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0000318306
DEF 14A
ABEONA THERAPEUTICS INC.
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is generally responsible for approving grants of stock options and other stock and stock-based awards, except
to the extent that the terms of the applicable equity plan require administration by the full Board or, to the extent permitted by and
consistent with applicable law and the provisions of the applicable equity plan, to the extent the Compensation Committee has delegated
to the Chief Executive Officer the power to approve the grant of stock options or other stock or stock-based awards to employees of the
Company or any subsidiary of the Company who are not officers or directors of the Company. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_908_eecd--AwardTmgHowMnpiCnsdrdTextBlock_c20250101__20251231_z6a5DPyFyYF2">We generally aim to avoid granting equity
awards including stock options (or similar awards), in anticipation of the release of material non-public information that is likely
to result in changes to the price of our Common Stock, and we do <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_90A_eecd--MnpiDiscTimedForCompValFlag_dbF_c20250101__20251231_zewRHOhF3Hzd">not</span> time the release of material non-public information based on stock
option or other equity award grant dates.</span> We do not currently grant stock options, stock appreciation rights, or similar option-like
instruments as part of our equity compensation program. Accordingly, during the last completed fiscal year, we did not grant any stock
options (or similar awards) to our NEOs during any period beginning four business days before the filing of any Company periodic report
on Form 10-Q or Form 10-K, or the filing or furnishing of any Company current report on Form 8-K that disclosed material nonpublic information
(other than a Company current report on Form 8-K disclosing a material new option award grant under Item 5.02(e) of that form), and ending
one business day after the filing or furnishing of such reports. If stock options, stock appreciation rights, or similar option-like
instruments were to be granted in the future, the Company would generally aim to avoid granting such options, stock appreciation rights,
or similar option-like instruments in anticipation of the release of material nonpublic information that is likely to result in changes
to the price of our Common Stock.</span>
We generally aim to avoid granting equity
awards including stock options (or similar awards), in anticipation of the release of material non-public information that is likely
to result in changes to the price of our Common Stock, and we do <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_90A_eecd--MnpiDiscTimedForCompValFlag_dbF_c20250101__20251231_zewRHOhF3Hzd">not</span> time the release of material non-public information based on stock
option or other equity award grant dates.
false
<table cellpadding="0" cellspacing="0" id="xdx_889_eecd--PvpTableTextBlock_ztB0y7UrU83j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Pay vs Performance Disclosure">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48D_eecd--PeoTotalCompAmt_zqm6sPN3z5Di" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table Total for PEO</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48D_eecd--PeoActuallyPaidCompAmt_zlx0DD2GHTr" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Actually Paid to PEO <span id="xdx_F59_zlhPEIv4CTn9">(1)</span></b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48E_eecd--NonPeoNeoAvgTotalCompAmt_zu5V9PFjwfR9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average
Summary Compensation Table Total for Non-PEO NEOs</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_480_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zGV1ZiXiwp33" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average
Compensation Actually Paid to Non-PEO NEOs <span id="xdx_F59_zhZDLbKC9wFb">(1)</span></b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_480_eecd--TotalShareholderRtnAmt_pp2d_zbxi1q3hjmqj" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
Shareholder Return</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48E_eus-gaap--NetIncomeLoss_iN_pn3n3_di_zztIBUtE8oU9" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
Income / (Loss)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(in
thousands)</b></span></p></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_410_20250101__20251231_zhqm7jcBAis3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,991,516</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,036,175</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,559,395</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,563,969</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.10</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 71,183</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_416_20240101__20241231_zBHbIMMceiif" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2024</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,506,708</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,988,235</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,452,218</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,622,252</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180.84</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> (63,734</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_419_20230101__20231231_zoQyXERDexw8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2023</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,847,442</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,458,338</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,331,015</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,588,304</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">162.66</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(54,188</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
</table>
3991516
4036175
1559395
1563969
171.10
-71183000
3506708
3988235
1452218
1622252
180.84
63734000
2847442
3458338
1331015
1588304
162.66
54188000
<p id="xdx_892_eecd--AdjToPeoCompFnTextBlock_dU_zY8ttBcGe6fh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reconciliation
of Summary Compensation Table Total to Compensation Actually Paid for PEO</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 80%; font-weight: bold; text-align: left">Summary Compensation Table Total</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_980_eecd--PeoTotalCompAmt_maM2_c20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zrSc5vfsqh5j" style="width: 16%; text-align: right">3,991,516</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">(Minus): Grant Date Fair Value of Equity Awards Granted in Fiscal Year</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_980_eecd--AdjToCompAmt_pp0p0_maM2_c20250101__20251231__ecd--AdjToCompAxis__custom--MinusGrantDateFairValueofEquityAwardsGrantedInFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_zAtICx5HYuLe" style="text-align: right">(2,472,698</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Plus: Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_985_eecd--AdjToCompAmt_pp0p0_maM2_c20250101__20251231__ecd--AdjToCompAxis__custom--PlusFairValueatFiscalYearEndofOutstandingandUnvestedEquityAwardsGrantedintheFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_z7pwgycV40dd" style="text-align: right">2,510,812</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left">Plus/(Minus): Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_983_eecd--AdjToCompAmt_pp0p0_maM2_c20250101__20251231__ecd--AdjToCompAxis__custom--PlusMinusChangeinFairValueofOutstandingandUnvestedEquityAwardsGrantedinPriorFiscalYearsMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_z306d3MocAma" style="text-align: right">(130,123</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Plus/(Minus): Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_98F_eecd--AdjToCompAmt_pp0p0_maM2_c20250101__20251231__ecd--AdjToCompAxis__custom--PlusMinusChangeinFairValueasoftheVestingDateofEquityAwardsGrantedinPriorFiscalYearsthatVestedintheFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_zmQvJvdr71i4" style="text-align: right">136,668</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">(Minus): Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions in the Fiscal Year</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_988_eecd--AdjToCompAmt_pp0p0_c20250101__20251231__ecd--AdjToCompAxis__custom--MinusFairValueasofthePriorFiscalYearEndofEquityAwardsGrantedinPriorFiscalYearsthatFailedtoMeetVestingConditionsintheFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--PeoMember_zyJTs927iZV7" style="border-bottom: Black 1pt solid; text-align: right">0</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Compensation Actually Paid</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td id="xdx_981_eecd--PeoActuallyPaidCompAmt_mtM2_c20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zh7S8K1x2Cxl" style="border-bottom: Black 1pt solid; text-align: right">4,036,175</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
</table>
3991516
-2472698
2510812
-130123
136668
0
4036175
<p id="xdx_890_eecd--AdjToNonPeoNeoCompFnTextBlock_dU_zG3Zk8KssQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reconciliation
of Summary Compensation Table Total to Compensation Actually Paid for Non-PEO NEOs</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2025</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; width: 82%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table Total</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_983_eecd--NonPeoNeoAvgTotalCompAmt_c20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zoWwKYURVEph" style="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,559,395</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Minus):
Grant Date Fair Value of Equity Awards Granted in Fiscal Year</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_98E_eecd--AdjToCompAmt_pp0p0_c20250101__20251231__ecd--AdjToCompAxis__custom--MinusGrantDateFairValueofEquityAwardsGrantedInFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_z5ToCmH9npjg" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(718,200</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plus:
Fair Value at Fiscal Year End of Outstanding and Unvested Equity Awards Granted in the Fiscal Year</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_983_eecd--AdjToCompAmt_pp0p0_c20250101__20251231__ecd--AdjToCompAxis__custom--PlusFairValueatFiscalYearEndofOutstandingandUnvestedEquityAwardsGrantedintheFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_zVmGO703zmm2" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">720,538</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plus/(Minus):
Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Fiscal Years</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_98B_eecd--AdjToCompAmt_pp0p0_c20250101__20251231__ecd--AdjToCompAxis__custom--PlusMinusChangeinFairValueofOutstandingandUnvestedEquityAwardsGrantedinPriorFiscalYearsMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_zHuhtAWSkCl8" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(43,635)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Plus/(Minus):
Change in Fair Value as of the Vesting Date of Equity Awards Granted in Prior Fiscal Years that Vested in the Fiscal Year</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_988_eecd--AdjToCompAmt_pp0p0_c20250101__20251231__ecd--AdjToCompAxis__custom--PlusMinusChangeinFairValueasoftheVestingDateofEquityAwardsGrantedinPriorFiscalYearsthatVestedintheFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_zAud4LEx4Az8" style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45,871</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Minus):
Fair Value as of the Prior Fiscal Year End of Equity Awards Granted in Prior Fiscal Years that Failed to Meet Vesting Conditions
in the Fiscal Year</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_98E_eecd--AdjToCompAmt_pp0p0_c20250101__20251231__ecd--AdjToCompAxis__custom--MinusFairValueasofthePriorFiscalYearEndofEquityAwardsGrantedinPriorFiscalYearsthatFailedtoMeetVestingConditionsintheFiscalYearMember__ecd--ExecutiveCategoryAxis__ecd--NonPeoNeoMember_zHyzzYJuq4o" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Actually Paid</b></span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td>
<td id="xdx_984_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zVZ6u6dhhd0g" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,563,969</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
1559395
-718200
720538
-43635
45871
0
1563969
<p id="xdx_806_eecd--CompActuallyPaidVsTotalShareholderRtnTextBlock_dU_zAwZcoiTGU6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Relationship Between PEOs and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart sets forth the relationship between the average Compensation Actually Paid to our PEOs, the average of Compensation Actually
Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="chart_001.jpg"/></p>
<p id="xdx_80C_eecd--CompActuallyPaidVsNetIncomeTextBlock_dU_zThk3IZ402j3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Relationship Between PEOs and Non-PEO NEO Compensation Actually Paid and Net Income</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart sets forth the relationship between the average Compensation Actually Paid to our PEOs, the average of Compensation Actually
Paid to our Non-PEO NEOs, and our Net Income during the three most recently completed fiscal years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="chart_002.jpg"/></p>