4 unchanged sentences
Dividend Policy
−Removed: On March 2, 2020, the Board of Directors declared a quarterly dividend of $0.25 per share on the Company’s common stock which was to be paid on April 6, 2020, to shareholders of record at the close of business on March 16, 2020.
−Removed: On March 13, 2020, the Company announced that, in light of the unprecedented circumstances and rapidly changing situation with respect to COVID-19, as part of an overall plan to preserve cash flow, the Board of Directors determined that it was appropriate for the Company to defer payment of the dividend that was declared on March 2, 2020.
−Removed: On July 1, 2020, the dividend declared on March 2, 2020 was canceled.
−Removed: The payment of future dividends is at the discretion of the Company’s Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S.
−Removed: taxation and other relevant factors.
−Removed: The Company does not expect to pay quarterly cash dividends for the foreseeable future as a result of the disruption to its operations from the COVID-19 pandemic.
+Added: On May 11, 2022, August 10, 2022 and November 9, 2022, the Board of Directors (the "Board") of the Company declared quarterly cash dividends of $0.125 per share which were paid on June 13, 2022, September 13, 2022 and December 13, 2022 to the stockholders of record of each share of the Company's common stock at the close of business on May 31, 2022, August 31, 2022 and November 30, 2022.
+Added: Future decisions to pay dividends, and the amount of any dividend, are at the discretion of the Board and will depend upon operating performance and other factors.
Purchases of Equity Securities by Issuer and Affiliated Purchases
1 unchanged sentence
Securities Authorized for Issuance under Equity Compensation Plans
−Removed: The Company has options outstanding under two stock option plans:
+Added: Prior to fiscal 2022, the Company had options outstanding under two stock option plans:
the 2010 Stock Option Plan (the “2010 Plan”) and the 2016 Stock Option Plan (the “2016 Plan”).
Options granted under both plans are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted and expire ten years after the date of grant.
+Added: On March 15, 2022, the shareholders of the Company approved the Ark Restaurants Corp.
+Added: 2022 Stock Option Plan (the "2022 Plan").
+Added: Effective with this approval, the Company terminated the 2016 Plan along with the 63,750 authorized but unissued options under the 2016 Plan.
+Added: Such termination did not affect any of the options previously issued and outstanding under the 2016 Plan, which remain outstanding in accordance with their terms.
+Added: Under the 2022 Plan, 500,000 options were authorized for future grant and are exercisable at prices at least equal to the fair market value of such stock on the dates the options were granted.
+Added: The options expire 10 years after the date of grant.
During the year ended October 1, 2022, options to purchase 22,500 shares of common stock at an exercise price of $17.80 per share were granted to employees and directors of the Company (the "2022 Grant").
+Added: Such options are exercisable as to 25% of the shares commencing on the first anniversary of the date of grant and 25% each year thereafter.
+Added: The grant date fair value of these stock options was $4.53 per share and totaled approximately $102,000.
+Added: During the year ended October 2, 2021, options to purchase 110,500 shares of common stock at an exercise price of $10.65 per share were granted to employees and directors of the Company (the "2021 Grant").
Such options are exercisable as to 50% of the shares commencing on the second anniversary of the date of grant and as to 50% on the fourth anniversary of the date of grant.
−Removed: Such options had an aggregate grant date fair value of $2.22 per share and totaled approximately $246,000.
−Removed: During the year ended October 3, 2020, options to purchase 266,500 shares of common stock at an exercise price of $21.90 per share were granted to employees, directors of the Company and other service providers.
−Removed: Such options are exercisable as to 50% of the shares commencing on the second anniversary of the date of grant and as to the remaining 50% commencing on the fourth anniversary of the date of grant.
−Removed: The grant date fair value of these stock options was $3.35 per share.
+Added: The grant date fair value of these stock options was $2.22 per share and totaled approximately $246,000.
The following is a summary of the securities issued and authorized for issuance under our Stock Option Plans at October 1, 2022:
31 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.