When did the 2019 Plan become effective for Management Recruiters?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
of stock pursuant to the exercise of common stock options with a strike price of $8.04 for a total purchase price of $33 thousand.
Note 8 – Stock Based Compensation
Employee Stock Incentive Plan
In December 2019, our Board approved the 2019 HireQuest, Inc. Equity Incentive Plan (the "2019 Plan"). Subject to adjustment in accordance with the terms of the 2019 Plan, no more than 1.5 million shares of common stock are available in the aggregate for the grant of awards under the 2019 Plan. No more than 1 million shares may be issued in the aggregate pursuant to the exercise of incentive stock options. In addition, no more than 250 thousand shares may be issued in the aggregate to any employee or consultant, and no more than 50 thousand shares may be issued in the aggregate to any non-employee director in any twelve-month period. Shares of common stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner. The 2019 Plan was approved by our shareholders in June 2020 and became effective as of that date.
In September 2019, our Board approved a share purchase match program to encourage ownership and further align the interests of key employees and directors with those of our shareholders. Under this program, we will match 20% of any shares of our common stock purchased on the open market by or granted in lieu of cash compensation to key employees and directors up to $25 thousand in aggregate value per individual within any calendar year. These shares
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 65–66)
What This Means (2024 FDD)
According to Management Recruiters' 2024 Franchise Disclosure Document, the 2019 HireQuest, Inc. Equity Incentive Plan (referred to as the "2019 Plan") was approved by the company's shareholders in June 2020. The plan subsequently became effective as of that date.
The 2019 Plan allows for the grant of awards up to 1.5 million shares of common stock, subject to adjustments. A maximum of 1 million shares can be issued through incentive stock options. Individual employees or consultants are limited to 250,000 shares, while non-employee directors can receive up to 50,000 shares within a 12-month period.
Management Recruiters also has a share purchase match program, approved in September 2019, where the company matches 20% of shares purchased on the open market by key employees and directors, or granted in lieu of cash compensation, up to $25,000 per individual annually. These matched shares vest on the second anniversary of the purchase date, contingent on continued employment or service as a director and other vesting criteria.