Share-Based Compensation and Share Repurchase Plans

12 Months Ended

Dec. 31, 2025

Stock-Based Compensation and Stock Repurchases [Abstract]

Share-Based Compensation And Share Repurchase Plans

NOTE 17 – SHARE-BASED COMPENSATION AND SHARE REPURCHASE PLANS

2020 Stock Incentive Plan

On December 5, 2024, the Company’s stockholders, upon recommendation of the Company’s board of directors, approved the Second Amendment to the 2020 Stock Incentive Plan, increasing the number of Class A Common Stock reserved for issuance under the 2020 Plan by an additional 3,500,000 shares.

Under the 2020 Plan, the Company may grant stock options and other share-based payment awards of our Class A Common Stock to eligible employees, directors and consultants. At December 31, 2025, there were 870,833 shares of Class A Common Stock available for issuance under the 2020 Plan.

Stock options are granted at exercise prices equal to the grant-date market prices and typically expire on either the fifth or tenth anniversary of the grant date, although the Company’s Compensation and Stock Options Committee (the “Compensation Committee”) may set different vesting times. In contrast to a stock option where the grantee buys our Company’s share at an exercise price determined on the grant date, a restricted stock unit (“RSU”) entitles the grantee to receive one share for every RSU based on a vesting plan, typically between one year and four years from grant. As discussed further below, a performance component has been added to certain of the RSUs or options granted to management. At the time the options are exercised or RSUs vest and are settled, at the discretion of management, we may issue treasury shares or make a new issuance of shares to the option or RSU holder.

Stock Options

We estimated the grant-date fair value of our stock options using the Black-Scholes option-valuation model, which takes into account assumptions such as the dividend yield, the risk-free interest rate, the expected stock price volatility, and the expected life of the options. We expensed the estimated grant-date fair values of options over the vesting period on a straight-line basis. Based on our historical experience, the “deemed exercise” of expiring in-the-money options and the relative market price to strike price of the options, we have not estimated any forfeitures of vested or unvested options.

Stock options to purchase 308,823 shares of Class A Common Stock were issued to the non-employee members of the Board of Directors upon their re-election to the Board in December 2025 for their services for their 2026 term. No other stock options were granted in 2025 to directors. On June 11, 2025, we issued options to purchase 2,087,885 shares of Class A Common Stock to our senior executives. These options have a two-year vesting and a five-year term and were granted in lieu of cash bonuses which would otherwise have been paid under our Company's Incentive Compensation Program. No other stock options were granted during 2025 to employees.

The weighted average assumptions used in the option-valuation model for option grants for the years 2025, 2024 and 2023 were as follows:

	2025		2024		2023
Stock option exercise price	$	1.41	$	1.49	$	1.92
Risk-free interest rate		3.88%		4.26%		4.12%
Expected dividend yield		—		—		—
Expected option life in years		5.50		5.50		5.50
Expected volatility		50.51%		55.26%		53.20%
Weighted average fair value	$	0.57	$	0.81	$	1.01

We recorded stock-based compensation expense of $961,000, $783,000, and $50,000 for 2025, 2024, and 2023, respectively. At December 31, 2025, the total unrecognized estimated compensation cost related to non-vested stock options was $1.0 million which is expected to be recognized over a weighted average vesting period of 8.64 years. No cash was received from option exercises in 2025, 2024 or 2023.

The following is a summary of the status of RDI’s outstanding stock options for the three years ended December 31, 2025:

	Outstanding Stock Options
	Number of ‎Options		Weighted Average ‎Exercise Price				Weighted Average ‎Remaining Years of ‎Contractual Life	Aggregate ‎Intrinsic ‎Value
	Class A	Class B	Class A		Class B		Class A&B	Class A&B
Outstanding - January 1, 2023	327,498	—	$	15.87	$	—	1.24	$	—
Granted	207,657	—		1.92		—
Exercised	—	—		—		—			—
Expired	(122,376)	—		—		—
Outstanding - December 31, 2023	412,779	—	$	14.19	$	—	1.79	$	—
Granted	1,499,755	—		1.49		—
Exercised	—	—		—		—			—
Expired	(205,122)	—		—		—
Outstanding - December 31, 2024	1,707,412	—	$	1.63	$	—	9.44	$	—
Granted	2,396,708	—		1.41		—
Exercised	—	—		—		—			—
Expired	—	—		—		—
Outstanding - December 31, 2025	4,104,120	—	$	1.49	$	—	6.52	$	—

The following is a summary of the status of RDI’s vested and unvested stock options as of December 31, 2025, 2024 and 2023:

	Vested and Unvested Stock Options
	Number of ‎Options		Weighted Average ‎Exercise Price				Weighted Average ‎Remaining Years of ‎Contractual Life	Aggregate ‎Intrinsic ‎Value
	Class A	Class B	Class A			Class B	Class A&B	Class A&B
Vested
December 31, 2025	1,915,069	—	$	1.64	$	—	8.39	$	—
December 31, 2024	207,657	—		0.48		—	8.94		—
December 31, 2023	205,122	—		15.92		—	0.56		—
Unvested
December 31, 2025	2,189,051	—	$	1.43	$	—	6.52	$	—
December 31, 2024	1,499,755	—		1.62		—	9.44		—
December 31, 2023	207,657	—		4.54		—	1.79		—

Restricted Stock Units

Time vested RSU awards to management typically vest 25% on the anniversary of the grant date and the remainder over a period of four years. Beginning in 2020, a performance component has been added to certain management equity grants, which vest on the third anniversary of their grant date based on the achievement of certain performance metrics. From 2021 onwards, RSUs have two vesting structures, which include time vesting and performance vesting. The majority of RSUs vest 75% evenly over a period of four years, with the remaining 25% contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the date of the grant. In the case of our Chief Executive Officer, RSUs vest 50% evenly over a period of four years with the remaining 50%, contingent upon the achievement of certain performance metrics, vesting in full on the third anniversary of the grant date. In 2024 and in the second quarter of 2025, our Compensation Committee, upon the recommendation of our Chief Executive Officer and Board Chair, determined that due to liquidity management concerns, our Company would not pay cash bonuses for which our executive officers and other senior management may have been potentially eligible, and to issue stock options in lieu of such bonuses. Also in 2024 and 2025, our Compensation Committee determined not to issue long term incentive stock options or RSUs.

During the years ended December 31, 2025 and December 31, 2024, we recognized compensation expense related to RSUs of $1.0 million and $1.6 million respectively. The total unrecognized compensation expense related to these unvested RSUs was $1.1 million as of December 31, 2025.

Below is a table that shows the restricted stock units that have been issued and vested during the years ending December 31, 2025 along with the dollar value of these awards. No RSUs have been issued since the end of 2023.

	Number of RSUs					$ value of RSUs
	Granted	Vested	Forfeited	Unvested	Granted		Vested			Forfeited	Unvested
2016	68,153	67,372	781	—	$	815,160	$	805,759	$	9,400	$	—
2017	70,538	70,006	532	—		1,124,348		1,115,852		8,496		—
2018	97,600	94,426	3,174	—		1,581,512		1,529,648		51,864		—
2019	59,258	56,154	3,104	—		944,070		894,065		50,005		—
2020	401,966	373,708	28,258	—		2,281,899		2,111,059		170,840		—
2021	361,593	333,040	28,554	—		2,185,222		2,001,875		183,347		—
2022	502,582	384,242	43,905	74,435		1,998,505		1,505,028		183,084		310,394
2023	671,682	324,802	8,464	338,416		2,173,049		1,051,150		27,343		1,094,556
Total	2,233,372	1,703,750	116,772	412,851	$	13,103,765	$	11,014,436	$	684,379	$	1,404,950

Stock Repurchase Plan

Our Stock Repurchase Program expired on March 10, 2024. It has not been renewed. No stock has been repurchased by our Company since March 10, 2020.