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STOCK OPTIONS | 9 Months Ended
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Sep. 30, 2021
STOCK OPTIONS |
STOCK OPTIONS | 13. STOCK OPTIONS Stock options were exercised by the Company’s employees and directors at various dates during the nine months ended September 30, 2021, and, consequently, a total of 25,400 shares of Common Stock were issued for an aggregate payment to the Company of $48,600 to exercise such options. On March 16, 2021, the Company’s Board of Directors approved the 2021 Stock Option Plan (the “Plan”) and set aside and reserved 2,000,000 shares of Common Stock for issuance pursuant to the Plan. The Plan was approved by the Company’s shareholders at the May 11, 2021 shareholder meeting. The Plan provides for the granting of incentive stock options and non-qualified stock options at a price equal to at least 100% of the fair market value of the Company’s Common Stock as of the date of grant. Participants in the Plan may include employees, consultants, and non-employee Directors. On March 16, 2021, the Company’s Compensation and Benefits Committee approved option grants to purchase 1,000,000, 250,000, and 100,000 shares of Common Stock to the Company’s chief executive officer, general counsel, and chief financial officer, respectively. These shares will vest in their entirety three years from the grant date and have an exercise price of $13.00 per share. The value of an option for the purchase of each underlying share of Common Stock is $10.21 using the Black-Scholes option pricing model with a risk-free rate of 1.20% and a volatility factor of 92.66%.

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