Company Quick10K Filing
Unique Fabricating
Price2.85 EPS-1
Shares10 P/E-3
MCap28 P/FCF4
Net Debt50 EBIT-6
TEV78 TEV/EBIT-13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-12
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-06-26
10-K 2019-12-29 Filed 2020-03-27
10-Q 2019-09-29 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-30 Filed 2019-03-07
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-07-01 Filed 2018-08-09
10-Q 2018-04-01 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-10-01 Filed 2017-11-09
10-Q 2017-07-02 Filed 2017-08-07
10-Q 2017-04-02 Filed 2017-05-10
10-K 2017-01-01 Filed 2017-03-09
10-Q 2016-10-02 Filed 2016-11-15
10-Q 2016-07-03 Filed 2016-08-16
10-Q 2016-04-03 Filed 2016-05-12
10-K 2016-01-03 Filed 2016-03-09
10-Q 2015-10-04 Filed 2015-11-17
10-Q 2015-06-28 Filed 2015-08-12
8-K 2020-11-12
8-K 2020-08-13
8-K 2020-08-07
8-K 2020-07-02
8-K 2020-06-25
8-K 2020-05-08
8-K 2020-04-27
8-K 2020-04-23
8-K 2020-04-03
8-K 2020-04-02
8-K 2020-03-26
8-K 2019-11-12
8-K 2019-11-07
8-K 2019-09-30
8-K 2019-09-17
8-K 2019-08-08
8-K 2019-08-07
8-K 2019-08-02
8-K 2019-07-18
8-K 2019-07-01
8-K 2019-06-17
8-K 2019-06-06
8-K 2019-05-09
8-K 2019-04-30
8-K 2019-03-07
8-K 2019-02-12
8-K 2018-11-09
8-K 2018-09-21
8-K 2018-08-09
8-K 2018-06-07
8-K 2018-05-10
8-K 2018-03-27
8-K 2018-03-08
8-K 2018-02-13
8-K 2018-02-01

UFAB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ufab93020exhibit311.htm
EX-31.2 ufab93020exhibit312.htm
EX-32.1 ufab93020exhibit321.htm
EX-32.2 ufab93020exhibit322.htm

Unique Fabricating Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
13010478522602013201520172020
Assets, Equity
503826142-102013201520172020
Rev, G Profit, Net Income
20112-7-16-252013201520172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2020
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from              to             .
Commission file number: 001-37480
UNIQUE FABRICATING, INC.
(Exact name of registrant as specified in its Charter)
ufab-20200930_g1.jpg
Delaware46-1846791
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
800 Standard Parkway
Auburn Hills, MI 48326
(248) 853-2333
(Address including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $.001 per shareUFABNYSE American
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes No
As of October 30, 2020, the registrant had 9,779,147 shares of common stock outstanding.

Table of Contents
UNIQUE FABRICATING, INC.
FORM 10-Q
TABLE OF CONTENTS

Page

1

Table of Contents
Part I – FINANCIAL INFORMATION
Item 1. Financial Statements    
UNIQUE FABRICATING, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited – dollars in thousands)
  September 30,
2020
December 29,
2019
Assets  
Current assets  
Cash and cash equivalents$2,271 $650 
Accounts receivable, net of reserves of approximately $0.7 million and $0.9 million at September 30, 2020 and December 29, 2019, respectively
27,001 24,701 
Inventory, net12,481 13,047 
Prepaid expenses and other current assets:  
Prepaid expenses and other4,395 2,108 
Refundable taxes1,391 1,049 
Assets held for sale 1,003 
Total current assets47,539 42,558 
Property, plant, and equipment, net22,779 23,415 
Goodwill22,111 22,111 
Intangible assets8,624 11,625 
Other assets
Operating leases10,373  
Investments, at cost1,054 1,054 
Deposits and other assets227 226 
Deferred tax asset893 679 
Total assets$113,600 $101,668 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Accounts payable$12,598 $9,324 
Current maturities of long-term debt4,175 2,847 
Accrued compensation1,296 1,225 
Other accrued liabilities5,208 1,979 
Total current liabilities23,277 15,375 
Long-term debt, net of current maturities35,622 33,220 
Line of credit9,706 11,418 
Other long-term liabilities:
Deferred tax liability 1,324 
Other liabilities9,920 871 
Total liabilities78,525 62,208 
Stockholders’ equity:
Common stock, $0.001 par value: 15,000,000 shares authorized and 9,779,147 and 9,779,147 issued and outstanding at September 30, 2020 and December 29, 2019, respectively
10 10 
Additional paid-in-capital46,099 46,011 
Accumulated deficit(11,034)(6,561)
Total stockholders’ equity35,075 39,460 
Total liabilities and stockholders’ equity$113,600 $101,668 
The accompanying notes are an integral part of these Condensed Consolidated Statements.
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UNIQUE FABRICATING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited – dollars in thousands, except per share amounts)


  Three Months Ended September 30, 2020Three Months Ended September 29, 2019Nine Months Ended September 30, 2020Nine Months Ended September 29, 2019
Net sales$35,550 $38,549 $85,286 $116,905 
Cost of sales27,474 31,375 68,395 93,219 
Gross profit8,076 7,174 16,891 23,686 
Selling, general, and administrative expenses6,251 6,538 18,397 21,234 
Impairment   6,760 
Restructuring expenses 990 1,193 1,815 
Operating income (loss)1,825 (354)(2,699)(6,123)
Other income (expense):   
Other, net32 (13)26 29 
Interest expense(711)(1,149)(3,000)(3,580)
Other expense, net(679)(1,162)(2,974)(3,551)
Income (loss) before income tax (benefit)1,146 (1,516)(5,673)(9,674)
Income tax (benefit)166 (252)(1,200)(597)
Net income (loss)$980 $(1,264)(4,473)$(9,077)
Net income (loss) per share:  
Basic$0.10 $(0.13)$(0.46)$(0.93)
Diluted$0.10 $(0.13)$(0.46)$(0.93)
Dividends declared per share$ $ $ $0.05 

The accompanying notes are an integral part of these Condensed Consolidated Statements.
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UNIQUE FABRICATING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited – dollars in thousands)

Number of Shares of Common StockCommon StockAdditional
Paid-In
Capital
Retained EarningsTotal
Balance - December 30, 20189,779,147 $10 $45,882 $2,997 $48,888 
Net loss— — — (189)(189)
Stock option expense— — 33 — 33 
Cash dividends paid— — — (489)(489)
Balance - March 31, 20199,779,147 $10 $45,915 $2,319 $48,243 
Net loss— — — (7,624)(7,624)
Stock option expense— — 65 — 65 
Balance - June 30, 20199,779,147 $10 $45,980 $(5,305)$40,684 
Net loss— — — (1,264)(1,264)
Stock option expense— — 19 — 19 
Balance - September 29, 20199,779,147 $10 $45,999 $(6,569)$39,439 

Number of Shares of Common StockCommon StockAdditional
Paid-In
Capital
Accumulated DeficitTotal
Balance - December 29, 20199,779,147 $10 $46,011 $(6,561)$39,460 
Net loss— — — (1,136)(1,136)
Stock option expense— — 23 — 23 
Balance - March 31, 20209,779,147 $10 $46,034 $(7,697)$38,347 
Net loss— — — (4,317)(4,317)
Stock option expense— — 32 — 32 
Balance - June 30, 20209,779,147 $10 46,066 (12,014)34,062 
Net (loss) income— — — 980 980 
Stock option expense— — 33 — 33 
Balance - September 30, 20209,779,147 $10 46,099 (11,034)35,075 



The accompanying notes are an integral part of these Condensed Consolidated Statements.

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UNIQUE FABRICATING, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited – dollars in thousands)

  Nine Months Ended September 30, 2020Nine Months Ended September 29, 2019
Cash Flows from Operating Activities    
Net loss$(4,473)$(9,077)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Impairment of goodwill 6,760 
Inventory allowance 1,742 
Depreciation and amortization5,211 5,140 
Amortization of debt issuance costs111 133 
Loss on sale of assets118 5 
Loss on derivative instrument469 746 
Stock option expense88 117 
Deferred income taxes(1,538)(1,073)
Changes in operating assets and liabilities that provided (used) cash:    
Accounts receivable(2,300)2,978 
Inventory635 11 
Prepaid expenses and other assets(2,629)(646)
Accounts payable3,563 336 
Accrued and other liabilities(395)(259)
Other, net1,789  
Net cash provided by operating activities649 6,913 
Cash Flows from Investing Activities    
Capital expenditures(1,533)(2,129)
Proceeds from sale of property, plant and equipment883 41 
Net cash used in investing activities(650)(2,088)
Cash Flows from Financing Activities    
Net change in bank overdraft(289)1,003 
Payments on term loans and capital expenditure line(2,186)(3,012)
Proceeds from capital expenditure line 1,300 
Payments on revolving credit facilities(19,281)(21,998)
Proceeds from revolving credit facilities17,530 18,488 
Distribution of cash dividends (489)
Debt issuance costs(151) 
Proceeds from PPP Note5,999  
Net cash provided by (used in) financing activities1,622 (4,708)
Cash and cash equivalents:
Net increase in cash and cash equivalents1,621 117 
Cash and cash equivalents at beginning of period650 1,410 
Cash and cash equivalents at end of period$2,271 $1,527 
Supplemental disclosure of cash flow information:    
Cash paid for interest$3,034 $3,442 
Cash paid for Income taxes$329 $357 

The accompanying notes are an integral part of these Condensed Consolidated Statements.
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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Nature of Business and Basis of Presentation
Nature of Business
Unique Fabricating, Inc. (the “Company”) engineers and manufactures components for customers in the transportation, appliance, medical, and consumer markets. The Company’s solutions are comprised of multi-material foam, rubber, and plastic components and utilized in noise, vibration and harshness (NVH) management, acoustical management, water and air sealing, decorative and other functional applications. Unique leverages proprietary manufacturing processes, including die cutting, thermoforming, compression molding, fusion molding, and reaction injection molding to manufacture a wide range of products including air management products, heating ventilating and air conditioning (HVAC), seals, fender stuffers, air ducts, acoustical insulation, door water shields, gas tank pads, light gaskets, topper pads, mirror gaskets, glove box liners personal protection equipment, and packaging. The Company operates as one reportable segment and is headquartered in Auburn Hills, Michigan.
Basis of Presentation
The Company’s condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The interim results for the periods presented may not be indicative of the Company's actual annual results. The Company’s Statement of Cash Flows, presented above, has been recast to show the gross movements of payments on and proceeds from our revolving credit facility. The Company’s management believes this presentation provides a more transparent view of the activity, as such prior periods have been recast for comparability. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K/A for the year ended December 29, 2019.
Change in Quarter and Year-End
Historically, the Company’s quarterly periods ended on the Sunday closest to the end of the calendar quarterly period. For 2019, the quarters which were 13 weeks and year to date periods which were 13, 26, 39 and 15 weeks, respectively, ended on March 31, June 30, September 29, and December 29, 2019. On March 13, 2020, the Company’s board of directors approved changing our quarterly periods to match calendar quarterly periods. The Company expects the impact of this change on our 2020 result of operations to be immaterial. All year, quarter, and three month references prior to 2020 relate to the Company’s fiscal year and fiscal quarters, unless otherwise stated. For ease of presentation, three and nine months ended is used throughout this Quarterly Report on Form 10-Q to represent both the current year calendar quarterly periods and the prior year fiscal year periods.
Concentration Risks
The Company is exposed to significant concentration risks as follows:
Customer and Credit — During the three and nine months ended September 30, 2020 and three and nine months ended September 29, 2019, the Company’s net sales were derived from customers principally engaged in the North American automotive industry.  The following table presents the Company's sales directly and indirectly to General Motors Company (GM), Fiat Chrysler Automobiles (FCA), and Ford Motor Company (Ford) as a percentage of total net sales:
  Three Months Ended September 30, 2020Three Months Ended September 29, 2019Nine Months Ended September 30, 2020Nine Months Ended September 29, 2019
General Motors Company14 %17 %15 %18 %
Fiat Chrysler Automobiles13 %15 %14 %15 %
Ford Motor Company12 %14 %10 %12 %
No customer represented more than 10 percent of direct Company sales for the three and nine months ended September 30, 2020. GM accounted for 7 percent of direct Company sales for the three and nine months ended September 30, 2020.
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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Labor Markets — At September 30, 2020, of the Company’s hourly plant employees working in the United States manufacturing facilities, 37% were covered under a collective bargaining agreement which expires in August 2022 while another 11% were covered under a separate collective bargaining agreement that expires in February 2023.
International Operations — The Company manufactures and sells products outside of the United States primarily in Mexico and Canada. Foreign operations are subject to various political, economic and other risks and uncertainties inherent in foreign countries. Among other risks, the Company’s operations may be subject to the risks of: restrictions on transfers of funds; export duties, quotas, and embargoes; domestic and international customs and tariffs; changing taxation policies; foreign exchange restrictions; political conditions; and governmental regulations. The following table presents the percentage of the Company's total production in Mexico, Canada, and other foreign markets:
  Three Months Ended September 30, 2020Three Months Ended September 29, 2019Nine Months Ended September 30, 2020Nine Months Ended September 29, 2019
Mexico12 %19 %17 %19 %
Canada6 %7 %8 %7 %
Other % % % %
The following table presents the percentage of the Company's total net sales represented by net sales from customers located in Mexico, Canada, and other foreign countries:
  Three Months Ended September 30, 2020Three Months Ended September 29, 2019Nine Months Ended September 30, 2020Nine Months Ended September 29, 2019
Mexico23 %19 %22 %18 %
Canada8 %7 %8 %9 %
Other %1 % %1 %

2. New Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses,” which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. In November 2019, the FASB issued ASU 2019-10, which established the effective date of the new standard for smaller reporting companies as fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact, if any the adoption of the new credit losses model will have on its financial statements.
In February 2016, the FASB issued ASU 2016-2, Leases (Topic 842). This update requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases of greater than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. We have identified our existing lease contracts and calculated the right of use assets, which are reflected in Other Assets on the Condensed Consolidated Balance Sheets, and lease liabilities, which are reflected in the Other Accrued Liabilities on the Condensed Consolidated Balance Sheets. This guidance was effective for the Company as of January 1, 2020. Adoption of the new standard resulted in the recording of right-of-use assets and liabilities of $12.1 million and $12.8 million, respectively, as of January 1, 2020. The FASB has issued further ASUs related to the standard providing an optional transition method allowing entities to not recast comparative periods. The Company elected the practical expedients upon transition that retained the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. The Company has approximately $11.4 million of non-cancelable future rental obligations as of September 30, 2020, as shown in Note 11.

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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3. Revenues
The following table presents the Company's net sales disaggregated by major sales channel for the three and nine months ended September 30, 2020 and 2019 (in thousands):
Three Months Ended September 30, 2020Three Months Ended September 29, 2019Nine Months Ended September 30, 2020Nine Months Ended September 29, 2019
Net Sales
Transportation$31,731 $33,432 $74,818 $100,964 
Appliance3,280 3,096 8,191 10,355 
Other539 2,021 2,277 5,586 
Total$35,550 $38,549 $85,286 $116,905 
General Recognition Policy
Revenue is recognized by the Company once all performance obligations under the terms of a contract with the Company's customers are satisfied. Generally this occurs with the transfer of control to a customer of its transportation, appliance, and other products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products. The Company’s payment terms vary by the type and location of its customers and the products offered. The term between invoicing and when payment is due is not significant.
In general for sales arrangements, the Company deems control to transfer at a single point in time and recognizes revenue when it ships products from its manufacturing facilities to its customers. Once a product has shipped, the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the asset. The Company considers control to transfer upon shipment because the Company has a present right to payment at that time, the customer has legal title to the asset, and the customer has significant risks and rewards of ownership of the asset. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.
Contract Balances
The timing of revenue recognition, billings and cash collections and payments results in billed accounts receivable. The Company does not have deferred revenue. Additionally, management reviews the allowance for doubtful accounts at regular intervals. Account balances are charged off against the allowance when management determines it is probable the receivable will not be recovered.

4. Inventory
Inventories consist of the following (in thousands):
  September 30,
2020
December 29,
2019
Raw materials$7,920 $7,963 
Work in progress895 129 
Finished goods3,666 4,955 
Total inventory$12,481 $13,047 
The Company periodically evaluates inventory for obsolescence, excess quantities, slow moving goods and other impairments of value and establishes reserves for any identified impairments. The allowance for obsolete inventory was $0.5 million and $1.0 million at September 30, 2020 and December 29, 2019, respectively.
Included in inventory are assets located in Mexico with a carrying amount of $3.4 million at September 30, 2020 and $3.6 million at December 29, 2019, and assets located in Canada with a carrying amount of $1.0 million at September 30, 2020 and $1.0 million at December 29, 2019.

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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
5. Property, Plant, and Equipment, Net
Property, plant, and equipment, net consists of the following (in thousands):
September 30,
2020
December 29,
2019
Depreciable
Life – Years
Land$1,663 $1,663   
Buildings6,027 5,934 
23 – 40
Shop equipment23,007 22,982 
7 – 10
Leasehold improvements1,248 1,234 
3 – 10
Office equipment1,936 1,866 
3 – 7
Mobile equipment152 190 3
Construction in progress2,745 1,543 
Total cost36,777 35,412   
Less: Accumulated depreciation13,998 11,997 
Net property, plant, and equipment, net$22,779 $23,415 
Depreciation expense was $0.7 million and $2.2 million for the three and nine months ended September 30, 2020, respectively, and $0.7 million and $2.2 million for the three and nine months ended September 29, 2019, respectively.
Included in property, plant, and equipment,net are assets located in Mexico with a carrying amount of $3.8 million and $4.1 million at September 30, 2020 and December 29, 2019, respectively, and assets located in Canada with a carrying amount of $0.5 million and $0.6 million at September 30, 2020 and December 29, 2019, respectively.

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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6. Long-term Debt
The Company’s long-term debt consists of the following (in thousands):
  September 30,
2020
December 29,
2019
U.S. Small Business Administration Paycheck Protection Program loan (PPP Note), payable in equal monthly installments on the first day after the deferment period. The PPP Note is unsecured and bears interest at 1% per annum. The PPP Note may be forgiven subject to the terms of the Paycheck Protection Program.
$5,999 $ 
US Term Loan, payable to lenders in quarterly installments of $0.3 million through September 30, 2020, $0.6 million through September 30, 2021, and $0.8 million through November 7, 2023 with a lump sum due at maturity. The effective interest rate was 5.25% per annum at September 30, 2020. At September 30, 2020, the balance of the New US Term Loan is presented net of a debt discount of $0.2 million from costs paid to or on behalf of the lenders.
$23,313 $24,383 
CA Term Loan, payable to lenders in quarterly installments of $0.4 million through November 7, 2023, with a lump sum due at maturity. The effective interest rate was 5.25% per annum at September 30, 2020. At September 30, 2020, the balance of the CA Term Loan is presented net of a debt discount of $0.1 million from costs paid to or on behalf of the lenders.
$9,240 $10,384 
Capital expenditure line payable to lenders in quarterly installments of 7.5% per annum of the outstanding principal balance commencing December 31, 2019 through September 30, 2020, 10% per annum through September 30, 2021, and 12.5% per annum through November 7, 2023 with a lump sum due at maturity. The effective interest rate was 5.25% per annum at September 30, 2020.
1,246 1,300 
Total debt excluding Revolver39,797 36,067 
Less current maturities4,175 2,847 
Long-term debt – Less current maturities$35,622 $33,220 

As of September 30, 2020 and December 29, 2019 the fair value of the Company’s debt approximates book value based on the variable terms.
Credit Agreement
On November 8, 2018, Unique Fabricating NA, Inc. (the “US Borrower”) and Unique-Intasco Canada, Inc. (the “CA Borrower” and together with the US Borrower, the “Borrowers”) and Citizens Bank, National Association (“Citizens”), acting as lender and Administrative Agent, and other lenders (collectively, the “Lenders”), entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), which amended and restated the Original Credit Agreement entered into on April 29, 2016 (as amended, the “Original Credit Agreement”). The Amended and Restated Credit Agreement is a five year agreement and provided for borrowings up to an aggregate principal amount of $73.0 million. The Amended and Restated Credit Agreement which is a senior secured credit facility comprised of a revolving line of credit of up to $30.0 million (the “Revolver”) to the US Borrower, a $26.0 million principal amount term loan (the “US Term Loan”) to the US Borrower, a $12.0 million principal amount term loan (the “CA Term Loan”) to the CA Borrower, and a two year line to fund capital expenditures of up to $2.5 million through November 8, 2019 and $5.0 million thereafter through November 8, 2020 to the US Borrower (the “Capital Expenditure Line”). The Amended and Restated Credit Agreement has a maturity date for all borrowings of November 7, 2023.
The Amended and Restated Credit Agreement requires quarterly principal payments for the US Term Loan, which commenced on December 31, 2018, of $337.5 thousand through September 30, 2020, $575.0 thousand thereafter through September 30, 2021, and $812.5 thousand thereafter with a lump sum due at maturity. The Amended and Restated Credit Agreement requires quarterly principal payments for the CA Term Loan, which commenced on December 31, 2018, of $375.0 thousand with a lump sum due at maturity. The Capital Expenditure Line requires quarterly principal payments of 7.5% of the outstanding balance per annum beginning on December 31, 2019 through September 30, 2020, 10% per annum beginning December 31, 2020 through September 30, 2021, 12.5% per annum beginning December 31, 2021 and thereafter with a lump sum due at maturity.
In addition, the Amended and Restated Credit Agreement allows for increases in the principal amount of the Revolver and the US and CA Term Loans not to exceed a $10.0 million principal amount, in the aggregate, provided that before and after giving
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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
effect to the proposed increase (and any transactions to be consummated using proceeds of the increase), the total leverage and debt service coverage ratios do not exceed specified amounts. The Amended and Restated Credit Agreement also provides for the issuance of letters of credit with a face amount of up to a $2.0 million, in the aggregate, provided that any letter of credit that is issued will reduce availability under the Revolver.
The Amended and Restated Credit Agreement contains customary negative covenants and requires that the Company comply with various financial covenants, including a total leverage ratio and debt service coverage ratio, as defined in the Amended and Restated Credit Agreement. Additionally, the US Term Loan and CA Term Loan each contains a clause, effective December 30, 2018, that requires an excess cash flow payment to be made to the lenders to reduce the US Term Loan and CA Term Loan if the Company’s cash flow exceeds certain thresholds as defined by the Amended and Restated Credit Agreement.
As of September 30, 2020, $10.0 million was outstanding under the Revolver. This amount is gross of debt issuance costs which are further described in the next section. The Revolver had an effective interest rate of 5.25% percent per annum at September 30, 2020, and is secured by substantially all of the Company’s assets. At September 30, 2020, the maximum additional available borrowings under the Revolver was $18.5 million which includes a reduction for a $0.1 million letter of credit issued for the benefit of the landlord of one of the Company’s leased facilities. The maximum amount available was further subject to borrowing base restrictions, resulting in a net availability of $8.5 million.
On May 7, 2019, the Borrowers entered into the Waiver and First Amendment (the “First Amendment”) to the Credit Agreement, as the Company was not in compliance with certain of the financial covenants in the Credit Agreement. The First Amendment temporarily waived the default on the March 31, 2019 covenant violation until the earlier of June 15, 2019 and the execution and delivery of a further amendment revising the calculation of the total leverage ratio and such other financial covenants as necessary taking into account the Borrowers current and future financial condition. As a result of this waiver, the lenders did not accelerate the maturity of the debt. On June 14, 2019 and June 28, 2019 the Borrowers entered into the Waiver and Second Amendment (the “Second Amendment”) to the Credit Agreement and the Waiver and Third Amendment (the “Third Amendment”) to the Credit Agreement, respectively. Each of these amendments revised the waiver period as defined by the First Amendment with respect to the March 31, 2019 covenant violation and resulting default until later dates.
On July 16, 2019, the Borrowers entered into the Waiver and Fourth Amendment (the “Fourth Amendment”) to the Credit Agreement. The Fourth Amendment provided a permanent waiver by the Lenders with respect to the Borrowers' non-compliance with the total leverage ratio financial covenant, as defined as of March 31, 2019. The Fourth Amendment also revised the definition of consolidated EBITDA and certain financial covenants, including the maximum total leverage ratio and the minimum debt service coverage ratio, as well as adding the requirement that the Company maintain minimum liquidity and minimum unadjusted consolidated EBITDA, each as defined. The Fourth Amendment permits distributions as long as the Borrower is in compliance with specified conditions including that the Borrower's liquidity, as defined, is not less than $5 million after giving effect to the distribution, total leverage ratio is not more than 2.00 to 1.00, post distribution, debt service coverage ratio ("DSCR"), as defined, is not greater than 1.10 to 1.00, and Borrower is in compliance with financial covenants, before and after giving effect to the distributions.
On August 7, 2019, the Borrowers entered into the Fifth Amendment to the Credit Agreement (the “Fifth Amendment”). The Fifth Amendment amended the definition of unadjusted consolidated EBITDA to include consolidated net income plus the sum of interest expense, tax expense, depreciation and amortization expense, and non-cash impairment charges of goodwill.
On April 3, 2020, the Borrowers entered into the Sixth Amendment to the Credit Agreement (the “Sixth Amendment”). The Sixth Amendment, amended the definition of consolidated EBITDA to include, as an addition to consolidated net income, an amount equal to $0.6 million resulting from a non-cash inventory write-off taken during the third fiscal quarter in fiscal 2019, amended the definition of “fiscal year” to reflect that we changed our fiscal year to end on December 31, commencing with the 2020 fiscal year, eliminated the requirement for a monthly Covenant Compliance Report and provided for payment of the Capital Expenditure Line principal installment that was due December 31, 2019, but was not paid due to an internal system miscalculation by the Agent.
Due to the impact of the COVID-19 pandemic on the Company and the global automotive industry, the Company anticipated that it was likely that the EBITDA for the twelve months ended June 30, 2020 was likely to result in the Company not being in compliance with its financial covenants. In response to the anticipated impact of COVID-19, on April 23, 2020, the Borrowers entered into the Seventh Amendment (the “Seventh Amendment”) to the Credit Agreement. The Seventh Amendment, among other things, (i) permitted additional indebtedness in the form of unsecured loans authorized pursuant to and in compliance with the CARES Act under the Paycheck Protection Program of the U.S. Small Business Administration, in an aggregate amount not to exceed $6.0 million; (ii) deferred the June 30, 2020 principal payments on the US Term Loan, CA Term Loan, and Capital Expenditure Line, with the deferred principal amounts payable at the existing maturity dates; (iii) waived the requirement to test
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UNIQUE FABRICATING, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Maximum Total Leverage Ratio, Minimum Debt Service Coverage Ratio and Minimum Unadjusted Consolidated EBITDA for the fiscal quarter ended June 30, 2020; (iv) allowed the release of the lien on the Evansville, Indiana property and for the net cash proceeds from its sale to be applied against any outstanding balance on the Revolver, without permanently reducing the Revolving Credit Aggregate Commitment; (v) added a weekly requirement for the Borrowers to deliver a 13-week cash flow forecast until September 30, 2020; and (vi) added a 1.0% LIBOR Floor and 2.0% Base Rate Floor.
On August 7, 2020, the Company entered into the Eighth Amendment (the “Eighth Amendment”) to the Credit Agreement and Loan Documents, as amended. The Eighth Amendment to the Credit Agreement and Loan Documents, among other things, amended the definition of Consolidated EBITDA and made changes to the calculations of financial covenants. The definition of Consolidated EBITDA has been amended to include as an addition to Consolidated Net Income (i) costs and expenses incurred in connection with the Eighth Amendment not to exceed $175,000, (ii) restructuring expenses not to exceed $500,000 in any 12 month period, (iii) costs incurred with respect to the purchase and implementation of the ERP system not to exceed (A) $200,000 during each fiscal quarter in 2020 and (B) $100,000 during each fiscal quarter in 2021, and (iv) to the extent added in calculating Consolidated Net Income any portion of the PPP loan that has been forgiven and cancelled. The Eighth Amendment also amended the calculation of certain financial covenants based upon 12 month results to effectively exclude results of the quarter ended June 30, 2020. The calculation of Maximum Total Leverage Ratio has been amended, commencing with the quarter ending September 30, 2020 and through and including the quarter ending March 31, 2021, to annualize Consolidated EBITDA for the periods beginning July 1, 2020 through the date of calculation. The calculation of Minimum Debt Service Coverage Ratio for the quarters ended September 30, 2020, December 31, 2020 and March 31, 2021 are based upon results for one, two and three quarters, respectively. The Eighth Amendment further adds a Minimum Liquidity requirement to be calculated monthly through June 30, 2021 and Minimum Consolidated EBITDA for each measurement period, as defined, through June 30, 2021. The Eighth Amendment permits distributions by US Borrower to the Parent to be declared and made only after December 31, 2021 provided certain conditions are satisfied.
The Credit Agreement, as amended, bears interest at the Company’s election of either (i) the greater of the Prime Rate or the Federal Funds Effective Rate (the “Base Rate”) or (ii) the LIBOR rate, plus an applicable margin ranging from 1.75% to 3.25% per annum in the case of the Base Rate and 2.75% to 4.25% per annum in the case of the LIBOR rate, in each case, based on senior leverage ratio thresholds, measured quarterly, as increased by the Waiver and Fourth Amendment to the Amended and Restated Credit Agreement. As stated above, the Seventh Amendment added a 1.0% LIBOR Floor and 2.0% Base Rate Floor.
Paycheck Protection Program Note
On April 24, 2020, the Company entered into a Promissory Note (“PPP Note”) for $6.0 million with Citizens Bank, National Association, (“PPP Lender”) pursuant to the U.S. Small Business Administration (“SBA”) Paycheck Protection Program under Title I of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act passed by Congress and signed into law on March 27, 2020. On June 3, 2020, Congress passed the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”) and on June 5, 2020 it was signed into law. The PPP Flexibility Act modified certain provisions of the CARES Act. The PPP Note is unsecured, bears interest at 1.00% per annum, with principal and interest payments deferred until the earlier of (i) the PPP Lender receiving the forgiveness amount from the SBA or (ii) August 12, 2021. The PPP Note matures on April 24, 2022. The principal is payable in equal monthly installments, with interest, beginning on the first business day after the end of the deferment period. The PPP Note may be forgiven subject to the terms of the Paycheck Protection Program and PPP Flexibility Act.
Additionally, certain acts of the Company, including but not limited to: (i) the failure to pay any taxes when due, (ii) becoming the subject of a proceeding under any bankruptcy or insolvency law, (iii) making an assignment for the benefit of creditors, or (iv) reorganizing, merging, consolidating or otherwise changing ownership or business structure without PPP Lender’s prior written consent, are considered events of default which grant Lender the right to seek immediate payment of all amounts owing under the PPP Note. As of September 30, 2020, none of the circumstances listed above exist at the Company.
Debt Issuance Costs
Debt issuance costs represent legal, consulting, and other financial costs associated with debt financing and are reported netted against the related debt instrument. Amounts paid to or on behalf of lenders are presented as a debt discount and are also shown as a reduction of the associated debt instrument. Debt issuance costs on term debt are amortized using the straight line basis over the term of the related debt (which is immaterially different from the required effective interest method) while those related to revolving debt are amortized using a straight line basis over the term of the related debt.
At September 30, 2020 and December 29, 2019, debt issuance costs were $0.4 million and $0.3 million, respectively, while amounts paid to or on behalf of lenders presented as debt discounts were $0.3 million and $0.4 million, respectively. On November 8, 2018, the Company amended its Credit Agreement, to increase the Company's term loan debt. The Company
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
reviewed this amendment for extinguishment accounting and concluded that there were no remaining debt issuance costs not amortized on the revolving debt facility qualified for extinguishment accounting and recognized a loss on extinguishment immediately. The remaining unamortized debt issuance costs not extinguished on the old revolving debt facility and all of the of remaining unamortized debt issuance costs on the term loans did not meet extinguishment accounting and therefore were carried forward to the new revolving debt facility and term loans.
Amortization expense of both debt issuance costs and debt discounts has been recognized as a component of interest expense in the amounts of $0.04 million and $0.1 million for the three and nine months ended September 30, 2020, respectively, and $0.04 million and $0.1 million for the three and nine months ended September 29, 2019, respectively.
Covenant Compliance
The Credit Agreement, as amended, contains the following financial covenants:
Maximum Total Leverage Ratio
The Total Leverage Ratio, as defined in the Credit Agreement, as amended, may not exceed (i) 3.75 to 1.00, with respect to the fiscal quarter ended as of September 30, 2020; (ii) 3.50 to 1.00, with respect to the fiscal quarter ended December 31, 2020; (iii) 3.25 to 1.00, with respect to the fiscal quarters ended March 31, 2021 and June 30, 2021; and (iv) 3.00 to 1.00, with respect to each fiscal quarter thereafter. For purposes of calculating the Total Leverage Ratio, “Consolidated EBITDA”, as defined, shall be determined (i) with respect to the fiscal quarter ended as of September 30, 2020, for the single fiscal quarter then ended, multiplied by 4,(ii) with respect to the fiscal quarter ended as of December 31, 2020, for the two fiscal quarters then ended, multiplied by 2, (iii) with respect to the fiscal quarter ended as of March 31, 2021, for the three fiscal quarters then ended, multiplied by 4/3, and (iv) with respect to each fiscal quarter thereafter, for the four fiscal quarters then ended. Also, for purposes of calculating the Total Leverage Ratio, the PPP Note is excluded from Total Debt for all periods until a determination of forgiveness is made.
Minimum Debt Service Coverage Ratio
The Debt Service Coverage Ratio may not be less than 1.20 to 1.00, to be measured, as of the end of each fiscal quarter. Notwithstanding anything to the contrary set forth in the definition of "Debt Service Coverage Ratio," such calculation shall be made (i) with respect to the fiscal quarter ended as of September 30 2020, for the single fiscal quarter then ended, (ii) with respect to the fiscal quarter ended as of December 31, 2020, for the two fiscal quarters then ended, (iii) with respect to the fiscal quarter ended as of March 31, 2021, for the three fiscal quarters then ended, and (iv) with respect to the last day of each fiscal quarter thereafter, for the four fiscal quarters then ended.
Minimum Liquidity
The US Borrower's Liquidity, as defined in the Credit Agreement, as amended, may not to be less than 20% of the Borrowing Base, calculated as of the last day of each fiscal month through and including June 30, 2021.
Minimum Consolidated EBITDA
The Consolidated EBITDA, as defined, must not be less than the amounts set forth below, with respect to the measurement period ended as of each date of determination set forth below:
Date of Determination
Measurement Period
Minimum Consolidated EBITDA
September 30, 2020
Trailing 3 months
$3,000,000
December 31, 2020
Trailing 6 months
$6,500,000
March 31, 2021
Trailing 9 months
$10,000,000
June 30, 2021
Trailing 12 months
$13,500,000

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Future Maturities
Maturities on the Company’s Credit Agreement and other long term debt obligations for the remainder of the current fiscal year and future fiscal years are as follows (in thousands):
2020$983 
20216,509 
20228,340 
202334,376 
Total50,208 
Discounts(310)
Debt issuance costs(395)
Total debt, net$49,503 

7. Derivative Financial Instruments
Interest Rate Swap
The Company holds a derivative financial instrument, in the form of an interest rate swap, as required by its Credit Agreement and Amended and Restated Credit Agreement, for the purpose of hedging certain identifiable transactions in order to mitigate risks relating to the variability of future earnings and cash flows caused by interest rate fluctuations. The Company has elected not to apply hedge accounting for financial reporting purposes. The interest rate swap is recognized in the accompanying condensed consolidated balance sheets at its fair value. Monthly settlement payments due on the interest rate swap and changes in its fair value are recognized currently in net income as interest expense in the accompanying condensed consolidated statements of operations.
Effective June 30, 2016, as required under the Credit Agreement entered into during April 2016, the Company entered into an interest rate swap which required the Company to pay a fixed rate of 1.055 percent per annum while receiving a variable rate per annum based on the one month LIBOR for a net monthly settlement based on the notional amount. The notional amount at the effective date was $16.7 million which decreased by $0.3 million each quarter until June 30, 2017, and thereafter decreased by $0.4 million each quarter until June 29, 2018, when it began decreasing by $0.5 million per quarter until it expired on June 28, 2019.
Effective October 2, 2017, as required under the Second Amendment to the Credit Agreement, the Company entered into another interest rate swap which required the Company to pay a fixed rate of 1.093 percent per annum while receiving a variable interest rate per annum based on the one month LIBOR, for a net monthly settlement based on the notional amount in effect. The notional amount at the effective date was $1.9 million which decreases by $0.1 million each quarter until it expired on September 30, 2020.
Effective November 30, 2018, as required under the Amended and Restated Credit Agreement, the Company entered into another interest rate swap that requires the Company to pay a fixed rate of 3.075 percent per annum while receiving a variable interest rate per annum based on the one month LIBOR for a net monthly settlement based on the notional amount in effect. The notional amount at the effective date was $5.0 million which increased by $0.4 million each quarter until June 28, 2019 when the notional amount increased to $17.5 million due to the interest rate swap from 2016 described above expiring. Since June 28, 2019, the notional amount then decreased each quarter by $0.2 million until September 30, 2020 when the notional amount increases to $17.5 million due to the interest rate swap from 2017 described above expiring. The notional amount then decreases each quarter by $0.4 million until December 31, 2021, then decreases each subsequent quarter by $0.6 million until it expires on November 8, 2023
At September 30, 2020, the fair value of all swaps was in a net liability position of $1.3 million and is included in other accrued liabilities and other long term liabilities in the condensed consolidated balance sheets. The Company paid $0.1 million and $1.1 million in net monthly settlements with respect to the interest rate swaps for the three and nine months ended September 30, 2020, respectively. At September 29, 2019, the fair value of the swaps was a net liability of $1.0 million, which was included in other long term liabilities in the condensed consolidated balance sheet. The Company paid $0.02 million and $0.06 million in the aggregate, in net monthly settlements in respect to the interest rate swaps for the three and nine months ended September 29, 2019. Both the change in fair value and the net monthly settlements were included in interest expense in the condensed consolidated statements of operations.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

8. Restructuring
The Company's restructuring activities are undertaken as necessary to implement management's strategy and improve operating results. The restructuring activities generally relate to realignment of existing manufacturing capacity and closure of facilities and other exit or disposal activities, either in the normal course of business or pursuant to specific restructuring programs.
2019 Restructurings
Bryan Restructuring
On November 7, 2019, the Company made the decision to close its manufacturing facility in Bryan, Ohio. Approximately 43 positions were eliminated as a result of the closure. The Company's decision resulted from its desire to streamline operations and to utilize some of the available excess capacity in other of our facilities.
The Company moved existing Bryan production to its manufacturing facilities in Querétaro, Mexico and LaFayette, GA. The Company provided the affected employees severance pay, health benefits continuation, and job search assistance. The Company evaluated whether or not this closing met the criteria for discontinued operations and concluded that the closing did not meet the definition as it did not represent a strategic shift in the Company's operations and the Company will have continuing cash flows from the production being moved to other facilities within the Company.
The Company incurred one-time severance costs as a result of this plant closure of approximately $0.3 million during the fourth quarter of 2019. The amount of other costs incurred associated with this plant closure, which primarily consist of preparing and moving existing production equipment and inventory at Bryan to other facilities and accelerated depreciation of the building right-of-use lease asset, was approximately $0.6 million during the nine months ended September 30, 2020.
Evansville Restructuring
On July 16, 2019, the Company made the decision to close its manufacturing facility in Evansville, Indiana. The Company ceased operations at the Evansville facility during the fourth quarter of 2019, and approximately 47 positions were eliminated as a result of the closure. The Company's decision resulted from its desire to streamline operations and to utilize some of the available excess capacity in other of our facilities.
The Company moved existing Evansville production to its manufacturing facilities in LaFayette, GA, Auburn Hills, MI, and Louisville, KY. The Company provided the affected employees severance pay, health benefits continuation, and job search assistance. The Company evaluated whether or not this closing met the criteria for discontinued operations and concluded that the closing did not meet the definition as it did not represent a strategic shift in the Company's operations and the Company will have continuing cash flows from the production being moved to other facilities within the Company.
Costs incurred in the nine months ended September 30, 2020, which consisted primarily of transportation and installation of equipment and the disposal of equipment and inventory was $0.5 million. Also included in this amount is a non-cash loss related to the loss on the sale of the Evansville building. All of these costs were recorded to the restructuring expense line in continuing operations in the Company's condensed consolidated statements of operations.
The Company had $0.7 million and $1.2 million of remaining lease payments for a warehouse near the Evansville, Indiana facility as of September 30, 2020 and December 29, 2019, respectively. The Company has secured a sublease of roughly 15% of the facility.
The table below summarizes the activity in the restructuring liability for the nine months ended September 30, 2020 (in thousands).
Employee Termination Benefits LiabilityOther Exit Costs LiabilityTotal
Accrual balance at December 29, 2019$438 $116 $554 
Provision for estimated expenses to be incurred  1,193 1,193 
Payments made during the year and asset write offs400 956 1,356 
Accrual balance at September 30, 2020$38 $352 $390 

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(Unaudited)
9. Stock Incentive Plans
2013 Stock Incentive Plan
The Company’s board of directors approved a stock incentive plan (the “Plan”) in 2013. The Plan permits the Company to grant 495,000 non statutory or incentive stock options to the employees, directors and consultants of the Company. 495,000 shares of unissued common stock are reserved for the Plan. The board of directors has the authority to determine the participants to whom stock options shall be awarded as well as any restrictions to be placed upon the awards. The exercise price cannot be less than the fair value of the underlying shares at the time the stock options are issued and the maximum length of an award is ten years.
The fair value of each option award is estimated on the grant date using a Black Scholes option pricing model that uses the weighted average assumptions noted in the following tables. The expected volatility is based on the historical volatility of the stock of comparable companies. The expected term of the awards was estimated based on findings from academic studies investigating the average holding period for options adjusted for the Company’s size and risk factors. The risk free rate for periods within the contractual life of the option is based on the United States Treasury yield curve in effect at the time of grant.
On February 25, 2020, the compensation committee of the board of directors approved the issuance of 7,500 non statutory stock option awards to employees of the Company. All of the awards have an exercise price of $3.32 per share with a weighted average grant date fair value of $1.64 per share. These options vest 40% on February 25, 2021 and 20% on each of February 25, 2022, 2023, and 2024.
February 25, 2020
Expected volatility52.00 %
Dividend yield %
Expected term (in years)6
Risk-free rate1.21 %

On April 6, 2020, the compensation committee of the board of directors approved the issuance of 12,500 non statutory stock option awards to the Company’s new Chief Financial Officer (“CFO”) with an exercise price of $2.36 per share. These awards vest 50 percent once the closing price of the Company's common stock is in excess of $7.50 per share for 10 out of 20 consecutive trading days and an additional 50 percent once the closing price of the Company's common stock is in excess of $12.50 per share for 10 out of 20 consecutive trading days.