Stock Option Granting Policies and Practices

The Board of Directors of the Company has historically granted stock options to executives, directors, and key employees as part of its equity compensation program. The Company does not maintain a formal written policy governing the timing of stock option grants in relation to material nonpublic information ("MNPI").

Stock option grants are approved by the Board of Directors or its Compensation Committee on a discretionary basis in connection with employment agreements, promotions, and other performance-based considerations. The Company does not follow a fixed grant schedule and does not currently impose trading blackout periods or other restrictions related to the timing of option grants when the Company or its executives may be in possession of MNPI.

The Company is evaluating whether to adopt a formal stock option granting policy, which may include pre-established grant dates or trading blackout periods to strengthen governance and reduce potential risks related to option grant timing.

The Company did not grant stock options to employees during 2024. During 2025, the Company granted stock options to certain officers and directors pursuant to its Stock Incentive Plan. The Company does not time option grants to coincide with the release of material nonpublic information.