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Note 8 - Stock Based Compensation | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] | Note 8 - Stock Based Compensation Employee Stock Incentive Plan In December 2019, our Board approved the 2019 HireQuest, Inc. Equity Incentive Plan (the “2019 Plan”). Subject to adjustment in accordance with the terms of the 2019 Plan, no more than 1.5 million shares of common stock are available in the aggregate for the grant of awards under the 2019 Plan. No more than 1 million shares may be issued in the aggregate pursuant to the exercise of incentive stock options. In addition, no more than 250 thousand shares may be issued in the aggregate to any employee or consultant, and no more than 50 thousand shares may be issued in the aggregate to any non-employee director, in any twelve-month period. Shares of common stock available for distribution under the Plan may consist, in whole or in part, of authorized and unissued shares, treasury shares or shares reacquired by the Company in any manner. The 2019 Plan was approved by our shareholders in June 2020 and became effective as of that date. 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 thousand 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 or still serves as a director and certain other vesting criteria are met. During the first nine months of 2025, we issued 1,585 shares valued at approximately $18 thousand under this program. During the first nine months of 2024, we issued 9,956 thousand shares valued at approximately $144 thousand under this program. In the first nine months of 2025, we issued 29,520 shares of restricted common stock pursuant to the 2019 Plan valued at approximately $312 thousand to members of our Board of Directors for their services in lieu of cash compensation. Of these, 27,935 shares vested equally over the three months post grant. The remaining 1,585 shares were issued pursuant to our share purchase match program. Also in the first nine months of 2025, we issued 2,000 shares of restricted common stock to a key employee for services in lieu of cash compensation valued at approximately $24 thousand that vest after 3 months. In the first nine months of 2024, we issued 55,894 shares of restricted common stock pursuant to the 2019 Plan valued at approximately $688 thousand to members of our Board of Directors for their services in lieu of cash compensation. Of these, 53,245 shares vested equally over the three months post grant. The remaining 2,649 shares were issued pursuant to our share purchase match program. Also, in the first nine months of 2024, we issued 5,270 shares pursuant to our share purchase match program to members of our Board of Directors valued at approximately $80 thousand. Also, in the first nine months of 2024, we issued 2,037 shares pursuant to our share purchase match program to key employees valued at approximately $29 thousand. Also, in the first nine months of 2024, we issued 7,500 shares of restricted common stock pursuant to the 2019 Plan that vest over 4 years and were valued at approximately $101 thousand to a key employee for services in lieu of cash compensation. The following table summarizes our restricted stock outstanding at December 31, 2024, and changes during the nine months ended September 30, 2025.
(number of shares in thousands) |  |  | Shares |  |  |  | Weighted average grant date price |
Non-vested, December 31, 2024 |  |  | 106 |  |  | $ | 18.28 |
Granted |  |  | 31 |  |  |  | 10.67 |
Forfeited |  |  | (5 | ) |  |  | 12.81 |
Vested |  |  | (83 | ) |  |  | 15.41 |
Non-vested, September 30, 2025 |  |  | 49 |  |  |  | 17.62 |
Stock options that were outstanding at Command Center were deemed to be issued on the date of the merger with Legacy HQ. Outstanding awards continue to remain in effect according to the terms of the Command Center 2008 Plan, the Command Center 2016 Plan, and the corresponding award documents. There were approximately 13 thousand stock options vested at September 30, 2025 and December 31, 2024. The following table summarizes our stock options outstanding at December 31, 2024, and changes during the nine months ended September 30, 2025.
(number of shares in thousands) |  |  | Number of shares underlying options |  |  |  | Weighted average exercise price per share |  |  |  | Weighted average grant date fair value |
Outstanding, December 31, 2024 |  |  | 13 |  |  | $ | 5.47 |  |  | $ | 2.98 |
Granted |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, September 30, 2025 |  |  | 13 |  |  |  | 5.47 |  |  |  | 2.98 |
There were no non-vested stock options outstanding at September 30, 2025 or at December 31, 2024. The following table summarizes information about our outstanding stock options, and reflects the intrinsic value recalculated based on the closing price of our common stock of $9.62 at September 30, 2025.
(number of shares and intrinsic value in thousands) |  |  | Number of shares underlying options |  |  |  | Weighted average exercise price per share |  |  |  | Weighted average remaining contractual life (years) |  |  |  | Aggregate intrinsic value |
Outstanding and exercisable |  |  | 13 |  |  | $ | 5.47 |  |  |  | 2.5 |  |  | $ | 54 |
At September 30, 2025, there was unrecognized stock-based compensation expense totaling approximately $249 thousand relating to non-vested restricted stock grants that will be recognized over the next 2.9 years.

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