The Compensation Committee typically approves the target value of annual equity awards for the Company’s executive officers, including each of the named executive officers, and any awards to non-executive employees at its meeting in December of each year, with a grant date to be effective on the date of approval by the Board at its December meeting. In special circumstances, including the hiring or promotion of an individual or where the Compensation Committee and Board determines it is in the Company’s best interest, the Compensation Committee and Board may approve grants to be effective at other times. For example, the option awards outlined below were granted in connection with a 10% salary reduction for all the Company’s executive officers approved by the Board on February 26, 2024. This action by the Board was announced on a Form 8-K on February 17, 2024. The Compensation Committee and the Board did not take material nonpublic information into account when determining the timing and terms of these equity awards in February 2024, and it is our practice not to time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.