Annual report [Section 13 and 15(d), not S-K Item 405]

EMPLOYEE BENEFIT PLAN

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EMPLOYEE BENEFIT PLAN
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
EMPLOYEE BENEFIT PLAN

NOTE 8 — EMPLOYEE BENEFIT PLAN

The Company maintains a defined contribution benefit plan (the “401(k) Plan”) for all eligible employees. The Company matches employee contributions 100% of each participant’s contribution up to a maximum of 6% of the participant’s eligible compensation, subject to limitations imposed by the Internal Revenue Code. The 401(k) Plan provides 100% vesting in Company match contributions on a pro rata basis over five years of service (20% per year).

Expenses relating to the 401(k) Plan were $3.2 million, $3.3 million, and $2.9 million for 2025, 2024 and 2023, respectively.