million, respectively.

 

On April 28, 2014, the board of directors of the Company approved the 2014 Long-Term Incentive Plan (“LTIP”). Under the LTIP, the Company is authorized to grant nonqualified stock options, rights to purchase shares of common stock, restricted stock, restricted stock units and other awards to be settled in, or based upon, shares of common stock to persons who are directors and employees of and consultants to the Company or any of its subsidiaries on the date of the grant. The LTIP will terminate ten years after approval by the board. Subject to adjustments in connection with certain changes in capitalization, the maximum number of shares of common stock that may be delivered pursuant to awards under the LTIP is 2,253,735 after giving effect to the 1.5543 - for - 1 stock split consummated on January 30, 2018 in connection with our initial public offering.  As of June 30, 2020, 423,268 shares remain available for issuance; however, the Company will not issue additional awards under this plan.

 

On January 16, 2018, our board adopted and our stockholders approved the 2018 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) pursuant to which equity-based and cash incentives may be granted to participating employees, directors and consultants. The Omnibus Incentive Plan, as amended, provides for an aggregate of 4,607,389 shares of our common stock. After the annual shareholder meeting held on July 1, 2020, 3,455,613 shares remain available for issuance.