Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
The information required by Item 201 of Regulation S-K is contained in ‘‘ Item 1. Business .’’
On April 6, 2022 and December 31, 2022, our Board made grants to our directors and employees, entitling them to receive an aggregate of 89,925 common shares and 43,096 common shares, respectively, which shall not be issued to the award recipients unless certain time or performance based vesting criteria, as applicable, are met, in which case the vesting will occur in three equal parts on the succeeding periods ending on December 31.
On July 1, 2022, our Board made grants to a director of 18,000 common shares, and to our new CEO and CFO, entitling them to receive an aggregate of 138,210 common shares which shall not be issued to the award recipients unless certain time or performance based vesting criteria, as applicable, are met, in which case the vesting will occur in equal parts over a three-year and four-year period, respectively. The awards were made under the 2020 Equity Incentive plan in accordance with Rule 701 promulgated under the Securities Act.
Commencing on March 8, 2022, the Company entered into a share repurchase program conducted in accordance with Rule 10b-18 promulgated under the Exchange Act. The Company was authorized to repurchase up to 1,183,410 of its outstanding common shares, representing 5% of the outstanding common shares of the Company as of February 24, 2022. The program ended on March 7, 2023.
The Company funded the purchases out of available cash and did not incur debt to fund the share repurchase program. The shares are accounted for as treasury shares until such a time as they are retired.
ITEM 6. [RESERVED.]
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