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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS

 

In October 2024, the Company formed a new U.S. subsidiary, Flex-Trac, Inc., and effective January 1, 2025, the Company contributed to Flex-Trac, Inc. certain assets related to its MediTrac® corrugated medical gas tubing business, in exchange for the issuance to the Company of shares of common stock, par value $0.01 per share, of Flex-Trac, Inc. (“Common Stock”).

 

In addition, in December 2024, subject to the approval of the Company’s shareholders, the Flex-Trac, Inc. 2025 Equity Incentive Plan (the “Plan”) was approved and adopted, to provide directors, officers, employees, contractors and consultants of Flex-Trac, Inc. or its affiliates an equity-based incentive to maintain and enhance the performance and profitability of Flex-Trac, Inc. Subject to adjustment as provided in the Plan, up to 818,458 shares of Common Stock, or 7.5% of the fully-diluted shares of Common Stock, may be issued pursuant to the Plan with respect to awards.

 

On January 2, 2025, 420,000 shares of restricted stock in the aggregate, or 4% of the shares of Common Stock, were granted to certain eligible participants under the Plan, subject to the approval of the Plan by the shareholders of the Company. Subject to such approval, the awards vest after eight years of continuous service or earlier upon the grantee’s death, disability or retirement, or a change of control, as defined and further described in the Plan.