In June 2021, the Company adopted the 2021 Stock Incentive Plan (“2021 Plan”), which replaced the 2015 Stock Incentive Plan and Share Option Plan ("Prior Stock Plans"). The 2021 Plan allows for the issuance of stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalents. The 2021 Plan was established to enable the Company to attract and retain employees, officers, consultants and directors. As of December 31, 2025, there were 472,885 shares available for future issuance under the 2021 Plan.

Under both the 2021 Plan and the Prior Stock Plans, the exercise price of each option equals the closing trading price of the Company’s stock on the day prior to the grant if the grant is made during the trading day or the closing trading price on the day of grant if the grant is issued after markets have closed. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be no greater than 10 years from the date of grant.

The Company uses the fair value-based method of accounting for employee awards granted under both plans. The Company calculates the fair value of each stock option grant using the Black‑Scholes option pricing model at the grant date. The stock‑based compensation cost of the options is recognized as stock‑based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest.

As of December 31, 2025, there was $0.1 million of total unrecognized compensation cost related to non-vested stock options, which is expected to be recognized over an estimated weighted-average period of 1.0 years.

The Company uses historical data to estimate the expected dividend yield and expected volatility of its Common Shares in determining the fair value of stock options. The expected life of the options represents the estimated length of time the options are expected to remain outstanding. No stock options were granted during the year ended December 31, 2025.

Under the 2021 Plan, the Board may grant stock-based awards consisting of restricted stock units or dividend equivalents to employees, officers, consultants, independent contractors, advisors and non-employee directors of the Company. Each restricted stock unit ("RSU") is automatically redeemed for one Common Share of the Company upon vesting. During the years ended December 31, 2025 and 2024, no RSUs were granted.

In June 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the "ESPP"), which allows eligible employees of the Company with an opportunity to purchase Common Shares through accumulated payroll deductions up to a maximum 15% of eligible compensation. The ESPP is offered on consecutive offering periods with a new offering period commencing on the first trading day on or after February 1 and August 1 each year, or on such other date as the Board of Directors will determine, and continuing thereafter until terminated in accordance with the ESPP. Unless the Board of Directors provides otherwise, the purchase price will be equal to 85% of the fair market value of a Common Share on the offering date or the exercise date, whichever is lower. Subject to adjustment upon changes in capitalization of the Company, the maximum number of Common Shares available for sale under the ESPP is 3,777 Common Shares.