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Executive and Director Stock Purchase Plans
12 Months Ended
Dec. 31, 2022
Executive and Director Stock Purchase Plans [Abstarct]  
Executive and Director Stock Purchase Plans

Note 14 – Executive and Director Stock Purchase Plans

 

On June 16, 2014, the Company’s Board of Directors adopted the Executive Stock Purchase Plan (the “ESPP”), which was subsequently amended several times most recently on September 10, 2020, retroactively effective to September 1, 2020. The ESPP allows executive officers of the Company to elect to purchase common stock of the Company in lieu of receiving a portion of their salary. The maximum number of shares of common stock that can be purchased by all participants, in the aggregate, pursuant to the ESPP is 750 shares. The shares will be purchased directly from the Company at the fair market value of the Company’s common stock on the date of purchase (based on selling prices reported on NYSE American), which is the payroll date when the salary is withheld. As of December 31, 2022, approximately 303 shares were purchased under the ESPP.

 

On November 8, 2016, the Company’s Board of Directors adopted the Director Stock Purchase Plan (the “DSPP”), which was subsequently amended several times most recently on October 12, 2020. The DSPP allows non-employee directors of the Company to elect to purchase common stock of the Company in lieu of receiving a portion of their director and meeting fees. The maximum number of shares of common stock that can be purchased by all participants, in the aggregate, pursuant to the DSPP is 1,000 shares. The shares will be purchased directly from the Company at the fair market value of the Company’s common stock on the date of purchase (based on selling prices reported on NYSE American), which is the check date when the fees would normally be paid. As of December 31, 2022, approximately 390 shares were purchased under the DSPP.