When did the Board of Management Recruiters approve the share purchase match program?
Management_Recruiters Franchise · 2024 FDDAnswer from 2024 FDD Document
04 for a total purchase price of $33,495.
Note 8 – Stock Based Compensation
Employee Stock Incentive Plan
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 $25,000 in aggregate value per individual within any calendar year. These shares vest on the second anniversary of the date on which the matched shares were purchased if the individual is still employed by the Company and certain other vesting criteria are met. During 2021, we issued 5,075 shares valued at approximately $77,000 under this program. During 2020, we issued approximately 20,000 shares valued at approximately $118,000 under this program.
In December 2019, our Board approved the 2019 HireQuest, Inc. Equity Incentive Plan (the "2019 Plan").
Source: Item 21 — FINANCIAL STATEMENTS (FDD pages 65–66)
What This Means (2024 FDD)
According to Management Recruiters' 2024 Franchise Disclosure Document, the Board approved a share purchase match program in September 2019. This program is designed to encourage ownership and align the interests of key employees and directors with the company's shareholders.
Under the program, Management Recruiters will match 20% of the shares of common stock purchased on the open market or granted in lieu of cash compensation to key employees and directors. The match is capped at $25,000 in aggregate value per individual within any calendar year.
The shares vest on the second anniversary of the purchase date, provided the individual is still employed by the company or still serves as a director and meets certain other vesting criteria. During 2023, 9,375 shares were issued valued at approximately $158,000 under this program. In 2022, approximately 10,000 shares were issued valued at approximately $155,000, and in 2021, 5,075 shares were issued valued at approximately $77,000. In 2020, approximately 20,000 shares were issued valued at approximately $118,000 under this program.