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| | | | | A-1 | | |
| | Common Stock | | |||||||||||||||||||||||
Name of Beneficial Owner | | | Common Stock | | | Number of Shares | | Percent of Class(1) | | |||||||||||||||||
| Number of Shares | | Percent of Class(1) | | ||||||||||||||||||||||
Geoffrey S. M. Hedrick(2) | | | | 3,535,567 | | | | | 20.5% | | | |||||||||||||||
Wealth Trust Axiom, LLC(3) | | | | 1,190,653 | | | | | 6.9% | | | |||||||||||||||
Norman H. Pessin(4) | | | | 1,476,331 | | | | | 8.5% | | | |||||||||||||||
Central Square Management LLC(5) | | | | 875,417 | | | | | 5.1% | | | |||||||||||||||
Christopher Harborne(2) | | | | 2,506,322 | | | | | 14.4% | | | |||||||||||||||
Wealth Trust Axiom, LLC(3) | | | | 1,157,040 | | | | | 6.6% | | | |||||||||||||||
Estate of Geoffrey S. M. Hedrick(4) | | | | 1,063,990 | | | | | 6.1% | | | |||||||||||||||
Norman H. Pessin(5) | | | | 861,825 | | | | | 4.9% | | | |||||||||||||||
Central Square Management LLC(6) | | | | 875,417 | | | | | 5.0% | | |
| | | Common Stock | | |||||||||
Name of Beneficial Owner | | | Number of Shares | | | Percent of Class(1) | | ||||||
Geoffrey S. M. Hedrick(2) | | | | | 3,535,567 | | | | | | 20.5% | | |
Shahram Askarpour | | | | | 192,458 | | | | | | 1.1% | | |
Robert E. Mittelstaedt, Jr. | | | | | 171,978 | | | | | | * | | |
Winston J. Churchill | | | | | 8,042 | | | | | | * | | |
Glen R. Bressner | | | | | 107,244 | | | | | | * | | |
Roger A. Carolin(3) | | | | | 38,092 | | | | | | * | | |
Relland M. Winand | | | | | 50,000 | | | | | | * | | |
All executive officers and directors as a group (7 persons) | | | | | 4,103,381 | | | | | | 23.8% | | |
| | | Common Stock | | |||||||||
Name of Beneficial Owner | | | Number of Shares | | | Percent of Class(1) | | ||||||
Shahram Askarpour | | | | | 473,708 | | | | | | 2.7% | | |
Michael Linacre | | | | | 2,465 | | | | | | * | | |
Glen R. Bressner | | | | | 91,957 | | | | | | * | | |
Roger A. Carolin | | | | | 52,790 | | | | | | * | | |
Stephen L. Belland | | | | | 12,161 | | | | | | * | | |
Parizad Olver | | | | | 11,806 | | | | | | * | | |
All current executive officers and directors as a group (6 persons) | | | | | 644,887 | | | | | | 3.7% | | |
Plan Category | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | Weighted-average exercise price of outstanding options, warrants, and rights | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | | |||||||||
Equity compensation plans approved by security holders | | | | | 100,000 | | | | | $ | 7.10 | | | | | | 689,147 | | |
Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 100,00 | | | | | $ | 7.10 | | | | | | 689,147 | | |
Name | | Age | | Director Since | | Current Term Expires | | Positions with the Company | | | Age | | Director Since | | Current Term Expires | | Positions with the Company | | |||||||||||||||||
Shahram Askarpour | | 64 | | 2022 | | 2022 | | Director, Chief Executive Officer | | | | | 66 | | | | | 2022 | | | | | 2024 | | | Director, Chief Executive Officer | | ||||||||
Winston J. Churchill | | 81 | | 1990 | | 2022 | | Director | | ||||||||||||||||||||||||||
Glen R. Bressner | | | | 63 | | | | | 1999 | | | | | 2024 | | | Director, Chairman of the Board | | |||||||||||||||||
Roger A. Carolin | | 66 | | 2016 | | 2022 | | Director | | | | | 68 | | | | | 2016 | | | | | 2024 | | | Director | | ||||||||
Robert E. Mittelstaedt, Jr. | | 78 | | 1989 | | 2022 | | Director | | ||||||||||||||||||||||||||
Glen R. Bressner | | 61 | | 1999 | | 2022 | | Director, Vice-Chairman of the Board | | ||||||||||||||||||||||||||
Stephen L. Belland | | | | 66 | | | | | 2022 | | | | | 2024 | | | Director | |
Plan Category | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | Weighted-average exercise price of outstanding options, warrants, and rights | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | | |||||||||
Equity compensation plans approved by security holders | | | | | 326,342 | | | | | $ | 8.19 | | | | | | 262,187 | | |
Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 326,342 | | | | | $ | 8.19 | | | | | | 262,187 | | |
| | Grant Thornton FY 2021 | | Grant Thornton FY 2020 | | | Grant Thornton FY 2023 | | Grant Thornton FY 2022 | | ||||||||||||||||
Audit Fees | | | $ | 373,275 | | | | $ | 374,019 | | | | | $ | 636,908 | | | | $ | 394,275 | | | ||||
Audit Related Fees | | | | | | | | | 2,625 | | | | | | 115,500 | | | | | 15,750 | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total | | | $ | 373,275 | | | | $ | 376,644 | | | | | $ | 752,408 | | | | $ | 410,025 | | |
Name | | Fees Earned or Paid in Cash $(1) | | Stock Awards $(2) | | Option Awards $ | | Non-Equity Incentive Plan Compensation $ | | Change in Pension Value and Non-qualified Deferred Compensation Earnings | | All Other Compensation $ | | Total $ | | | Fees Earned or Paid in Cash $(1) | | Stock Awards $(2) | | Option Awards $ | | Non-Equity Incentive Plan Compensation $ | | Change in Pension Value and Non-qualified Deferred Compensation Earnings | | All Other Compensation $ | | Total $ | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Glen R. Bressner | | | | 18,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 58,000 | | | | | | 82,241 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 146,350 | | | ||||||||||||||
Winston J. Churchill | | | | 6,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 46,000 | | | | | | 43,250 | | | | | 14,110 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 57,360 | | | ||||||||||||||
Roger A. Carolin | | | | 6,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 46,000 | | | | | | 73,750 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | | | | | | 137,859 | | | ||||||||||||||
Robert E. Mittelstaedt, Jr. | | | | 5,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 45,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen L. Belland | | | | 53,667 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 117,776 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Parizad Olver (Parchi) | | | | 47,500 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 111,609 | | |
Name | | | Age | | | Position | |
Shahram Askarpour | | | | | | ||
Relland M. Winand(1) | | | | | Interim Chief Financial Officer | |
Named Executive Officer | | | Annual Bonus Opportunity as a % of Base Salary | | |||
Shahram Askarpour | | | | | 75% | | |
Michael Linacre | | | | | 40% | | |
Performance Measures | | | Target 100% | | | Maximum 150% | | | Weight (%) | | |||||||||
Revenue ($) | | | | $ | 27,748,000 | | | | | $ | 41,622,000 | | | | | | 33% | | |
Operating Income ($) | | | | $ | 4,353,193 | | | | | $ | 6,529,789 | | | | | | 33% | | |
Qualitative | | | | | — | | | | | | — | | | | | | 33% | | |
Position | | | Minimum Ownership of Common Stock (as multiple of base salary) | | |||
CEO | | | | | 3x | | |
Other Section 16 Officers | | | | | 1x | | |
Name and Principal Position | | Year | | Salary $ | | Bonus $ | | Option Awards $(2) | | All Other Compensation $(1) | | Total $ | | | Year | | Salary $ | | Bonus $ | | Non-Equity Incentive Plan Compensation $ | | Option Awards $(2) | | Stock Awards $(2) | | All Other Compensation $(1) | | Total $ | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geoffrey S. M. Hedrick Chief Executive Officer | | | | | 2021 | | | | | 400,000 | | | | | — | | | | | — | | | | | 18,364 | | | | | 418,364 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 400,000 | | | | | — | | | | | — | | | | | 8,099 | | | | | 408,099 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2019 | | | | | 400,000 | | | | | — | | | | | — | | | | | 8,212 | | | | | 408,212 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shahram Askarpour President | | | | | 2021 | | | | | 300,000 | | | | | — | | | | | — | | | | | 5,700 | | | | | 305,700 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 300,000 | | | | | — | | | | | — | | | | | 5,369 | | | | | 305,369 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2019 | | | | | 300,000 | | | | | — | | | | | — | | | | | 5,600 | | | | | 305,600 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relland Winand Chief Financial Officer | | | | | 2021 | | | | | 200,000 | | | | | — | | | | | | | | | | 4,000 | | | | | 204,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 200,000 | | | | | — | | | | | 362,700 | | | | | 4,000 | | | | | 566,700 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2019 | | | | | 200,000 | | | | | — | | | | | — | | | | | 4,000 | | | | | 204,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shahram Askarpour Chief Executive Officer | | | | | 2023 | | | | | 400,000 | | | | | — | | | | | 355,816 | | | | | 852,000 | | | | | 819,000 | | | | | 12,592 | | | | | 2,439,408 | | | ||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 369,616 | | | | | 300,000 | | | | | — | | | | | — | | | | | — | | | | | 6,585 | | | | | 676,201 | | | ||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2021 | | | | | 300,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 5,700 | | | | | 305,700 | | | |||||||||||||||||||||||||||||||||||||||||||||
Michael Linacre Former Chief Financial Officer | | | | | 2023 | | | | | 233,770 | | | | | — | | | | | 118,605 | | | | | 111,264 | | | | | 49,994 | | | | | 162,491 | | | | | 676,124 | | | ||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 53,077 | | | | | 25,000 | | | | | — | | | | | — | | | | | 49,997(3) | | | | | — | | | | | 128,074 | | |
| | | | | | | | | Estimated Future Payouts under Non-Equity Incentive Plan Awards | | | All other stock awards | | | All other option awards | | | Exercise price of option awards ($/Sh) | | | Grant date fair value if stock and option awards ($)(1) | | |||||||||||||||||||||||||||
Name | | | Grant Date | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Number of shares of stock or units (#) | | | Number of securities underlying options (#) | | ||||||||||||||||||||||||||||||
Shahram Askarpour | | | | | | | | | | | — | | | | | | 300,000 | | | | | | 450,000 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1/11/2023 | | | | | | | | | | | | | | | | | | | | | | | | 100,000 | | | | | | | | | | | | | | | | | | 819,000 | | | ||
| | | 1/11/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 200,000 | | | | | | 8.19 | | | | | | 852,000 | | | ||
Michael Linacre | | | | | | | | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1/11/2023 | | | | | | | | | | | | 100,000 | | | | | | 150,000 | | | | | | | | | | | | | | | | | | 8.19 | | | | | | 54,945 | | | ||
| | | 8/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 12,210 | | | | | | 8.22 | | | | | | 56,319 | | | ||
| | | 8/21/2023 | | | | | | | | | | | | | | | | | | | | | | | | 6,082 | | | | | | 12,164 | | | | | | | | | | | | 49,994 | | |
| | Option Awards | | Stock Awards | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Grant Date | | Number of Securities Underlying Unexercised Options # Exercisable | | Number of Securities Underlying Unexercised Options # Unexercisable | | Equity Incentive Plan Awards Number of Securities Underlying Unexercised Unearned Options # | | Option Exercise Price(2) $ | | Option Expiration Date | | | Number of securities underlying unexercised options (#) exercisable | | Number of securities underlying unexercised options (#) unexercisable | | Option exercise price ($) | | Option expiration date | | Number of shares or units of stock that have not vested (#) | | Market value of shares or units of stock that have not vested ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Geoffrey S. M. Hedrick, | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Shahram Askarpour | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 150,000(1) | | | | | 50,000 | | | | | 8.19 | | | | | 1/11/2033 | | | | | 62,500(2) | | | | | 475,000 | | | ||||||||||||
Relland Winand | | | | 8/27/2020 | | | | | 50,000 | | | | | 50,000 | | | | | — | | | | | 7.10 | | | | | 8/27/2030 | | | |||||||||||||||||||||||||||||||||||||||||||
Michael Linacre | | | | — | | | | | 12,210(3) | | | | | 8.19 | | | | | 1/11/2033 | | | | | 6,082(4) | | | | | 46,223 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | 12,164(4) | | | | | 8.22 | | | | | 8/21/2033 | | | | | 5,915(5) | | | | | 44,954 | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise | | | Value Realized on Exercise $ | | | Number of Shares Acquired on Vesting | | | Value Realized on Vesting ($) | | ||||||||||||
Shahram Askarpour | | | | | — | | | | | | — | | | | | | 37,500 | | | | | | 297,000 | | |
Michael Linacre | | | | | — | | | | | | — | | | | | | 1,972 | | | | | | 15,184 | | |
| | | PAY VERSUS PERFORMANCE | | |||||||||||||||||||||||||||||||||
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(1)(2)(3) | | | Average Summary Compensation Table Total for Non-PEO NEOs(1) | | | Average Compensation Actually Paid to Non-PEO NEOs(1)(2)(3) | | | Value of Initial Fixed $100 Investment Based on TSR(4) | | | Net Income ($MM) | | ||||||||||||||||||
2023 | | | | $ | 2,439,408 | | | | | $ | 2,394,368 | | | | | $ | 676,259 | | | | | $ | 661,666 | | | | | $ | 124.64 | | | | | $ | 6.02 | | |
2022 | | | | $ | 676,201 | | | | | $ | 676,201 | | | | | $ | 188,028 | | | | | $ | 206,087 | | | | | $ | 122.93 | | | | | $ | 5.52 | | |
| | | | | | 2023 | | | 2022 | | ||||||
Summary Compensation Table Total | | | PEO | | | | $ | 2,439,408 | | | | | $ | 676,201 | | |
| | | Average Non-PEO NEOs | | | | $ | 676,259 | | | | | $ | 188,028 | | |
Deduction for amounts reported under the “Stock Awards” and “Option Awards” columns in the Summary Compensation Table | | | PEO | | | | $ | 1,671,000 | | | | | | — | | |
| | | Average Non-PEO NEOs | | | | $ | 161,258 | | | | | $ | 49,997 | | |
Fair value as of the end of the covered year of awards granted during year that remain unvested as of year-end | | | PEO | | | | $ | 689,560 | | | | | | — | | |
| | | Average Non-PEO NEOs | | | | $ | 154,923 | | | | | $ | 68,056 | | |
Increase/Deduction for change in fair value from prior year-end to current year-end of awards granted prior to that year that were outstanding and unvested as of year-end | | | PEO | | | | | — | | | | | | — | | |
| | | Average Non-PEO NEOs | | | | $ | (6,092) | | | | | | — | | |
Increase for fair value as of the vesting dates for awards granted during year that vest during the year | | | PEO | | | | $ | 936,400 | | | | | | — | | |
| | | Average Non-PEO NEOs | | | | $ | — | | | | | | — | | |
Increase/Deduction for change in fair value from prior year-end to vesting date of awards granted prior to that year that vested during year | | | PEO | | | | | — | | | | | | — | | |
| | | Average Non-PEO NEOs | | | | $ | (2,030) | | | | | | — | | |
Deduction for fair value of awards granted prior to year that were forfeited during year | | | PEO | | | | | — | | | | | | — | | |
| | | Average Non-PEO NEOs | | | | | — | | | | | | — | | |
Compensation Actually Paid | | | PEO | | | | $ | 2,394,368 | | | | | $ | 676,201 | | |
| | | Average Non-PEO NEOs | | | | $ | 661,666 | | | | | $ | 206,087 | | |
| Shahram Askarpour ☐ | | | FOR NOMINEE ☐ | | | WITHHOLD AUTHORITY | |
| ☐ | | | FOR NOMINEE ☐ | | | WITHHOLD AUTHORITY | |
| Glen R. Bressner ☐ | | | FOR NOMINEE ☐ | | | WITHHOLD AUTHORITY | |
| Roger A. Carolin ☐ | | | FOR NOMINEE ☐ | | | WITHHOLD | |
|
| ☐ FOR | | | ☐ AGAINST | | | ☐ ABSTAIN | |