TURNING POINT BRANDS, INC., DEF 14A filed on 3/25/2026
Proxy Statement (definitive)
v3.26.1
Cover
12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Turning Point Brands, Inc.
Entity Central Index Key 0001290677
v3.26.1
Pay vs Performance Disclosure
Pure in Millions
2 Months Ended 9 Months Ended 12 Months Ended 36 Months Ended
Jan. 11, 2022
Dec. 31, 2022
Oct. 16, 2022
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2025
Pay vs Performance Disclosure                  
Pay vs Performance Disclosure, Table      

PAY VERSUS PERFORMANCE

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company.

 

                                                                   

Value of

                 
                                                   

Average

           

Initial Fixed

                 
                                                   

Summary

   

Average

   

$100 Investment

                 
   

Summary

   

Summary

   

Summary

                           

Compensation

   

Compensation

   

Based On:

                 
   

Compensation

   

Compensation

   

Compensation

   

Compensation

   

Compensation

   

Compensation

   

Table

   

Actually

           

Peer

                 
   

Table

   

Table

   

Table

   

Actually

   

Actually

   

Actually

   

Total

   

Paid

           

Group

                 
   

Total

   

Total

   

Total

   

Paid

   

Paid

   

Paid

   

for

   

to

   

Total

   

Total

   

Net

   

Adjusted

 
   

for

   

for

   

for

   

to

   

to

   

to

   

Non-PEO

   

Non-PEO

   

Stockholder

   

Stockholder

   

Income

   

EBITDA

 

Year

 

PEO 1(1)

   

PEO 2(1)

   

PEO 3(1)

   

PEO 1(2)

   

PEO 2(2)

   

PEO 3(2)

   

NEOs(3)

   

NEOs(4)

   

Return(5)

   

Return(6)

   

(millions)(7)

   

(millions)(8)

 

2025

    N/A       N/A     $ 3,011,823       N/A       N/A     $ 8,298,822     $ 1,219,363     $ 3,071,413     $ 246     $ 117     $ 58,165     $ 119,522  

2024

    N/A       N/A     $ 3,025,948       N/A       N/A     $ 8,177,533     $ 1,065,421     $ 2,966,693     $ 137     $ 140     $ 39,809     $ 104,459  

2023

    N/A       N/A     $ 2,994,622       N/A       N/A     $ 3,422,628     $ 1,218,926     $ 1,630,288     $ 60     $ 139     $ 38,462     $ 93,252  

2022

  $ 622,624     $ 3,343,124     $ 1,303,265     $ (1,461,685 )   $ 3,305,869     $ 397,219     $ 825,334     $ 357,128     $ 49     $ 120     $ 11,641     $ 94,062  

2021

  $ 2,216,881       N/A       N/A     $ 1,174,780       N/A       N/A     $ 938,847     $ 901,977     $ 85     $ 129     $ 52,059     $ 102,664  

 

(1)

The dollar amounts reported in this column are the amounts of total compensation reported for our principal executive officer(s) (PEOs) serving during the applicable fiscal year. During 2021, our only principal executive officer was Mr. Wexler (referred to as PEO 1 in the table above). During 2022, Mr. Wexler served as our PEO from January 1 to January 11, Mr. Efremov served as our PEO from January 11 to October 16 (and is referred to as PEO 2 in the table above) and Mr. Purdy served as our PEO from October 17 to December 31, 2022 (and is referred to as PEO 3 in the table above). During 2023, 2024, and 2025, our only PEO was Mr. Purdy (PEO 3).

 

(2)

The dollar amounts reported in this column represent the amount of “compensation actually paid” to our PEO(s) during the applicable fiscal year, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the PEO(s) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to PEO total compensation for each year to determine the compensation actually paid:

         
Adjustment To PEO Compensation, Footnote      

 

   

Reported

                         
   

Summary

                         
   

Compensation

   

Reported

           

Compensation

 
   

Table Total

   

Value of

   

Equity

   

Actually

 
   

for PEO 3

   

Equity

   

Award

   

Paid

 

Year

 

(Purdy)

   

Awards(a)

   

Adjustments(b)

   

to PEO 3 (Purdy)

 

2025

  $ 3,011,823     $ (1,500,001 )   $ 6,787,000     $ 8,298,822  

2024

  $ 3,025,948     $ (1,499,998 )   $ 6,651,583     $ 8,177,533  

2023

  $ 2,994,622     $ (1,499,984 )   $ 1,927,990     $ 3,422,628  

2022

  $ 1,303,265     $ (275,060 )   $ (630,986 )   $ 397,219  

 

(a)

The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table for the applicable year.

 

(b)

The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

 

 

                                           

Value of

         
                                   

Fair Value at

   

Dividends or

         
                                   

the End of

   

other

         
                           

Year over

   

the Prior

   

Earnings Paid

         
           

Year over

   

Fair Value as

   

Year Change in

   

Year of

   

on Stock or

         
           

Year Change

   

of Vesting

   

Fair Value

   

Equity

   

Option

         
           

in Fair Value

   

Date of

   

of Equity

   

Awards that

   

Awards not

         
           

of

   

Equity

   

Awards

   

Failed to

   

Otherwise

         
   

Year End

   

Outstanding

   

Awards

   

Granted in

   

Meet

   

Reflected in

   

Total

 
   

Fair Value

   

and Unvested

   

Granted and

   

Prior Years

   

Vesting

   

Fair Value or

   

Equity

 
   

of Equity

   

Equity

   

Vested in the

   

that Vested

   

Conditions

   

Total

   

Award

 

Year

 

Awards

   

Awards

   

Year

   

in the Year

   

in the Year

   

Compensation

   

Adjustments

 

2025 (PEO 3)

  $ 2,311,630     $ 4,107,915     $     $ 390,530     $ (43,633 )   $ 20,558     $ 6,787,000  

2024 (PEO 3)

  $ 3,399,316     $ 2,399,086     $     $ 870,848     $ (27,057 )   $ 9,390     $ 6,651,583  

2023 (PEO 3)

  $ 1,775,679     $ 138,558     $     $ 46,900     $ (43,260 )   $ 10,113     $ 1,927,990  

2022 (PEO 3)

  $ 201,270     $ (771,739 )   $     $ (29,422 )   $ (38,316 )   $ 7,221     $ (630,986 )

2022 (PEO 2)

  $ 189,659     $     $ 233,346     $ (15,299 )   $     $ 264     $ 407,971  

2022 (PEO 1)

  $ 150,329     $ (1,832,330 )   $     $ (92,680 )   $ (120,677 )   $ 22,746     $ (1,872,612 )

2021 (PEO 1)

  $ 587,601     $ (867,384 )   $     $     $     $     $ (279,783 )

 

(3)

The dollar amounts reported in this column represent the average of the amounts reported for the Company’s non-PEO named executive officers (NEOs) as a group in the “Total” column of the Summary Compensation Table in each applicable year. The names of each of the non-PEO NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025 Ms. Cushman, Mr. Glazek, Mr. Flynn, and Ms. Frein , (ii) for 2024, Ms. Cushman, Mr. Glazek, Mr. Flynn, Ms. Frein and Mr. Luis Reformina (our former SVP and Chief Financial Officer); (iii) for 2023, Mr. Reformina, Ms. Cushman and Mr. Glazek; (iv) for 2022, Mr. Reformina and Ms. Cushman; and (v) for 2021, Mr. Purdy, Mr. Reformina, Ms. Cushman, and Mr. Robert Lavan (our former SVP and Chief Financial Officer).

 

(4)

The dollar amounts reported in this column represent the average amount of “compensation actually paid” to the non-PEO NEOs (which individuals are described in footnote 3 above) as a group, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the non-PEO NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the non-PEO NEOs as a group for each year to determine the compensation actually paid, using the same methodology described above in footnote 2:

 

 

         
Non-PEO NEO Average Total Compensation Amount       $ 1,219,363 $ 1,065,421 $ 1,218,926 $ 825,334 $ 938,847  
Non-PEO NEO Average Compensation Actually Paid Amount       $ 3,071,413 2,966,693 1,630,288 357,128 901,977  
Adjustment to Non-PEO NEO Compensation Footnote      
   

Average

                         
   

Reported

                         
   

Summary

                         
   

Compensation

   

Average

           

Average

 
   

Table Total for

   

Reported

           

Compensation

 
   

Non-PEO

   

Value of Equity

   

Average Equity

   

Actually Paid

 

Year

 

NEOs

   

Awards

   

Award Adjustments(a)

   

to Non-PEO NEOs

 

2025

  $ 1,219,363     $ (779,592 )   $ 2,631,642     $ 3,071,413  

2024

  $ 1,065,421     $ (623,650 )   $ 2,524,922     $ 2,966,693  

2023

  $ 1,218,926     $ (877,361 )   $ 1,288,723     $ 1,630,288  

2022

  $ 825,334     $ (198,450 )   $ (269,756 )   $ 357,128  

2021

  $ 938,847     $ (433,549 )   $ 396,679     $ 901,977  

 

(a)

The amounts deducted or added in calculating the total average equity award adjustments are as follows: 

 

 

                                           

Average

         
                                           

Value of

         
                                           

Dividends or

         
                           

Year over

   

Average Fair

   

other

         
                           

Year Average

   

Value at the

   

Earnings Paid

         
           

Year over

   

Average Fair

   

Change in

   

End of the

   

on Stock or

         
           

Year Average

   

Value as of

   

Fair Value

   

Prior Year

   

Option

         
           

Change in

   

Vesting Date

   

of Equity

   

of Equity

   

Awards not

         
   

Average

   

Fair Value of

   

of Equity

   

Awards

   

Awards that

   

Otherwise

   

Total

 
   

Year End

   

Outstanding

   

Awards

   

Granted in

   

Failed to

   

Reflected in

   

Average

 
   

Fair Value

   

and Unvested

   

Granted and

   

Prior Years

   

Meet

   

Fair Value or

   

Equity

 
   

of Equity

   

Equity

   

Vested in the

   

that Vested

   

Vesting

   

Total

   

Award

 

Year

 

Awards

   

Awards

   

Year

   

in the Year

   

Conditions in the Year

   

Compensation

   

Adjustments

 

2025

  $ 1,220,503     $ 1,291,844     $     $ 128,173     $ (15,596 )   $ 6,718     $ 2,631,642  

2024

  $ 1,232,098     $ 410,440     $ 548,389     $ 486,074     $ (153,267 )   $ 1,188     $ 2,524,922  

2023

  $ 770,027     $ 64,848     $ 451,936     $ 6,514     $ (6,006 )   $ 1,403     $ 1,288,723  

2022

  $ 143,895     $ (398,522 )   $     $ (7,355 )   $ (9,579 )   $ 1,805     $ (269,756 )

2021

  $ 310,579     $ (175,275 )   $ 32,704     $ 288,671     $     $     $ 396,679  

 

(5)

Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.

 

(6)

Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: 50% S&P Small Cap 600 Consumer Staples Index and 50% Russell 3000 Index.

 

(7)

The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.

 

(8)

Adjusted EBITDA is defined as net income plus non-cash interest expense, depreciation and amortization, interest and other income, income tax provision, loss (gain) on the extinguishment of debts, stock-based compensation expense and restructuring or other unusual charges.

 

 

         
Compensation Actually Paid vs. Total Shareholder Return      

Compensation Actually Paid and Total Stockholder Return

 

comppaidvsshretfinal.jpg

 

 

         
Compensation Actually Paid vs. Net Income      

Analysis of the Information Presented in the Pay versus Performance Table

 

In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between information presented in the Pay versus Performance table. 

 

Compensation Actually Paid and Net Income

 

comppaidvsnifinal.jpg
 

 

 

         
Compensation Actually Paid vs. Company Selected Measure      

Compensation Actually Paid and Adjusted EBITDA

 

comppaidvsebitdafinal.jpg

 

         
Tabular List, Table      

Financial Performance Measures

 

The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:

 

 

Operating Income

 

 

Adjusted EBITDA

 

 

Return on Invested Capital

         
Total Shareholder Return Amount       $ 246 137 60 49 85  
Peer Group Total Shareholder Return Amount       117 140 139 12 129  
Net Income (Loss)       $ 58,165,000,000 $ 39,809,000,000 $ 38,462,000,000 $ 11,641,000,000 $ 52,059,000,000  
Company Selected Measure Amount       119,522 104,459 93,252 94,062 102,664  
PEO Name Mr. Wexler Mr. Purdy Mr. Efremov         Mr. Wexler Mr. Purdy
Measure:: 1                  
Pay vs Performance Disclosure                  
Name       Operating Income          
Measure:: 2                  
Pay vs Performance Disclosure                  
Name       Adjusted EBITDA          
Measure:: 3                  
Pay vs Performance Disclosure                  
Name       Return on Invested Capital          
Mr. Purdy [Member]                  
Pay vs Performance Disclosure                  
PEO Total Compensation Amount       $ 3,011,823 $ 3,025,948 $ 2,994,622 $ 1,303,265    
PEO Actually Paid Compensation Amount       8,298,822 8,177,533 3,422,628 397,219    
Mr. Wexler [Member]                  
Pay vs Performance Disclosure                  
PEO Total Compensation Amount             622,624 $ 2,216,881  
PEO Actually Paid Compensation Amount             (1,461,685) 1,174,780  
Mr. Efremov [Member]                  
Pay vs Performance Disclosure                  
PEO Total Compensation Amount             3,343,124    
PEO Actually Paid Compensation Amount             3,305,869    
PEO | Mr. Purdy [Member] | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       6,787,000 6,651,583 1,927,990 (630,986)    
PEO | Mr. Purdy [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       2,311,630 3,399,316 1,775,679 201,270    
PEO | Mr. Purdy [Member] | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       (150,000) (1,499,998) (1,499,984) (275,060)    
PEO | Mr. Purdy [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       4,107,915 2,399,086 138,558 (771,739)    
PEO | Mr. Purdy [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       0 0 0 0    
PEO | Mr. Purdy [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       390,530 870,848 46,900 (29,422)    
PEO | Mr. Purdy [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       (43,633) (27,057) (43,260) (38,316)    
PEO | Mr. Purdy [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       20,558 9,390 10,113 7,221    
PEO | Mr. Wexler [Member] | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             (1,872,612) (279,783)  
PEO | Mr. Wexler [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             150,329 587,601  
PEO | Mr. Wexler [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             (1,832,330) (867,384)  
PEO | Mr. Wexler [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             0 0  
PEO | Mr. Wexler [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             (92,680) 0  
PEO | Mr. Wexler [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             (120,677) 0  
PEO | Mr. Wexler [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             22,746 0  
PEO | Mr. Efremov [Member] | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             407,971    
PEO | Mr. Efremov [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             189,659    
PEO | Mr. Efremov [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             0    
PEO | Mr. Efremov [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             233,346    
PEO | Mr. Efremov [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             (15,299)    
PEO | Mr. Efremov [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             0    
PEO | Mr. Efremov [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount             264    
Non-PEO NEO | Equity Awards Adjustments                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       2,631,642 2,524,922 1,288,723 (269,756) 396,679  
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       1,220,503 1,232,098 770,027 143,895 310,579  
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       (779,592) (623,650) (877,361) (198,450) (433,549)  
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       1,291,844 410,440 64,848 (398,522) (175,275)  
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       0 548,389 451,936 0 32,704  
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       128,173 486,074 6,514 (7,355) 288,671  
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       (15,596) (153,267) (6,006) (9,579) 0  
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year                  
Pay vs Performance Disclosure                  
Adjustment to Compensation, Amount       $ 6,718 $ 1,188 $ 1,403 $ 1,805 $ 0  
v3.26.1
Recovery of Erroneously Awarded Compensation
12 Months Ended
Dec. 31, 2025
Restatement Determination Date:: 2025-12-31  
Erroneously Awarded Compensation Recovery  
Erroneous Compensation Analysis

Clawback Policy

 

Effective October 30, 2023, the Company adopted a clawback policy to align with listing rules adopted by NYSE as required by the SEC. The policy applies to all executive officers (as defined under the applicable rules) and requires the Company to seek to recoup certain incentive-based compensation, whether cash- or equity-based, from current or former officers and in the event that the Company is required to prepare an accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws.

v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure

Grant Practices and Policies

 

The Compensation Committee approves all equity grants for executive officers. Annual equity grants are typically approved during the first quarter of each fiscal year. Outside of the annual grant cycle, we may make restricted stock unit awards in connection with a new hire package, retention grant or other off-cycle award. To determine the number of RSUs and PSUs to be granted, each employee’s applicable target grant date value is divided by the closing price of a share of our common stock on the grant date. The Company does not grant such options in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock. We do not grant stock options (i) during trading blackout periods, or (ii) at any time during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form 8-K that discloses material nonpublic information. During fiscal year 2025, (i) none of our NEOs were awarded stock options with an effective grant date during any period beginning four business days before the filing or furnishing of a Form 10-Q, Form 10-K, or Form 8-K that disclosed material nonpublic information, and ending one business day after the filing or furnishing of such reports, and (ii) we did not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.

Award Timing Method The Compensation Committee approves all equity grants for executive officers. Annual equity grants are typically approved during the first quarter of each fiscal year. Outside of the annual grant cycle, we may make restricted stock unit awards in connection with a new hire package, retention grant or other off-cycle award. To determine the number of RSUs and PSUs to be granted, each employee’s applicable target grant date value is divided by the closing price of a share of our common stock on the grant date. The Company does not grant such options in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our common stock. We do not grant stock options (i) during trading blackout periods, or (ii) at any time during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form 8-K that discloses material nonpublic information. During fiscal year 2025, (i) none of our NEOs were awarded stock options with an effective grant date during any period beginning four business days before the filing or furnishing of a Form 10-Q, Form 10-K, or Form 8-K that disclosed material nonpublic information, and ending one business day after the filing or furnishing of such reports, and (ii) we did not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
Award Timing Predetermined false
Award Timing MNPI Considered false
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true