ARK RESTAURANTS CORP 10-K

Item 5. Market For The Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market for Our Common Stock Our common stock, $0.01 par value, is traded on the NASDAQ Capital Market under the symbol “ARKR.” As of December 14, 2022 there were 29 holders of record of our common stock and approximately an additional 3,314 beneficial owners. Dividend Policy 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. 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 None Recent Sales of Unregistered Securities None Securities Authorized for Issuance under Equity Compensation Plans 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. On March 15, 2022, the shareholders of the Company approved the Ark Restaurants Corp. 2022 Stock Option Plan (the "2022 Plan"). Effective with this approval, the Company terminated the 2016 Plan along with the 63,750 authorized but unissued options under the 2016 Plan. 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. 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. 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"). 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. The grant date fair value of these stock options was $4.53 per share and totaled approximately $102,000. 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. The grant date fair value of these stock options was $2.22 per share and totaled approximately $246,000. 12 The following is a summary of the securities issued and authorized for issuance under our Stock Option Plans at October 1, 2022: Plan Category (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights (b) Weighted - average exercise price of outstanding options, warrants and rights (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by shareholders 544,125 $19.63 477,500 Equity compensation plans not approved by shareholders (1) None N/A None Total 544,125 $19.63 477,500 Of the 544,125 options outstanding as of October 1, 2022, 173,125 were held by the Company’s officers and directors. (1) The Company has no equity compensation plans that were not approved by shareholders. The Company also maintains a Section 162(m) Cash Bonus Plan. Under the Company's Section 162(m) Cash Bonus Plan, compensation paid in excess of $1,000,000 to any employee who is the chief executive officer, or one of the three highest paid executive officers on the last day of that tax year (other than the chief executive officer or the chief financial officer) is not tax deductible. Stock Performance Graph The graph set forth below compares the yearly percentage change in cumulative total shareholder return on the Company’s common stock for the five-year period commencing September 30, 2017 and ending October 1, 2022 against the cumulative total return on the NASDAQ Market Index and a peer group comprised of those public companies whose business activities fall within the same standard industrial classification code as the Company. This graph assumes a $100 investment in the Company’s common stock and in each index on September 30, 2017 and that all dividends paid by companies included in each index were reinvested. 13 Cumulative Total Return 09/30/17 09/30/18 09/28/19 10/03/20 10/02/21 10/01/22 Ark Restaurants Corp. $100.00 $99.41 $91.17 $53.10 $71.54 $86.98 NASDAQ Composite 100.00 125.17 125.82 177.36 231.03 170.38 SIC Code 5812 - Eating & Drinking Places 100.00 111.90 138.17 142.80 174.89 155.75 Item 6 . Selected Consolidated Financial Data Not applicable.