UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Form 10-K/A

(Amendment No. 1

(Mark One)
1)

x
xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2011

or

o
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

Commission File No. 1-07109

SERVOTRONICS, INC.

(Exact name of registrant as specified in its charter)

Delaware 16-0837866
(State or other jurisdiction of (I. R. S. Employer
incorporation or organization) Identification No.)

1110 Maple Street

Elma, New York14059

Elma, New York14059

(Address of principal executive offices) (zip code)

(716) 655-5990

(Address of Principal Executive Office)

(Zip Code)
Registrant’s telephone number, including area code (716) 655-5990
code)

Securities registered pursuant to Section 12(b) of the Act:

   
Title of each classTicker symbol(s)Name of each exchange on which registered
Common Stock $.20 par valueSVTNYSE AmexAmerican
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o¨Nox

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o¨Nox

Indicate by checkmarkcheck mark whether the registrantregistrant: (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.

Yesx      No o
¨

Indicate by checkmarkcheck 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 (§232.405)232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yesx      No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  x
¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “smaller reporting“emerging growth company” in Rule 12b-2 of the Securities Exchange Act. (Check one):

Large accelerated filer  o
¨
Accelerated filer o
¨
Non-accelerated filero
x
Smaller reporting company x
 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 o¨Nox

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ¨

Based on the closing price of the Common Stock on June 30, 2011 ($8.94)2021 $8.65 (the last day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of the voting stock held by non-affiliates of the registrant was $13,773,173.

$14,176,355.

As of March 31, 2012February 28, 2022, the number of $.20 par value common shares outstanding was 2,318,371

2,491,667.

Auditor Firm: FREED MAXICK CPAs, P.C.Auditor Location: Buffalo, New YorkAudit Firm ID: 317

 


EXPLANATORY NOTE AS TO PURPOSE OF THIS AMENDMENT

This Amendment No. 1 to(this “Amendment”) amends the Annual Report on Form 10-K for the year ended December 31, 2021, of Servotronics, Inc. (the “Company”) forthat we filed with the fiscal year ended DecemberSecurities and Exchange Commission (the “SEC”) on March 31, 20112022 (the “Original Filing”). This Amendment is being filed to provide information required byamend and restate Items 10, 11, 12, 13, and 14 of Part III of the Annual Report on Form 10-K rather thanin their entirety to provide the information we indicated that we would incorporate by reference portionsfrom our Proxy Statement for the 2022 annual meeting of the proxy statement into Part III.

As required bystockholders in reliance on General Instruction G(3) to Form 10-K.

Pursuant to Rule 12b-15 under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), this Amendment also contains new certifications of ourby the principal executive officer and the principal financial officer are being filed as exhibitsrequired by Section 302 of the Sarbanes-Oxley Act of 2002. Accordingly, Item 15(a)(3) of Part IV is amended to this Form 10-K/A.

For purposes of this Form 10-K/A and in accordance with Rule 12b-15 underinclude the Exchange Act, each item of our Annual Report on Form 10-K/A for the year ended December 31, 2011,currently dated certifications as filed on March 29, 2012, that was affected by this amendment, hasexhibits. Because no financial statements have been amended and restated in its entirety. No attempt has been madeincluded in this Form 10-K/AAmendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4 and 5 of the certifications have been omitted.

Other than the items outlined above, this Amendment does not modify or update otherthe Original Filing. Accordingly, this Amendment should be read in conjunction with the Original Filing. This Amendment does not reflect events occurring after the date of the Original Filing or modify or update those disclosures as presented in our original Form 10-K, except asthat may be requiredaffected by subsequent events. Such subsequent matters are addressed in subsequent reports filed by us with the SEC.

Capitalized terms not defined in this Amendment have the meaning given to reflect such amendments.them in the Original Filing.

2

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PART III

TABLE OF CONTENTS

PART IIIPage
Item 10.
Directors, Executive Officers and Corporate Governance.
 (a)4
Item 11.
Directors.  The following paragraphs set forth certain information regarding the nominees for election to the Company’s Board
Executive Compensation6
Item 12.Security Ownership of Directors, including the specific experience, qualifications, attributes or skills that led to the conclusion by the Board of Directors that such person should serve as aCertain Beneficial Owners and Management and Related Stockholder Matters8
Item 13.Certain Relationships and Related Transactions and Director of the Company. The nominees for election to the Company’s Board of Directors are Dr. Nicholas D. Trbovich, age 76, Nicholas D. Trbovich, Jr., age 51, Donald W. Hedges, Esq., age 90Independence9
Item 14.Principal Accountant Fees and Dr. William H. Duerig, age 90.Services10
PART IV
Item 15.Exhibits and Financial Statement Schedules11

3

DR. WILLIAM H. DUERIG
Dr. William H. Duerig

PART III

Item 10.Directors, Executive Officers and Corporate Governance

Director Qualifications and Biographical Information

The biography of each director below contains information regarding that person’s principal occupation, positions held with the Company, service as a director, business experience, other director positions currently held or held at any time during the past five years, involvement in certain legal or administrative proceeding, if applicable, and the experiences, qualifications, attributes or skills that caused our Nominating and Corporate Governance Committee to conclude that the person should serve as a member of our Board of Directors.

Edward C. Cosgrove, Esq., age 87—Mr. Cosgrove has served as Director since 2012. He is an Independent Directorattorney with The Cosgrove Firm, a Buffalo-based law firm where his practice includes civil litigation, management of legal crises, representation of families, schools, advice to corporations, businesses and professionals. He earned a Bachelor of Arts Degree from the University of Notre Dame and a Doctor of Laws Degree from Georgetown University Law School. He previously served as a Special Agent with the Federal Bureau of Investigation and as District Attorney of Erie County, NY. Mr. Cosgrove enjoys the highest possible Peer Review Rating a lawyer can receive from Martindale-Hubbell for the years 1980 through 2022 and is considered annually as one of the Company and Chairmantop lawyers in Western New York. His broad-based legal experience is important to the Board of Directors.

William F. Farrell, Jr., age 55—Mr. Farrell was appointed to the Board of Directors in April 2022 when he also was appointed Chief Executive Officer of the Company. He joined the Company following a more than 30-year career with Western New York-based Moog Inc. (NYSE: MOG.A and MOG.B), where he served in various roles of increasing responsibility including, most recently, Site General Manager for Moog's Aircraft Group, which supports military and commercial aerospace applications. Prior to that, he served five years as Site General Manager for its Industrial Group, supporting markets including flight simulation, oil and gas exploration, power generation and industrials automation. Earlier in his tenure at Moog, he worked in a variety of other executive and engineering roles for the worldwide designer, manufacturer, and integrator of precision control components and systems, including in its Industrials Group, Space Products Division and Engine Controls Division. Mr. Farrell holds a B.S. degree in mechanical engineering from the University of Notre Dame and an M.B.A in manufacturing operations management from the State University of New York at Buffalo. His leadership experience and industry knowledge provide valuable insight to the Board of Directors in formulating and executing the Company’s Audit Committee. He has been a Company Director since 1990. He has an impressive success record for his leadership performance in many world-recognized advanced technology and state-of-the-art programs and projects. Hestrategy.

Lucion P. Gygax, age 51—Mr. Gygax has served as a Corporate Officer, Program Director Project Leadersince 2015 and in other similar positions which combined management and advanced technology competence. These positions, programs and projects included being the Physicist in charge of certain key aspectsserves as Chair of the Manhattan Atomic Bomb Project,Compensation Committee and a Principal Staff member of the Applied Physics LaboratoryAudit Committee and Nominating and Corporate Governance Committee. He is the principal owner and executive of John Hopkins University,an event management company, a consultant and author. Mr. Gygax retired this year from the Army as a Lieutenant Colonel after 33 years of service as a logistics officer and brings a diverse skill set to the board with experience in synchronizing multi-functional teams, budget management, human resources and talent management. Mr. Gygax graduated from Beloit College where he received a B.A. in History and Psychology. His experience leading complex logistics organizations across a diverse range of operating environments gives him valuable perspectives and insights. His leadership experience and achievements highly qualify him to serve as a Company Director.

Karen L. Howard, age 59—Ms. Howard was appointed to the Board of Directors in April 2022 and serves as a member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. She has more than 30 years of professional experience as an advisor to and finance executive with public companies, as well as a proven record of board leadership. She retired in 2020 after serving for seven years as Executive Vice President of Kei Advisors LLC, an investor relations and business advisory firm serving micro-, small- and mid-cap public company executives and boards across the United States. Previously, she served for 17 years with Columbus McKinnon Corporation (Nasdaq: CMCO), including as Vice President of Strategic Initiatives, Vice President and Chief Financial Officer, and earlier roles as Treasurer and Controller of the publicly traded global manufacturer of material handling products and solutions. Prior to that, she was a certified public accountant with Ernst & Young LLP. Ms. Howard serves as a member of the Board of Directors of Highmark Western and Northeastern New York Inc. (formerly HealthNow New York Inc.), a regional health care company. She also chairs its audit committee. Ms. Howard earned her bachelor’s degree in accounting from Niagara University. Her accounting and business expertise, including an in-depth understanding of the preparation and analysis of financial statements, makes her highly qualified to serve as a Company Director.


Christopher M. Marks, age 57—Mr. Marks was appointed to the Board of Directors in July 2016 and serves as Chair of the Audit Committee and member of the Compensation Committee and Nominating and Corporate Governance Committee. Mr. Marks is a member of the financial planning firm Jensen, Marks, Langer & Vance, LLC, where he provides financial planning advice and investment management services. Also, he is a member and the Chief Compliance Officer of Sterling Investment Counsel, LLC, a registered investment advisor. He brings over 25 years of financial planning and analysis experience to the Company as well as a background in accounting, corporate law and governance. He holds a Bachelor of Science Degree in Accountancy from Villanova University, a Master of Business Administration from St. Bonaventure University, and a Juris Doctorate with honors from the State University of New York at Buffalo School of Law. He previously practiced commercial and corporate law at Phillips Lytle, LLP in Buffalo, NY and began his career with Price Waterhouse in New York City. His business, accounting and legal experience make him highly qualified to serve as a Company Director.

Evan H. Wax, age 40—Mr. Wax was appointed to the Board of Directors in April 2022 and serves as member of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. He is Managing Member of Wax Asset Management LLC in Madison, CT, an investment advisory firm that employs a long-term value based investment strategy. Prior to founding Wax Asset Management in 2011, Mr. Wax was Managing Director and Head Trader at Hayground Cove Asset Management where he was also a member of the investment committee and risk committee. Prior to that, he worked as a Financial Analyst at Goldman Sachs. Mr. Wax graduated from Yale University where he received a B.A. in Economics. His operational, financial and investment experience, and knowledge of capital markets gives him strong insight into the issues facing the Company’s businesses and markets.

Executive Officers

The following provides certain information regarding our executive officers. Each individual’s name and position with the Company is indicated. In addition, the principal occupation and business experience for the Bumble Bee Missile Program,past five years is provided for each executive officer. There are no family relationships between any of our directors or executive officers.

William F. Farrell, Jr., age 55—Mr. Farrell was appointed Chief Executive Officer of the DirectorCompany in April 2022. He joined the Company following a more than 30 year career with Moog Inc., where he served in various roles of increasing responsibility including, most recently, Site General Manager for Moog's Aircraft Group, which supports military and commercial aerospace applications. Prior to that, he served five years as Site General Manager for its Industrial Group, supporting markets including flight simulation, oil and gas exploration, power generation and industrials automation.

Lisa F. Bencel, age 65—Ms. Bencel was named Chief Financial Officer of the developmentCompany in January 2017. Prior to joining Servotronics, Ms. Bencel served as Global Controller and Treasurer with kgb, a privately held information services company. Previously, she was with global manufacturing and services companies in the aerospace, telecommunications and chemical industries, including GE, Honeywell (formerly AlliedSignal), Ericsson, L3Harris Technologies and Raytheon Technologies.

James C. Takacs, age 56—Mr. Takacs has served as Senior Vice President of telemetering equipment for the TerrierCompany since September 2016 and Talos Missile Systems (precursors forwas named Chief Operating Officer of the current Standard Missile Program)Company in May 2018. Prior to that he served as Vice President of the Company, a position he held since May 2010. Mr. Takacs first joined Servotronics in 1987 and he has served in other management positions such as Corporate Vice President of Research and Engineering and as a consultant. Dr. Duerig, now retired and a market investor, continues to serve on the Board of Directors of technically oriented companies and other organizations. He has a Ph.D. in Solid State Physics and a strong accounting education from the University of Maryland and New York University respectively. A member of professional, scientific organizations and Honor Societies Sigma Pi Sigma and Sigma Xi, he has published papers in various scientific publications. Dr. Duerig’s wide range of education, expertise and management experience in and across many disciplines qualifies him as an expert from the perspective of meeting corporate goals and corporate responsibility in a technology and profit-driven corporate environment and comprehensively qualifies him to be the financial expert for the Audit Committee and an Independent Director for the Company. Dr. Duerig’s long association with the Company, his demonstrated successful leadership achievements in roles that are academic, commercial and government related in a wide range of technology and business arenas in combination with his organizational expertise and skills (see above) are among the substantial attributes which highly qualifies him as a Company Director.

DONALD W. HEDGES, ESQUIRE
Donald W. Hedges, Esq. has been an Independent Company Director since 1967 and is a member of the Audit Committee. Mr. Hedges, a business law attorney, has extensive Corporate Law and finance experience with national and international, private and public companies. His comprehensive experience includes the representation of companies in the preparation of Initial Public Offerings, and at times, as a principal in a broad range of economic and financing activities. A current active practitioner of business law, he is a retired Partner of Wolf, Block, Shorr and Solis-Cohen. His expertise includes a wide range of corporate financing for technology driven activities and otherwise. He was awarded an honorary Doctorate Degree from Webber College and is a Wharton School graduate (BS Economics), a law school graduate (JD Law) of the University of Pennsylvania and he subsequently clerked for the Chief Justice of the Pennsylvania Supreme Court. He is a former aircraft carrier combat fighter pilot and was awarded the Air Medal and the Distinguished Flying Cross for heroic acts performed in the South Pacific. He is an aviation and aerospace cognizant individual whose comprehensive legal knowledge and business experience has been beneficial to the Company. Mr. Hedges’ long association with the Company combined with his successful record as an attorney of national and international representation and negotiation highly qualifies him as a Company Director.
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NICHOLAS D. TRBOVICH, JR.
Nicholas D. Trbovich, Jr. has served as a Director of the Company since 1990. Mr. Trbovich, Jr. is a significant beneficial owner of the Company’s common shares and son of the Company’s Founder. He provides valuable strategic planning continuity, operational insight and knowledge to the Board based on over 30 years of industry and company experience. He is a former member of the International Board of Directors of the World Entrepreneurs Organization. A current Board member of the American Edged Products Manufacturer’s Association and a former Executive Committee Member and current Legislative Committee Member of the American Knife and Tool Institute, he is a listed inventor or co-inventor on issued patents and patent pending applications that are incorporated in various successful company products. Over the past 33 years Mr. Trbovich, Jr. has held various engineering, supervisory and management positions of increasing responsibility which led to the Company positions asincluding Project Engineer, Quality Assurance Manager, and Director of Corporate Development, Vice President, Executive Vice President, Chief Operating Officer and President. He has also been President, Director and CEO of certain Company Subsidiaries. A holder of two undergraduate Business/Science degrees (Summa Cum Laude) and a life member of MENSA, he has completed graduate courses and various licensing/certification and other programs at Stanford University, Carnegie Mellon University, Purdue University, MIT, Canisius College and others. He also served as Chapter President and Vice President of two National Honor Societies – Lambda Sigma at Carnegie Mellon University and Alpha Chi at Medaille College, respectively. Recipient of numerous Leadership, Business and Community awards and recognized as one of Western New York’s outstanding leaders, Medaille College honored himOperations during his tenure with their Distinguished Alumnus Award and a place on their “Alumni Wall of Fame”. He is a former Advisory Board member of two colleges and Co-Founder/Co-Developer of an International Award winning Business and Career Advancement Program. He has presented lectures and conducted seminars on multiple topics including management, leadership development, strategic planning and entrepreneurship throughout the United States and in six different countries. Among other awards, he was an awards recipient speaker at the Army Aviation Association of America’s Annual Conference. Mr. Trbovich, Jr.’s achievements, operational insights, strategic planning continuity, wide-range multi-industry cognizance, specific industry knowledge, experience and established associations highly qualifies him as a Company Director.

DR. NICHOLAS D. TRBOVICH
Dr. Nicholas D. Trbovich has been a Company Director since the Company was founded in 1959. As a Founder of the Company, substantial shareholder and as the Company’s past President and current CEO, he has managed personally and through delegation the research, development, engineering, manufacturing and administration of the Company as the Company grew and its goals were achieved over the years. He has guided the Company in its transition from being primarily an engineering entity to a Company with expanded manufacturing and new product capabilities. He has been instrumental and successful in obtaining the appropriate corporate financing from banking institutions and the public sale of common shares to meet the Company’s increased requirements to support new product design, development and enhanced manufacturing capabilities. The Company’s designed and developed products fill key roles in many of the world’s well-known aerospace programs such as the Boeing 700 and Airbus 300 Series of commercial jets, the F-135, F-18, F-16, F-15 and various other jet fighters, jet transports, helicopters, bombers and the Hubbell Space Telescope. Dr. Trbovich’s past and/or current business Directorships include manufacturing companies, banking institutions, professional and other enterprises. An elected Member of the Niagara Frontier Aviation and Space Hall of Fame, he is a holder of patents, recipient of Awards (i.e. Entrepreneur of the Year and other business and/or technical awards), a member of professional associations, a published author, a Guest Lecturer at the University of Rochester, Columbia University, University of Alabama and others. He received the Distinguished Alumnus Award from the University of Rochester where he earned two Doctorates and an MBA. He has also been awarded three Honorary Doctorates from three other colleges, a Doctor of Science (Sc.D.), Doctor of Laws (LL.D) and a Doctor of Humane Letters (L.H.D.) and is a member of three Honor Societies, Beta Gamma Sigma, Pi Lambda Theta and Kappa Delta Pi and a life member of MENSA. He has held various leadership positions including Chairman of the Board of Trustees for two colleges and past Vice Chairman of the Board for a third college. His collective achievements, broad range of recognitions and continuing dedicated efforts to meet and exceed Company goals highly qualifies him as a Company Director.
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(b)Executive Officers.  The following is a listing of the Company’s current Executive Officers:
 Name Age
Position with the Company
and Principal Occupation
and Business Experience
for Past Five Years
Dr. Nicholas D. Trbovich
  76Founder, Chairman of the Board of Directors; Chief Executive Officer of the Company for more than five years; Also, President of the Company for more than five years before Oct. 2010.
Nicholas D. Trbovich, Jr.
  51
Director of the Company since 1990; Chief Operating Officer of the Company since 2007; President of the Company since Oct. 2010; Executive Vice President of the Company from 2006-2010.
Cari L. Jaroslawsky
 42
Treasurer and Chief Financial Officer of the Company since 2005; CPA Consultant/Controller for the Company for more than five years prior to 2005.
Nicholas D. Trbovich, Jr., an Executive Officer, is the son of Dr. Nicholas D. Trbovich. There are no other family relationships between any of the Directors or Executive Officers of the Company.
(c)

Delinquent Section 16(a) Beneficial Ownership Reporting Compliance.  Based solely on its review of reports filed pursuant to Reports

Section 16(a) of the Securities Exchange Act or representations from Directorsof 1934 requires directors and Executive Officers requiredexecutive officers and persons who own more than ten percent of the Company’s Common Stock to file such reports,report their ownership and any changes in that ownership to the Securities and Exchange Commission. The Company believes that all such filings required ofSection 16(a) filing requirements applicable to its Executive Officers and Directorsdirectors, executive officers and greater than 10%ten percent beneficial owners (subject to the qualifications in the following sentence) were timely mademet for 2011. The Company does not have information with respect to the reporting compliance of Mr. Houtkin or his estate.

(d)2021.

Code of Ethics.

The Company has adopted a Code of Ethics and Business Conduct (the Code) that applies to all Directors, Officersdirectors, officers and employees of the Company as required by the listing standards of the NYSE Amex.American. The Code is available on the Company’s website at www.servotronics.com and the Company intends to disclose on this website any amendment to the Code. Waivers under the Code, if any, will be disclosed under the rules of the SEC and the NYSE Amex.American.


(e)

Shareholder Nominations of Director Candidates

Under our By-laws, a shareholder of record may nominate a person for election as a director at next year’s annual meeting if the shareholder has delivered timely notice to our Corporate Secretary setting forth:

•the name, age, business address and residence address of each proposed nominee;

•the principal occupation or employment of each nominee;

•the number of shares of Servotronics capital stock which are owned of record and beneficially by each such nominee;

•a written questionnaire with respect to the background and qualification of such proposed nominee and a written statement and agreement executed by each such nominee acknowledging that such person: (A) consents to being named in the Company’s proxy statement as a nominee and to serving as a director if elected, (B) intends to serve as a director for the full term for which such person is standing for election, and (C) makes certain other representations as set forth in the By-laws;

•certain information regarding the proposing shareholder; and

•any other information concerning each nominee that would be required under the rules of the SEC in a proxy statement soliciting proxies for the election of those nominees.

Audit Committee.  The Board of Directors has an

In 2021, the Audit Committee comprisedconsisted of Dr. DuerigMessrs. Gygax and Marks with Mr. Hedges. The Board has (i) determined that Dr. DuerigMarks chairing the Committee and Mr. Hedges are Independent Directors pursuant to the listing standards of the NYSE Amex; and (ii)being designated Dr. Duerig as the Company’s “Audit Committee financial expert”.

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Ms. Howard and Mr. Wax were added to the Audit Committee in April 2022 in connection with their appointment to the Board. Each member of each of the Audit Committee is “independent” as that term is defined in the NYSE American listing standards. The Audit Committee meets with the Company’s Independent Auditors and reviews with them matters relating to corporate financial reporting and accounting procedures and policies, the adequacy of financial, accounting and operating controls, the scope of the audit and the results of the audit. The Audit Committee is also charged with the responsibility of submitting to the Board of Directors any recommendations it may have from time to time with respect to financial reporting and accounting practices, policies and financial accounting and operation controls and safeguards.

Item 11.
Executive Compensation.

The Summary Compensation Table quantifies the amount or value of the different forms of compensation earned by or awarded to the Company’s Chief Financial Officer and Chief Operating Officer as well as the former Chief Executive Officer of the Company (the “Named Officers”) in fiscal 2021 and 2020 and provides a dollar amount for total compensation.

The Compensation Process Overview

The Compensation Committee determines the compensation of the Company’s Executive Officers in accordance with the NYSE American listing standards. The most significant aspects of management’s role are evaluating employee performance, recommending business performance targets and objectives, and recommending salary levels and other compensation awards, however final compensation determinations for all Executive Officers are approved by the Compensation Committee and ratified by the Board.

Base Salary

The Compensation Committee seeks to provide the Company’s Executive Officers with a level of assured cash compensation in the form of base salary that is commensurate with their professional status, accomplishments and geographic location. The base salaries are reviewed annually by the Compensation Committee and are adjusted from time to time to recognize competitive market data, the officer’s level of responsibility, outstanding individual performance, promotions and internal equity considerations. For the year ended December 31, 2021, base salary paid to each Named Officer is as set forth in the Summary Compensation Table.


Annual Bonus

The Company also makes cash awards to the Executive Officers and other employees that are not part of any pre-established, performance-based criteria. Awards of this type are completely discretionary and subjectively determined by the Compensation Committee at the time they are awarded. In the event this type of cash award is made, it is reflected in the “Summary Compensation Table” under a separate column entitled “Bonus”.

Equity Awards

Pursuant to the 2012 Long-Term Incentive Plan, as approved by the Company’s shareholders, the Compensation Committee may grant equity awards, the vesting of which may be based on the passage of time, achievement of performance conditions or vesting conditions otherwise determined by the Compensation Committee. No equity awards were granted in 2021.

Other Benefits

The Company generally provides employees with medical, life and disability insurance benefits.  All employees are eligible to participate in the Company’s 401(k) Plan to which employees are able to contribute up to the limit prescribed by the Internal Revenue Service.  The Company generally matches 75% of the first 4% of eligible compensation that is contributed to the Plan.  All employee deferral contributions and Company matching contributions are fully vested upon contribution.  All employees are also participants in the Employee Stock Ownership Plan.

Summary Compensation Table

The following table containspresents information with respectrelating to total compensation of the annual compensationNamed Executive Officers for the fiscal years ended December 31, 20112021 and 2010 for the Company’s Chief Executive Officer and the two most highly compensated Executive Officers who were serving as Executive Officers at December 31, 2011 (the “Named Executive Officers”).

2020.

Name and Principal Position Year Salary  Bonus  

All Other
Compensation(1)

  Total 
Lisa F. Bencel 2021 $245,960   --  $47,684  $293,644 
Chief Financial Officer 2020 $245,960  $40,000  $47,128  $333,088 
                   
James C. Takacs 2021 $220,740   --  $38,313  $259,053 
Chief Operating Officer 2020 $220,740  $25,000  $65,688  $311,428 
                   
Kenneth D. Trbovich 2021 $632,289   --  $221,211  $853,500 
Former Chief Executive Officer 2020 $639,496  $100,000  $376,022  $1,115,518 
                   

 

Name and
Principal Position
YearSalaryBonus
All Other
Compen-
sation (1)
Total
Dr. Nicholas D. Trbovich
  Chairman of the Board and
  CEO
2011
2010
$539,880
 $514,733
$57,000
$27,500
$311,922
 $353,071
$908,802
$895,304
Nicholas D. Trbovich, Jr.
  Director, President and COO
2011
2010
$321,023
$306,070
$47,000
$22,500
$178,087
 $149,500
$546,110
$478,070
Cari L. Jaroslawsky
  CFO and Treasurer
2011
2010
$173,440
$165,360
  $17,000
$7,500
$46,618
$33,460
$237,058
$206,320
(1)All Other Compensation for 20112021 includes (i) an$2,831 for Ms. Bencel, $2,824 for Mr. Takacs and $2,831 for Mr. Trbovich in connection with the allocation of 689 shares of Common Stock under the Servotronics Inc.’s Employee Stock Ownership Plan (“ESOP”) for Dr. Trbovich and Mr. Trbovich, Jr., and 606 shares for Ms. Jaroslawsky valued as of November 30, 2011 (the date of allocation), at the closing price on the NYSE AmexNovember 30, 2021 (the date of $8.96 per share;allocation); (ii) $41,936, $24,210$2,526, $1,476 and $13,276$630 for Dr. Trbovich,Ms. Bencel, Mr. Takacs and Mr. Trbovich, Jr.respectively, for life insurance; (iii) $34,596, $11,203 and $30,130 for Ms. Jaroslawsky,Bencel, Mr. Takacs and Mr. Trbovich, respectively, for health, dental and vision insurance premiums and the reimbursement of medical/ health related expenses not covered under the Company’s health insurance plans; (iv) $7,731, $6,666, and $7,200 for Company 401k match and dividends paid on vested shares of restricted stock shares for Ms. Bencel, Mr. Takacs and Mr. Trbovich, respectively; (v) $16,144 and $173,300 for Mr. Takacs and Mr. Trbovich, respectively for vacation pay in lieu of time off pursuant to a policy that is generally applicable to all employees of the Company; (iii) $15,450, $5,188, and $4,976 for Dr. Trbovich, Mr. Trbovich Jr., and Ms. Jaroslawsky, respectively, for benefit parity payments in lieu of pension related benefits that are limited by the terms of the ESOP; (iv) $11,124, $966 and $278 for Dr. Trbovich, Mr. Trbovich, Jr. and Ms. Jaroslawsky, respectively, for life insurance; (v) $31,262, $30,723 and $22,655 for Dr. Trbovich, Mr. Trbovich, Jr. and Ms. Jaroslawsky, respectively, for health insurance and medical/health related expenses; (vi) $205,975 and $109,690 for Dr. Trbovich and Mr. Trbovich, Jr., respectively for the surrender of unexercised options to the Company in exchange for a cash payment equal to the difference between the exercise price and the average of the high and low market price ($8.965 on July 12, 2011) of the Company’s common stock on the day of surrender less an administrative charge. The number of options surrendered for Dr. Trbovich and Mr. Trbovich, Jr. was 45,000 (exercise price of $4.38) and 24,000 (exercise price of $4.38), respectively; (vii) $1,241$7,120 for personal use of a company car for Mr. Trbovich, Jr.Trbovich.


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Employment Agreements.
Dr. Trbovich and Mr. Trbovich, Jr. have employment agreements with the Company pursuant to which they are entitled to receive minimum salary compensation of $545,170 and $324,170 per annum respectively, or such greater amount as the Company’s Board of Directors may approve/ratify and individual and spousal lifetime health and life insurance benefits. In the event of Dr. Trbovich’s or Mr. Trbovich, Jr.’s death or total disability during the term of the employment agreement, they or their respective estates are entitled to receive 50% of the compensation they are receiving from the Company at the time of their death or disability during the remainder of the term of the employment agreement. Also, in the event of (i) a breach of the agreement by the Company, (ii) a change in control of the Company, as defined, or (iii) a change in the responsibilities, positions or geographic office location of Dr. Trbovich or Mr. Trbovich, Jr., they are entitled to terminate the agreement and receive a payment of 2.99 times their average annual compensation from the Company for the preceding five years. If this provision is invoked by Dr. Trbovich or Mr. Trbovich, Jr. and the Company makes the required payment, the Company will be relieved of any further salary liability under the agreement notwithstanding the number of years covered by the agreement prior to termination. The term of the agreement extends to and includes December 31, 2015 for Dr. Trbovich and extends to and includes December 31, 2018 for Mr. Trbovich, Jr., provided however, the term of the agreement will be automatically extended for one additional year beyond its then expiration date unless either party has notified the other in writing that the term will not be extended. If the Company elects not to extend the agreement, Dr. Trbovich and/or Mr. Trbovich, Jr. will be entitled to a severance payment equal to nine months’ salary and benefits.
The Company provides certain post retirement health and life insurance benefits for Dr. Trbovich and Mr. Trbovich, Jr. Upon retirement and after attaining at least the age of 65, the Company will pay the annual cost of health insurance for the retired executives and dependents and will continue the Company provided life insurance offered at the time of retirement. The retiree’s health insurance benefits ceases upon the death of the retired executive. The actuarially calculated future obligation of the benefits at December 31, 2011 and 2010 is $316,395 and $295,477, respectively.
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Outstanding Equity Awards at 2011 Fiscal Year End.
The following table shows information with respect to the value of unexercised options held by the Named Executive Officers as of December 31, 2011. All of the options granted to the Named Executive Officers are fully vested and exercisable.
 
      Option Awards  
Named Executive Officer 
Number of securities
underlying
 unexercised
options (#)
  
Option
Exercise
Price
 
Option
Expiration
 Date
        
Dr. Nicholas D. Trbovich  25,000  $4.70 12/29/2015
Nicholas D. Trbovich, Jr. Jr.  15,000  $4.70 12/29/2015
Cari L. Jaroslawsky  1,000  $4.70 12/29/2015
On October 25, 2011, Mr. Trbovich, Jr. exercised 27,000 stock options and the aggregate dollar value realized was $179,685. On November 1, 2011, Dr. Trbovich exercised 50,000 stock options and the aggregate dollar value realized was $310,750.
Directors’ Compensation.
Under the Company’s compensation arrangements, non-employee Directors are paid a yearly Director’s fee of $22,500 plus a per meeting fee of $1,000 and reimbursement of actual expenses for attendance at Board meetings. Directors who are also employees do not receive the Director’s and/or meeting fees. Members of the Audit Committee of the Board are paid a yearly Audit Committee fee of $7,500 plus a per-meeting fee of $750 and reimbursement of actual expenses for attendance at Audit Committee meetings.
The following table contains information with respect to the compensation paid to the non-employee Directors for the year ended December 31, 2011.
 
 
           Name
 
Fees Earned or Paid in Cash (1)
  
Option
Awards (2)
  
All other Compensation (3)
  Total 
Dr. William H. Duerig $41,500   --  $73,010  $114,510 
Donald W. Hedges, Esq. $41,500   --  $73,010  $114,510 
(1)Includes cash compensation earned by the Directors during the fiscal year 2011.
(2)No options were awarded in 2011. As of December 31, 2011, each of Dr. Duerig’s and Mr. Hedges’ stock option holdings in the Company consisted of: 18,000 options with an exercise price of $2.045 expiring on April 10, 2013; and 7,500 options with an exercise price of $4.70 expiring on December 29, 2015. All stock options listed in this note (2) were exercisable at December 31, 2011.
(3)In July of 2011, Dr. Duerig and Mr. Hedges each surrendered 16,000 unexercised options to the Company in exchange for a cash payment equal to the difference between the exercise price of $4.38 and the average of the high and low market price ($8.965 on 7/12/11) of the Company’s common stock on the day of surrender less an administrative charge.
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Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
(a)Security Ownership of Certain Beneficial Owners.  

Securities Authorized for Issuance Under Equity Compensation Plans

The following table listssets forth the persons that owned beneficially,securities authorized for issuance under the Company’s equity compensation plans as of MarchDecember 31, 2012, more than 5% of the outstanding shares of Common Stock of the Company, based on the Company’s records. Unless otherwise stated, each person has sole voting and investment power with respect to the shares of Common Stock indicated as beneficially owned by that person.

2021:

Name and Address of
 Beneficial Owner
Amount and Nature of
Beneficial Ownership
Percent of
 Class (1)
      
Servotronics, Inc. Employee  670,947 (2)   28.9%Number of 
Stock Ownership Trust (2)Number of     securities
1110 Maple Streetsecurities to be     
P.O. Box 300
Elma, New York   14059remaining 
  issued upon  
Dr. Nicholas D. Trbovich (3) 460,645 (3)  19.7%
1110 Maple StreetWeighted-average  
P.O. Box 300
Elma, New York   14059available for 
  exercise of  
Harvey Houtkin (4)   352,088 (4)  15.2%
160 Summit Avenueexercise price of  
Montvale, New Jersey   07645future issuance 
  outstanding  outstandingunder 
  options,optionsequity
warrants andwarrants andcompensation
Plan categoryrightsrightsplans
Equity compensation plans approved by security holders—   —88,277
Equity compensation plans not approved by security holders———
Total——88,277

Security Ownership of Certain Beneficial Owners

To the best of our knowledge, no person or group (as those terms are used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) beneficially owned, as of April 25, 2022, more than five percent of the shares of Common Stock outstanding, except as set forth in the following table.

Name and Address of Beneficial Owner

Amount of Common Stock Beneficially Owned

Percent of

Common Stock (1)

Servotronics, Inc. Employee Stock Ownership Trust
1110 Maple Street
Elma, NY 14059		440,649(2)17.7%
Estate of Dr. Nicholas D. Trbovich
960 Porterville Road
East Aurora, NY 14052		393,818(3)15.8%
Brent D. Baird
25 Melbourne Place
Buffalo, NY 14222		239,000(4)9.6%
Wax Asset Management, LLC
44 Cherry Lane
Madison, CT 06443		158,615(5)6.4%
FMR LLC
245 Summer Street
Boston, MA 02210		138,330(6)5.6%

 

(1)Percent of class isThe percentages are based upon 2,318,3712,491,667 shares of Common Stock outstanding as of March 31, 2012 plus, in the case of Dr. Trbovich, the shares underlying his stock options, all of which are presently exercisable.April 25, 2022.

(2)The TrusteesTrustee of the Servotronics, Inc. Employee Stock Ownership Trust (the “ESOT”) -- Dr. Nicholas D. Trbovich and Nicholas D. Trbovich, Jr. -- directdirects the voting of unallocated shares. The participants in the related plan have the right to direct the voting of shares which have been allocated to their respective accounts; if a participant does not direct the vote, the TrusteesTrustee may direct the vote of that participant’s shares. As of March 31, 2012,April 25, 2021, approximately 435,833384,014 shares are allocated to the accounts of participants and approximately 235,11456,635 shares remain unallocated.

(3)This amount includes (i) 26,809 shares held by a charitable foundation for which Dr.Kenneth D. Trbovich serves as a Trustee; (ii) 25,000 shares which Dr.and Michael Trbovich has the right to acquire under stock options which are currently exercisable; and (iii) approximately 45,775 shares allocated to Dr. Trbovich’s accountco-executors under the ESOT.Estate of Nicholas D. Trbovich and share voting and investment power with respect to these shares. These amounts do not include the shares beneficially owned by certain of Dr. Trbovich’s other relatives. Also, except as set forth in this note (3), does not include shares held by the ESOT as to which Dr. Trbovich serves as one of the two Trustees. See note (2) above.

(4)This information is based on a statement onAccording to an amended Schedule 13D as last amended on February 12, 2004, filed by Mr. HoutkinBrent D. Baird with the Securities and Exchange Commission. According toSEC on April 6, 2022, Mr. Houtkin’s statement, he hadBaird has sole voting power and investmentsole dispositive power with respect to 190,000239,000 shares of Common Stock.


(5)According to a Schedule 13G filed by Wax Asset Management, LLC with the SEC on January 31, 2022, these shares of Common Stock are owned by investment advisory clients of Wax Asset Management, LLC, which is deemed to be a beneficial owner of those shares pursuant to Rule 13d-3 under the Securities Exchange Act of 1934, due to its discretionary power to make investment decisions over such shares for its clients. Investment advisory contracts also grant the Adviser voting power over the securities held in client accounts.

(6)According to an amended Schedule 13G filed by FMR LLC with the SEC on February 9, 2022, Fidelity Management & Research Company LLC, a wholly- owned subsidiary of FMR LLC, is the beneficial owner of 138,330 shares of our common stock, as a result of acting as an investment adviser to various investment companies registered under the Investment Company Act of 1940. Abigail P. Johnson, Director, Chairman and sharedChief Executive Officer of FMR LLC and FMR LLC, through its control of Fidelity Management & Research Company LLC and the funds, each has sole power to dispose of the 140,130 shares of our common stock owned by such funds. Neither FMR LLC nor Abigail P. Johnson has the sole power to vote or direct the voting and investment power with respect to 162,088 shares. Mr. Houtkin disclaimed beneficial ownership in additionalof the shares owned directly by other memberssuch funds, which power resides with the funds’ Boards of his family. TheTrustees. Fidelity Management & Research Company has received no further information from Mr. Houtkin or on his behalf.LLC carries out the voting of the shares under written guidelines established by the funds’ Boards of Trustees.
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(b)

Security Ownership of Management. and Directors

The following table sets forth as of March 31, 2012,certain information asavailable to the beneficial ownership ofCompany with respect to shares of Common Stock of the Company heldowned by each Director, Executive Officerdirector, each nominee for director, each executive officer and by all Directorsdirectors, nominees and Officersexecutive officers as a group, (each individual listed in the following table has sole voting and investment power with respect to the sharesas of Common Stock indicated as beneficially owned by that person, except as otherwise indicated):

April 25, 2022:

Name of Beneficial Owner

Amount of Common Stock Beneficially Owned

Percent of
Common Stock (1)

Lisa F. Bencel8,549(2)*
Edward C. Cosgrove, Esq.9,153*
William F. Farrell, Jr.6,794*
Lucion P. Gygax9,153*
Karen L. Howard118*
Christopher M. Marks9,153*
James C. Takacs37,721(3)1.5%
Kenneth D. Trbovich502,598(4)20.2%
Evan H. Wax158,733(5)6.4%
All directors, nominees and executive officers as a group741,97229.8%

 

Name of
 Beneficial Owner
*
Amount and Nature of
Beneficial Ownership
Percent of
 Class (1)
Dr. Nicholas D. Trbovich  460,645 (2)  19.7%
Nicholas D. Trbovich, Jr. 87,515 (3) 3.8%
Donald W. Hedges, Esq. 30,236 (4) 1.3%
Dr. William H. Duerig29,093 (5)1.2%
Cari L. Jaroslawsky 2,606 (6) 0.1%
All Directors and Officers as a group 885,085 (7)  36.7%
Less than 1.0%.
____________________

(1)Percent of class isThe percentages are based upon 2,318,3712,491,667 shares of Common Stock outstanding as of March 31, 2012 plus the number of shares subject to stock options held by the indicated person or group.April 25, 2022.

(2)See note (7) below and note (3)Includes 1,262 shares allocated to Ms. Bencel’s account under the table in “Security Ownership of Certain Beneficial Owners”.ESOT.

(3)Includes 20,058 shares allocated to Mr. Takacs’ account under the ESOT.

(4)This amount includes (i) 15,000393,818 shares held by the Estate of Dr. Trbovich for which Mr. Trbovich Jr. hasis the right to acquire under stock optionsco-executor and shares voting and investment control over those shares; (ii) 17,609 shares held by a charitable foundation for which are currently exercisable;Mr. Trbovich serves as the Trustee; and (ii) approximately 29,701(iii) 13,833 shares allocated to Mr. Trbovich, Jr.’s account under the ESOT. Except as set forth in the preceding sentence, does not include shares held by the ESOT as to which Mr. Trbovich, Jr. serves as one of two Trustees. See note (7) below.
(4)This amount includes 25,500 shares which Mr. Hedges has the right to acquire under stock options which are currently exercisable. Mr. Hedges has sole voting and investment power with respect to 4,261 shares and shared voting and investment power with respect to 475 shares.
(5)This amount includes 25,500 shares which Dr. Duerig has the right to acquire under stock options which are currently exercisable.
(6)This amount includes 1,000 shares which Ms. Jaroslawsky has the right to acquire under stock options which are currently exercisable and approximately 606 shares allocated to Ms. Jaroslawsky’sTrbovich’s account under the ESOT.

(7)See notes (2) through (6) above. Also includes unallocated(5)Includes 158,615 shares heldowned by the ESOT overinvestment advisory clients of Wax Asset Management, LLC, which certain officers, as Trustees of the ESOT, may beis deemed to have voting power, as well asbe a beneficial owner of those shares allocatedpursuant to the accounts of all Officers as a groupRule 13d-3 under the related plan. SeeSecurities Exchange Act of 1934, due to its discretionary power to make investment decisions over such shares for its clients. Mr. Wax is the table in “Security OwnershipPresident of Certain Beneficial Owners” and note (2) thereto.Wax Asset Management, LLC.
(c)Securities Authorized for Issuance Under Equity Compensation Plans.  The following table sets forth the securities authorized for issuance under the Company’s equity compensation plans as of December 31, 2011.
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EQUITY COMPENSATION PLAN INFORMATION 
 
Plan category
  
Number of securities
to be issued upon
exercise of outstanding
options, warrants
and rights
 (a)
 
Weighted-average
exercise price of
outstanding options,
warrants and rights
 (b)
 
Number of securities
remaining available for
future issuance under
equity compensation
plans (excluding securities
reflected in column (a))
   (c)
 
Equity compensation
  plans approved by
  security holders
 
   108,500  $3.60  0 
Equity compensation
  plans not approved
  by security holders
   0  0  0 
Total   108,500  $3.60  0 

Item 13.
Certain Relationships and Related Transactions and Director Independence.
Nicholas D. Trbovich, Jr., President

Related Party Transactions

The Company incurred legal fees and Chief Operating Officerdisbursements of approximately $100,000 in 2021 for services provided by a law firm that is owned by Edward C. Cosgrove, Director of the Company, is an inventor or co-inventor of certain issued patents and patent pending applications that are used in the business of a subsidiary of the Company. The patents have been and are currently used by the subject subsidiary on a royalty-free basis with Mr. Trbovich, Jr.’s consent.


On November 3, 2009, the Company entered into a capital lease with a related party of the Company for certain equipment to be used in the expansion of the Company’s capabilities and product lines. Monthly payments of $7,500 which include an imputed fixed interest rate of 2.00% commenced November 3, 2009 and will continue through the fourth quarter of 2016. At December 31, 2011 the present value of the minimal lease payments is approximately $414,000 (after subtracting approximately $21,000 of imputed interest). Aggregate payments required under the capital lease subsequent to December 31, 2011 are as follows: years 2012 through 2015 $90,000 annually and $75,000 in 2016. The Company also entered into a real property lease agreement with the same related party, which provides for annual rental of $60,000. The Company has the option to purchase the building at the appraised value of $506,000. In addition, in the event the Company is successful in obtaining certain tax and/or other incentives from the state the entity operates in, the Company will be required to purchase the building. The Company did not obtain the incentives and did not exercise its purchase option, but the lessor and the Company extended the lease including purchase option for another year. Additionally, in the event that the Company purchases the building, there is an arrangement payable to the related party, providing a threshold in annual earnings is reached by the new subsidiary, which will result in a percentage payment which could be as low as zero dollars to a maximum total in the aggregate of $600,000 which is non-recurring. These transactions are related party transactions because the wife of the Company’s President/COO is the sole shareholder of the company that is leasing/selling the assets. Purchases for inventory from the related party amounted to $0 and $56,000 during 2011 and 2010 respectively.
-11-

Proposed transactions between the Company and a related person are submitted to the Independent Directors which compose the AuditNominating and Corporate Governance Committee for their determinations. In making its determinations, the AuditNominating and Corporate Committee (i.e., Independent Directors) consider, among other factors, whether the proposed transaction is in the Company’s best interest and is on terms no less favorable to the Company than terms generally available from an unaffiliated third-party under the same or similar circumstances and the extent of the related person’s interest in the transaction. Also, the Independent Directors (i.e., Audit Committee)Nominating and Corporate Governance Committee may, at theirits discretion, request an independent appraisal if an independent appraisal has not already been provided. A related party is excluded from participating in the determinations of the AuditNominating and Corporate Governance Committee.

The Board has determined that Dr. Duerig and Mr. Hedges are

Independent Directors pursuant to

Under the listingcorporate governance standards of the NYSE Amex.American, at least fifty percent of our Directors, and, except in limited circumstances, all of the members of our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, must meet the test of “independence” as defined by the NYSE American. The NYSE American standards provide that to qualify as an “independent” director, in addition to satisfying certain bright-line criteria, the Board of Directors must affirmatively determine that a director does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The Board of Directors has an Audit Committee compriseddetermined that each director nominee, other than Messrs. Cosgrove and Farrell, satisfies the bright-line criteria and that no other director or nominee has a relationship with the Company that would interfere with such person’s ability to exercise independent judgment as a member of Dr. Duerig and Mr. Hedges. The Board does not have a standing nominating or compensation committee. Pursuant to Board resolutions, the full Board of Directors approves/ratifies all Director nominees after they are determined by the Independent Directors. Additionally, the Independent Directors determine the compensation of the Chief Executive Officer and all Executive Officers and such determinations are subsequently submitted to the full Board of Directors for approval/ratification.

our Board.

Item 14.
Principal Accountant Fees and Services.

Auditor Fees and Services

The following table shows the fees paid or accrued by the Company for the audit and other services provided by Freed Maxick CPAs, P.C., (“FM”) (Formerly known as Freed Maxick & Battaglia, CPAs, PC) for 2021 and RSM McGladrey, Inc. for fiscal years 2011 and 2010.

  2011  2010 
Audit Fees (1)                                                  $109,000  $93,500 
Tax Service Fees (2)                                                   45,395   52,020 
All Other Fees (3)                                                   1,250   3,150 
 
Total                                                 
 $155,645  $148,670 

2020.

  2021  2020 
Audit Fees(1) $230,745  $218,964 
Tax Fees(2) $59,555  $66,225 
Total $290,300  $285,189 

(1)Audit fees represent fees for professional services provided in connection with the audit of the Company'sCompany’s financial statements and review of the Company'sCompany’s quarterly financial statements and audit services provided in connection with other statutory or regulatory filings.statements. 2021 Audit fees have not yet been finalized.

(2)Tax service fees principally included fees for tax preparation, tax consulting services and tax consultingcompliance services. Through December 21, 2011, tax fees were billed by RSM McGladrey under an alternative practice structure with Freed Maxick CPAs, P.C. (formerly known as Freed Maxick & Battaglia, CPAs, PC). On December 21, 2011, the alternative practice structure with RSM McGladrey ceased to exist and future tax services will be performed by Freed Maxick CPAs, P.C.
(3)Primarily for SEC compliance and assistance.

Policy for Pre-Approval of Audit and Permitted Non-Audit Services

The Audit Committee pre-approves audit and non-audit services provided by FM and RSM McGladrey, Inc.


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Freed Maxick. The Audit Committee of the Board of Directors has considered whether provision of the services described above is compatible with maintaining our accountant'saccountant’s independence and has determined that such services have not adversely affected FM’sFreed Maxick’s independence.


SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant caused this amendment to be signed on its behalf by the undersigned, thereunto duly authorized.

PART IV

Date: April 30, 2012
SERVOTRONICS, INC.
Item 15.
By:
/s/   Cari L. Jaroslawsky, TreasurerExhibits and CFO
Cari L. Jaroslawsky, Treasurer and
Chief Financial Officer
Statement Schedules
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Exhibits
Exhibit No.                      Description

31.1Certification of Chief Executive Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange actAct of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.2002 (Filed herewith)
31.2
31.2Certification of Chief Financial Officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange actAct of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.2002 (Filed herewith)
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 SERVOTRONICS, INC.
April 29, 2022By/s/ William F. Farrell, Jr.
William F. Farrell, Jr.
Chief Executive Officer