Share-Based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation |
In April 2020, the Company adopted the 2020 Omnibus Equity Incentive Plan (the “Plan”). There were shares available for issuance under the Plan as of December 31, 2024. On January 1, 2025, the total number of shares authorized under the Plan increased to . The Plan increases the amount of shares issuable under the Plan by four percent of the outstanding shares of common stock at each January 1, each year. The Plan permits the granting of share-based awards, including stock options, restricted stock units and awards, stock appreciation rights and other types of awards as deemed appropriate, in each case, in accordance with the terms of the Plan. The terms of the awards are determined by the Company’s Board of Directors.
Restricted stock units and awards
On January 1, 2024, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) were granted, % of which vested on January 1, 2025. Any unvested RSUs or RSAs will be forfeited upon termination of services. The fair value of an RSU or RSA is equal to the fair market value of the Company’s common stock on the date of grant. RSU and RSA expense is amortized straight-line over the vesting period.
The following table summarizes RSU activity under the Plan:
During the three months ended December 31, 2024, there were no RSUs granted, vested or forfeited. As of December 31, 2024, there was unrecognized compensation expense relating to unvested RSUs granted.
The following table summarizes RSA activity under the Plan:
During the three months ended December 31, 2024, there were no RSAs granted, vested or forfeited. As of December 31, 2024, there was unrecognized compensation expense relating to unvested RSAs granted.
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