Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.20.2
Subsequent Events
9 Months Ended
Sep. 30, 2020
Subsequent Events  
Subsequent Events

Note 14.   Subsequent Events

On November 4, 2020, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Verus Title Inc., a Delaware corporation (“Verus”), the Yurashevich Community Property Trust of 2016, a community property trust (“Yurashevich Trust”) and the Kaila Family Trust, a revocable living trust (“Kaila” and collectively with Yurashevich Trust, the “Sellers”),  and Paul Yurashevich, an individual resident of North Carolina (“Yurashevich”) in his individual capacity as Sellers representative, pursuant to which the Company will acquire all of the outstanding stock of Verus (the “Acquisition”).  The Company will pay a purchase price of approximately $0.7 million in cash, as well as shares of the Company’s common stock having an aggregate value on the Closing Date of approximately $1.0 million.  The Purchase Agreement includes customary representations, warranties and covenants of the Company and the Sellers.

On October 19, 2020, pursuant to the 2020 Equity Program, the Company issued 124,666 stock grants, which generally have a vesting term of three years based on continued affiliation with the Company.

On November 4, 2020, pursuant to the Plan, the Board granted stock option awards to the independent directors to acquire 10,202 shares of common stock. The stock options will vest one year from the date of grant.