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.” On December 11, 2023, there were approximately 29 holders of record of our common stock and the last reported sales price was $15.62. A substantially greater number of holders of our common stock are “street name” or beneficial holders, whose shares are held by banks, brokers and other financial institutions. Dividend Policy On November 9, 2022, February 9, 2023, May 9, 2023 and August 8, 2023, the Board of Directors of the Company (the "Board") declared quarterly cash dividends of $0.125, $0.125, $0.1875 and $0.1875, respectively, per share, which were paid on December 13, 2022, March 14, 2023, June 13, 2023 and September 13, 2023 to the stockholders of record of the Company's common stock at the close of business on November 30, 2022, February 28, 2023, May 31, 2023 and August 31, 2023. Future decisions to pay or to increase or decrease dividends 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 ten years after the date of grant. During the year ended September 30, 2023, no options to purchase shares of common stock were issued by the Company. 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. 13 The following is a summary of the securities issued and authorized for issuance under our Stock Option Plans at September 30, 2023: 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 471,250 $19.57 477,500 Equity compensation plans not approved by shareholders (1) None N/A None Total 471,250 $19.57 477,500 Of the 471,250 options outstanding as of September 30, 2023, 134,250 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, 2018 and ending September 30, 2023 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, 2018 and that all dividends paid by companies included in each index were reinvested. 14 Cumulative Total Return 09/30/18 09/28/19 10/03/20 10/02/21 10/01/22 09/30/23 Ark Restaurants Corp. $100.00 $91.71 $53.42 $71.97 $87.49 $74.29 NASDAQ Composite 100.00 100.52 141.70 184.58 136.12 178.41 SIC Code 5812 - Eating & Drinking Places 100.00 123.91 128.67 157.26 140.14 164.87 Item 6 . Reserved Not applicable.