Stock Compensation Plan—On January 19, 2022, the Board of Directors ratified 1,185,112 shares of common stock as the 2022 annual increase to the aggregate number of shares of common stock issuable under the 2017 Plan and reserved and authorized the additional shares for issuance under such 2017 Plan. As a result, total shares reserved and authorized under the 2017 Plan increased to a total of 5,129,862 shares.

Interest Rate Swap—Effective January 27, 2022, the Company entered into an interest rate swap transaction fixing the floating component of the interest rate on $100.0 million of borrowings to 1.39% until January 27, 2025.

Business Acquisitions—On January 31, 2021, the Company completed the business acquisition of Environmental Standards, Inc. (“ESI”) by acquiring 100.0% of its common stock. ESI is a provider of environmental consulting services. ESI is based in Knoxville, TN with satellite locations nationwide. The transaction qualified as an acquisition of a business and will be accounted for as a business combination. The following table summarizes the elements of the purchase price of ESI:

Cash⁽¹⁾

Contingent Earnout ⁽²⁾

Total

Purchase

Price

ESI

14,473

1,777

16,250

(1) The cash portion of this acquisition’s purchase price was funded through cash on hand.

The Company has not yet completed the initial purchase price allocation for this acquisition, including obtaining all of the information required for the valuation of the acquired intangible assets, goodwill, assets and liabilities assumed, due to the timing of the close of the transaction.