STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

STOCK BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 14 — STOCK-BASED COMPENSATION

On June 25, 2025, our shareholders approved the adoption of the 2025 Equity Incentive Plan (the "2025 Plan”), effective June 25, 2025. The 2025 Plan provides for the grant of up to 1.1 million shares of Common Stock pursuant to awards granted under the plan.

The 2025 Plan will remain in effect for a term of 10 years from the effective date, unless sooner terminated by the Board of Directors.

As of March 31, 2026, no awards have been granted under the 2025 Plan. No stock-based compensation expense was recognized for the three months ended March 31, 2026 and 2025.