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STOCK-BASED COMPENSATION PLANS | 12 Months Ended
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Dec. 31, 2022
STOCK-BASED COMPENSATION PLANS |
STOCK-BASED COMPENSATION PLANS | 4.STOCK-BASED COMPENSATION PLANS In accordance with the Company’s stock-based compensation plans, the Company may grant incentive stock options as well as non-qualified and other stock-related incentives to officers, employees and non-employee directors of the Company. At the Annual Meeting of Shareholders of the Company held on May 26, 2017, the Company’s shareholders voted to approve the Miller Industries, Inc. 2016 Stock Incentive Plan, pursuant to which 800,000 shares of common stock were reserved for issuance pursuant to awards granted under the plan. No awards may be granted under the Company’s 2016 Stock Incentive Plan on or after August 1, 2026. At the Annual Meeting of Shareholders of the Company held on May 24 2013, the Company’s shareholders voted to approve the Miller Industries, Inc. 2013 Non-Employee Director Stock Plan, pursuant to which each non-employee director is granted an annual award of our common stock on the first day of each calendar year, with the number of shares being determined by dividing a dollar amount (currently $50,000) by the closing price of a share of our common stock on the first day of such year (or the closing price on the last preceding date on which sales of the Company’s common stock were reported). Restricted Stock Units During the years ended December 31, 2022, 2021 and 2020, each of our non-employee directors was granted an award of fully-vested shares of our common stock equal to $50,000 divided by the closing price of the common stock on January 1st of each year (or the closing price on the last preceding date on which sales of the Company’s stock were reported). During the year ended December 31, 2022, our board of directors granted restricted stock units to certain of our employees and executive officers. The restricted stock units vest in equal annual increments over the five years after the date of grant. During the years ended December 31, 2021 and 2020, our board of directors did not grant equity awards to any employees or executive officers. For more information on the 2022 grant, see the Company’s 8-K filed on March 7, 2022.

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