When did the Board of Management Recruiters approve the 2019 HireQuest, Inc. Equity Incentive Plan?
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's 2024 Franchise Disclosure Document, the HireQuest, Inc. Board approved the 2019 HireQuest, Inc. Equity Incentive Plan in December 2019. The 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 limits are also in place, with no more than 250,000 shares for any employee or consultant and 50,000 shares for any non-employee director within a twelve-month period.
The shares available under this plan can be authorized and unissued shares, treasury shares, or shares reacquired by the company. The 2019 Plan was later approved by shareholders in June 2020, at which point it became effective.
Also in September 2019, the Board approved a share purchase match program. This program matches 20% of common stock purchased on the open market or granted in lieu of cash compensation to key employees and directors, up to $25,000 in value per individual each calendar year. These shares vest on the second anniversary of the purchase date, contingent on continued employment or service as a director and other vesting criteria.