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| | Common Stock | | | Common Stock | | ||||||||||||||||||||
Name of Beneficial Owner | | Number of Shares | | Percent of Class(1) | | | Number of Shares | | Percent of Class(1) | | ||||||||||||||||
Estate of Geoffrey S. M. Hedrick(2) | | | | 3,535,567 | | | | | 20.4% | | | |||||||||||||||
Christopher Harborne(3) | | | | 2,506,322 | | | | | 14.4% | | | |||||||||||||||
Wealth Trust Axiom, LLC(4) | | | | 1,157,040 | | | | | 6.7% | | | |||||||||||||||
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 | | | | | 5.0% | | | | | | 861,825 | | | | | 4.9% | | | ||||
Central Square Management LLC(6) | | | | 875,417 | | | | | 5.0% | | | | | | 875,417 | | | | | 5.0% | | |
| | Common Stock | | | Common Stock | | ||||||||||||||||||||
Name of Beneficial Owner | | Number of Shares | | Percent of Class(1) | | | Number of Shares | | Percent of Class(1) | | ||||||||||||||||
Shahram Askarpour | | | | 217,458 | | | | | 1.3% | | | | | | 473,708 | | | | | 2.7% | | | ||||
Michael Linacre | | | | 2,465 | | | | | * | | | |||||||||||||||
Glen R. Bressner | | | | 68,332 | | | | | * | | | | | | 91,957 | | | | | * | | | ||||
Roger A. Carolin(2) | | | | 44,180 | | | | | * | | | |||||||||||||||
Winston J. Churchill | | | | 14,130 | | | | | * | | | |||||||||||||||
Stephen L Belland | | | | 3,551 | | | | | * | | | |||||||||||||||
Roger A. Carolin | | | | 52,790 | | | | | * | | | |||||||||||||||
Stephen L. Belland | | | | 12,161 | | | | | * | | | |||||||||||||||
Parizad Olver | | | | 3,196 | | | | | * | | | | | | 11,806 | | | | | * | | | ||||
All executive officers and directors as a group (6 persons) | | | | 350,847 | | | | | 2% | | | |||||||||||||||
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 | | | | | 57,584 | | | | | $ | 7.10 | | | | | | 628,824 | | |
Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | 57,584 | | | | | $ | 7.10 | | | | | | 628,824 | | |
Name | | Age | | Director Since | | Current Term Expires | | Positions with the Company | | | Age | | Director Since | | Current Term Expires | | Positions with the Company | | ||||||||||||||||||||||||||
Shahram Askarpour | | | | 65 | | | | | 2022 | | | | | 2023 | | | Director, Chief Executive Officer | | | | | 66 | | | | | 2022 | | | | | 2024 | | | Director, Chief Executive Officer | | ||||||||
Winston J. Churchill | | | | 82 | | | | | 1990 | | | | | 2023 | | | Director | | ||||||||||||||||||||||||||
Glen R. Bressner | | | | 63 | | | | | 1999 | | | | | 2024 | | | Director, Chairman of the Board | | ||||||||||||||||||||||||||
Roger A. Carolin | | | | 67 | | | | | 2016 | | | | | 2023 | | | Director | | | | | 68 | | | | | 2016 | | | | | 2024 | | | Director | | ||||||||
Glen R. Bressner | | | | 62 | | | | | 1999 | | | | | 2023 | | | Director | | ||||||||||||||||||||||||||
Stephen L. Belland | | | | 65 | | | | | 2022 | | | | | 2023 | | | Director | | | | | 66 | | | | | 2022 | | | | | 2024 | | | Director | | ||||||||
Parizad Olver (Parchi) | | | | 43 | | | | | 2022 | | | | | 2023 | | | 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 2022 | | Grant Thornton FY 2021 | | | Grant Thornton FY 2023 | | Grant Thornton FY 2022 | | ||||||||||||||||
Audit Fees | | | $ | 394,275 | | | | $ | 373,275 | | | | | $ | 636,908 | | | | $ | 394,275 | | | ||||
Audit Related Fees | | | | 15,750 | | | | | — | | | | | | 115,500 | | | | | 15,750 | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total | | | $ | 410,025 | | | | $ | 373,275 | | | | | $ | 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 $(3) | | 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 | | | | 29,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | 14,583 | | | | | 83,583 | | | | | | 82,241 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 146,350 | | | ||||||||||||||
Winston J. Churchill | | | | 20,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | 20,416 | | | | | 80,416 | | | | | | 43,250 | | | | | 14,110 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 57,360 | | | ||||||||||||||
Robert E. Mittelstaedt, Jr. | | | | 12,500 | | | | | 53,329 | | | | | — | | | | | — | | | | | — | | | | | 14,117 | | | | | 79,946 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Roger A. Carolin | | | | 20,000 | | | | | 40,000 | | | | | — | | | | | — | | | | | — | | | | | 14,583 | | | | | 74,583 | | | | | | 73,750 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | | | | | | 137,859 | | | ||||||||||||||
Stephen L. Belland | | | | 4,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 8,333 | | | | | 12,833 | | | | | | 53,667 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 117,776 | | | ||||||||||||||
Parizad Olver (Parchi) | | | | 6,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 6,875 | | | | | 12,875 | | | | | | 47,500 | | | | | 64,109 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 111,609 | | |
Name | | | Age | | | Position | |
Shahram Askarpour | | | | | | ||
| | | | 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 $ | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shahram Askarpour Chief Executive Officer | | | | | 2022 | | | | | 369,616 | | | | | 300,000 | | | | | — | | | | | 6,585 | | | | | 676,201 | | | | | | | 2023 | | | | | 400,000 | | | | | — | | | | | 355,816 | | | | | 852,000 | | | | | 819,000 | | | | | 12,592 | | | | | 2,439,408 | | | ||||||||||||
| | | 2021 | | | | | 300,000 | | | | | — | | | | | — | | | | | 5,700 | | | | | 305,700 | | | | | | 2022 | | | | | 369,616 | | | | | 300,000 | | | | | — | | | | | — | | | | | — | | | | | 6,585 | | | | | 676,201 | | | |||||||||||||||
| | | 2020 | | | | | 300,000 | | | | | — | | | | | — | | | | | 5,369 | | | | | 305,369 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael Linacre Chief Financial Officer | | | | | 2022 | | | | | 53,077 | | | | | 25,000 | | | | | — | | | | | — | | | | | 78,077 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Geoffrey S. M. Hedrick, Former Chief Executive Officer | | | | | 2022 | | | | | 123,326 | | | | | — | | | | | — | | | | | 817 | | | | | 124,143 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 400,000 | | | | | — | | | | | — | | | | | 18,364 | | | | | 418,364 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 400,000 | | | | | — | | | | | — | | | | | 8,099 | | | | | 408,099 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Relland Winand Former Chief Financial Officer | | | | | 2022 | | | | | 157,692 | | | | | 100,000 | | | | | 49,023 | | | | | 5,154 | | | | | 311,869 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 200,000 | | | | | — | | | | | — | | | | | 4,000 | | | | | 204,000 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 200,000 | | | | | — | | | | | 362,700 | | | | | 4,000 | | | | | 566,700 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 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 | | |
(1) The amounts included in this column are the dollar amounts representing the grant date fair value of each restricted stock unit or option share, as applicable, calculated in accordance with FASB ASC Topic 817, and do not represent the actual value that may be recognized by the named executive officers upon vesting of restricted stock units or options. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | 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 ($) | | Option expiration date | | Number of shares or units of stock that have not vested (#) | | Market value of shares or units of stock that have not vested ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Shahram Askarpour | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 150,000(1) | | | | | 50,000 | | | | | 8.19 | | | | | 1/11/2033 | | | | | 62,500(2) | | | | | 475,000 | | | ||||||||||||
Michael Linacre | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | 12,210(3) | | | | | 8.19 | | | | | 1/11/2033 | | | | | 6,082(4) | | | | | 46,223 | | | ||||||||||||
Geffrey S.M. Hedrick | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||
Relland Winand | | | | 8/27/2020 | | | | | 57,584 | | | | | 57,584 | | | | | — | | | | | 7.10 | | | | | 8/27/2030 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | 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 | | | | | | | WITHHOLD AUTHORITY | | ||
| Stephen L. Belland | | | | | | | WITHHOLD AUTHORITY | | ||
| Glen R. Bressner | | | | | | | WITHHOLD AUTHORITY | | ||
| Roger A. Carolin | | | | |||||||
☐ | | | |||||||||
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| ☐ FOR | | | ☐ AGAINST | | | ☐ ABSTAIN | |