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| Paul A. Pittman | | | Luca Fabbri | |
| Executive Chairman | | | President and Chief Executive Officer | |
| | | | By Order of the Board of Directors, | |
| | | | | |
| | | | Christine M. Garrison General Counsel and Secretary | |
| Denver, Colorado March 15, 2024 | | | | |
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Name | | Age(1) | | Title | | Director Since | | | Age(1) | | Title | | Director Since | | ||||||
Chris A. Downey | | 72 | | Independent Director | | 2014 | | |||||||||||||
Luca Fabbri | | 54 | | President and Chief Executive Officer | | 2023 | | | 55 | | President and Chief Executive Officer | | 2023 | | ||||||
Joseph W. Glauber | | 69 | | Independent Director | | 2015 | | |||||||||||||
John A. Good | | 65 | | Independent Director | | 2018 | | | 66 | | Independent Director | | 2018 | | ||||||
Jennifer S. Grafton | | 46 | | Independent Director | | 2023 | | | 47 | | Independent Director | | 2023 | | ||||||
Thomas P. Heneghan | | 59 | | Independent Director | | 2020 | | |||||||||||||
Danny D. Moore | | 60 | | Independent Director | | 2021 | | | 61 | | Independent Director | | 2021 | | ||||||
Paul A. Pittman | | 60 | | Executive Chairman | | 2014 | | | 61 | | Executive Chairman | | 2014 | | ||||||
Murray R. Wise | | 74 | | Chairman Emeritus, Murray Wise Associates LLC | | 2021 | |
| | Year Ended December 31, 2022 | | Year Ended December 31, 2021 | | | Year Ended December 31, 2023 | | Year Ended December 31, 2022 | | ||||||||||||||||
Audit Fees(1) | | | $ | 538,853 | | | | $ | 492,253 | | | | | $ | 537,597 | | | | $ | 538,853 | | | ||||
Audit-Related Fees(2) | | | | 77,215 | | | | | 89,500 | | | | | | 0 | | | | | 77,215 | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total | | | $ | 616,068 | | | | $ | 581,753 | | | | | $ | 537,597 | | | | $ | 616,068 | | |
Member | | | Audit Committee | | | Compensation Committee | | | Nominating and Corporate Governance Committee | |
Chris A. Downey+* | | | X | | | X (chair) | | | X | |
Joseph W. Glauber | | | | | | X | | | | |
John A. Good* | | | X (chair) | | | X | | | X | |
Jennifer S. Grafton | | | | | | | | | | |
Thomas P. Heneghan | | | X | | | | | | | |
Danny D. Moore | | | | | | | | | X (chair) | |
Name | | Fees Paid in Cash | | Awards(1) | | Stock Compensation(2) | | Total | | | Fees Paid in Cash | | Awards(1) | | Stock Compensation(2) | | Total | | ||||||||||||||||||||||||||||||||
Chris A. Downey | | | $ | 65,625 | | | | $ | 45,840 | | | | $ | 880 | | | | $ | 112,345 | | | | | $ | 52,488(3) | | | | $ | 48,800 | | | | $ | 960 | | | | $ | 102,248 | | | ||||||||
Joseph W. Glauber | | | $ | 50,000 | | | | $ | 45,840 | | | | $ | 880 | | | | $ | 96,720 | | | | | $ | 40,000 | | | | $ | 48,800 | | | | $ | 960 | | | | $ | 89,760 | | | ||||||||
John A. Good | | | $ | 59,375 | | | | $ | 45,840 | | | | $ | 880 | | | | $ | 106,095 | | | | | $ | 47,500 | | | | $ | 48,800 | | | | $ | 960 | | | | $ | 97,260 | | | ||||||||
Jennifer S. Grafton | | | | — | | | | | — | | | | | — | | | | | — | | | | | $ | 39,375 | | | | $ | 40,680 | | | | $ | 720 | | | | $ | 80,775 | | | ||||||||
Thomas P. Heneghan | | | $ | 10,000 | | | | $ | 45,840 | | | | $ | 30,873(4) | | | | $ | 86,713 | | | | | $ | 49,980(3) | | | | $ | 48,800 | | | | $ | 960 | | | | $ | 99,740 | | | ||||||||
Danny D. Moore | | | | — | | | | $ | 45,840 | | | | $ | 30,035(4) | | | | $ | 75,875 | | | | | $ | 52,460(3) | | | | $ | 48,800 | | | | $ | 960 | | | | $ | 102,220 | | | ||||||||
Murray R. Wise | | | | — | | | | | — | | | | | — | | | | $ | 292,820(5) | | | | | | — | | | | | — | | | | | — | | | | $ | 149,350(4) | | |
Name | | | Age(1) | | | Title | |
Paul A. Pittman | | | | | Executive Chairman | | |
Luca Fabbri | | | | | President and Chief Executive Officer | | |
James Gilligan | | | | | Chief Financial Officer and Treasurer | |
2023 | | | 2022 | | ||||||
Name | | | Title | | | Name | | | Title | |
Luca Fabbri | | | Chief Executive Officer and President | | | Paul Pittman | | | Chairman and Chief Executive Officer | |
Paul A. Pittman | | | Executive Chairman | | | Luca Fabbri | | | President | |
James Gilligan | | | Chief Financial Officer and Treasurer | | | James Gilligan | | | Chief Financial Officer and Treasurer | |
Name and Principal Position | | Year | | Salary | | Bonus(1) | | Stock Awards(2) | | All Other Compensation(3) | | Total | | | Year | | Salary | | Non- Equity Incentive Comp(1) | | Bonus(2) | | Stock Awards(3) | | All Other(4) | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Paul A. Pittman (4) Executive Chairman | | | | | 2022 | | | | $ | 575,000 | | | | $ | 718,000 | | | | $ | 749,998 | | | | $ | 23,605 | | | | $ | 2,066,603 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 551,250 | | | | $ | 698,750 | | | | $ | 450,000 | | | | $ | 25,252 | | | | $ | 1,725,252 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Luca Fabbri (4) President and Chief Executive Officer | | | | | 2022 | | | | $ | 330,000 | | | | $ | 215,000 | | | | $ | 377,494 | | | | $ | 14,703 | | | | $ | 937,197 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 315,000 | | | | $ | 157,500 | | | | $ | 320,000 | | | | $ | 14,879 | | | | $ | 807,379 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
James Gilligan (5) Chief Financial Officer and Treasurer | | | | | 2022 | | | | $ | 309,000 | | | | $ | 150,000 | | | | $ | 199,994 | | | | $ | 4,750 | | | | $ | 663,744 | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 200,000 | | | | $ | 100,000 | | | | $ | 133,324 | | | | $ | 1,576 | | | | $ | 434,900 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Paul A. Pittman (5) Executive Chairman | | | | | 2023 | | | | $ | 575,000 | | | | $ | 215,625 | | | | $ | 359,375 | | | | $ | 1,006,243 | | | | $ | 33,360 | | | | $ | 2,189,603 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 575,000 | | | | $ | 0 | | | | $ | 718,000 | | | | $ | 749,998 | | | | $ | 23,605 | | | | $ | 2,066,603 | | | |||||||||||||||||||||||||||||||||||||||||||||
Luca Fabbri (5) President and Chief Executive Officer | | | | | 2023 | | | | $ | 375,000 | | | | $ | 103,125 | | | | $ | 171,875 | | | | $ | 494,993 | | | | $ | 17,830 | | | | $ | 1,162,823 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 330,000 | | | | $ | 0 | | | | $ | 215,000 | | | | $ | 377,494 | | | | $ | 14,703 | | | | $ | 937,197 | | | |||||||||||||||||||||||||||||||||||||||||||||
James Gilligan Chief Financial Officer and Treasurer | | | | | 2023 | | | | $ | 325,000 | | | | $ | 61,875 | | | | $ | 92,813 | | | | $ | 249,991 | | | | $ | 8,174 | | | | $ | 737,853 | | | |||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 309,000 | | | | $ | 0 | | | | $ | 150,000 | | | | $ | 199,994 | | | | $ | 4,750 | | | | $ | 663,744 | | |
Name | | Grant Date | | Market Value of Shares That Have Not Vested(1) | | Number of Shares That Have Not Vested(2) | | | Grant Date | | Market Value of Shares That Have Not Vested(1) | | Number of Shares That Have Not Vested(2) | | ||||||||||||||||||
Paul A. Pittman (3) Executive Chairman | | | 3/3/2022 | | | $ | 788,606 | | | | | 63,291 | | | | | 2/24/2023 | | | $ | 1,188,071 | | | | | 95,198 | | | ||||
| 3/22/2021 | | | $ | 321,132 | | | | | 25,773 | | | | 3/3/2022 | | | $ | 526,581 | | | | | 42,194 | | | |||||||
| 3/16/2020 | | | $ | 200,643 | | | | | 16,103 | | | | 3/22/2021 | | | $ | 160,830 | | | | | 12,887 | | | |||||||
Luca Fabbri (3) President and Chief Executive Officer | | | 3/3/2022 | | | $ | 396,926 | | | | | 31,856 | | | | | 2/24/2023 | | | $ | 584,438 | | | | | 46,830 | | | ||||
| 3/22/2021 | | | $ | 228,354 | | | | | 18,327 | | | | 3/3/2022 | | | $ | 265,038 | | | | | 21,237 | | | |||||||
| 3/16/2020 | | | $ | 190,613 | | | | | 15,298 | | | | 3/22/2021 | | | $ | 114,367 | | | | | 9,164 | | | |||||||
James Gilligan (4) Chief Financial Officer and Treasurer | | | 3/3/2022 | | | $ | 140,187 | | | | | 11,251 | | | | | 2/24/2023 | | | $ | 295,164 | | | | | 23,651 | | | ||||
| 5/24/2021 | | | $ | 130,917 | | | | | 10,507 | | | | 3/3/2022 | | | $ | 93,612 | | | | | 7,501 | | | |||||||
James Gilligan (4) Chief Financial Officer and Treasurer | | 5/24/2021 | | | $ | 65,570 | | | | | 5,254 | | |
Year | | | SCT Total for PEO(1) | | | Compensation Actually Paid to PEO(3) | | | Average SCT Total for non- PEO NEOs(2) | | | Average CAP for non- PEO NEOs(3) | | | Value of Initial Fixed $100 Investment based on Total Shareholder Return | | | Net Income | | ||||||||||||||||||
2023 | | | | $ | 1,162,823 | | | | | $ | 1,171,621 | | | | | $ | 1,463,728 | | | | | $ | 1,517,090 | | | | | $ | 154.12 | | | | | $ | 31,681,000 | | |
2022 | | | | $ | 2,066,603 | | | | | $ | 2,206,851 | | | | | $ | 800,471 | | | | | $ | 819,576 | | | | | $ | 148.25 | | | | | $ | 11,960,000 | | |
2021 | | | | $ | 1,725,252 | | | | | $ | 2,399,855 | | | | | $ | 600,934 | | | | | $ | 740,070 | | | | | $ | 139.70 | | | | | $ | 10,259,000 | | |
Year | | | SCT Total for PEO(1) | | | Compensation Actually Paid to PEO(3) | | | Average SCT Total for non-PEO NEOs(2) | | | Average CAP for non-PEO NEOs(3) | | | Value of Initial Fixed $100 Investment based on Total Shareholder Return | | | Net Income | | ||||||||||||||||||
2022 | | | | $ | 2,066,603 | | | | | $ | 2,206,851 | | | | | $ | 800,471 | | | | | $ | 819,576 | | | | | $ | 148.25 | | | | | $ | 11,960,000 | | |
2021 | | | | $ | 1,725,252 | | | | | $ | 2,399,855 | | | | | $ | 600,934 | | | | | $ | 740,070 | | | | | $ | 139.70 | | | | | $ | 10,259,000 | | |
Name | | Year | | PEO or Non- PEO NEO | | SCT Total | | | To Calculate Executive CAP | | | CAP | | | Year | | PEO or Non- PEO NEO | | SCT Total | | | To Calculate Executive CAP | | | CAP | | ||||||||||||||||||||||||||||||||||||||||||
| Deducted(1) | | Added(2) | | | Deducted(1) | | Added(2) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Luca Fabbri | | | | 2023 | | | PEO | | | $ | 1,162,823 | | | | $ | (494,993) | | | | $ | 503,791 | | | | $ | 1,171,621 | | | ||||||||||||||||||||||||||||||||||||||||
Paul Pittman | | | | 2023 | | | NEO | | | $ | 2,189,603 | | | | $ | (1,006,243) | | | | $ | 1,080,232 | | | | $ | 2,263,592 | | | ||||||||||||||||||||||||||||||||||||||||
James Gilligan | | | | 2023 | | | NEO | | | $ | 737,853 | | | | $ | (249,991) | | | | $ | 282,726 | | | | $ | 770,588 | | | ||||||||||||||||||||||||||||||||||||||||
Paul Pittman | | | | 2022 | | | PEO | | | $ | 2,066,603 | | | | $ | (749,998) | | | | $ | 890,246 | | | | $ | 2,206,851 | | | | | | 2022 | | | PEO | | | $ | 2,066,603 | | | | $ | (749,998) | | | | $ | 890,246 | | | | $ | 2,206,851 | | | ||||||||||||
Luca Fabbri | | | | 2022 | | | NEO | | | $ | 937,197 | | | | $ | (377,494) | | | | $ | 456,600 | | | | $ | 1,016,303 | | | | | | 2022 | | | NEO | | | $ | 937,197 | | | | $ | (377,494) | | | | $ | 456,600 | | | | $ | 1,016,303 | | | ||||||||||||
James Gilligan | | | | 2022 | | | NEO | | | $ | 663,744 | | | | $ | (199,994) | | | | $ | 159,099 | | | | $ | 622,849 | | | | | | 2022 | | | NEO | | | $ | 663,744 | | | | $ | (199,994) | | | | $ | 159,099 | | | | $ | 622,849 | | | ||||||||||||
Paul Pittman | | | | 2021 | | | PEO | | | $ | 1,725,252 | | | | $ | (450,000) | | | | $ | 1,124,603 | | | | $ | 2,399,855 | | | | | | 2021 | | | PEO | | | $ | 1,725,252 | | | | $ | (450,000) | | | | $ | 1,124,603 | | | | $ | 2,399,855 | | | ||||||||||||
Luca Fabbri | | | | 2021 | | | NEO | | | $ | 807,379 | | | | $ | (320,000) | | | | $ | 658,933 | | | | $ | 1,146,312 | | | | | | 2021 | | | NEO | | | $ | 807,379 | | | | $ | (320,000) | | | | $ | 658,933 | | | | $ | 1,146,312 | | | ||||||||||||
James Gilligan | | | | 2021 | | | NEO | | | $ | 434,900 | | | | $ | (133,324) | | | | $ | 188,332 | | | | $ | 489,908 | | | | | | 2021 | | | NEO | | | $ | 434,900 | | | | $ | (133,324) | | | | $ | 188,332 | | | | $ | 489,908 | | | ||||||||||||
Erica Borenstein(3) | | | | 2021 | | | NEO | | | $ | 560,522 | | | | $ | (160,000) | | | | $ | 183,467 | | | | $ | 583,989 | | | | | | 2021 | | | NEO | | | $ | 560,522 | | | | $ | (160,000) | | | | $ | 183,467 | | | | $ | 583,989 | | |
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 Under Equity Compensation Plans (Excluding Securities Reflected in First Column) | | |||||||||
Equity compensation plans not approved by stockholders | | | | | — | | | | | | — | | | | | | | | |
Equity compensation plans stockholders | | | | | — | | | | | | — | | | | | | — | | |
Total | | | | | — | | | | | | — | | | | | | | |
Name | | Total Shares Beneficially Owned | | Percentage of Outstanding Common Stock(1) | | | Total Shares Beneficially Owned | | Percentage of Outstanding Common Stock(1) | | ||||||||||||||||
Paul A. Pittman | | | | 2,473,105(2) | | | | | 4.5% | | | | | | 2,6402,048(2) | | | | | 5.5% | | | ||||
Luca Fabbri | | | | 293,395(3) | | | | | * | | | | | | 327,040(3) | | | | | * | | | ||||
James Gilligan | | | | 50,662 | | | | | * | | | | | | 70,054 | | | | | * | | | ||||
Chris A. Downey | | | | 89,690(4) | | | | | * | | | | | | 94,409(4) | | | | | * | | | ||||
Joseph W. Glauber | | | | 27,291 | | | | | * | | | | | | 27,291 | | | | | * | | | ||||
John A. Good | | | | 64,265 | | | | | * | | | | | | 58,465 | | | | | * | | | ||||
Jennifer S. Grafton | | | | 0 | | | | | * | | | | | | 4,000 | | | | | * | | | ||||
Thomas P. Heneghan | | | | 1,340,182(5) | | | | | 2.5% | | | | | | 1,343,777(5) | | | | | 2.8% | | | ||||
Danny D. Moore | | | | 10,926 | | | | | * | | | | | | 14,744 | | | | | * | | | ||||
Murray R. Wise | | | | 162,414(6) | | | | | * | | | |||||||||||||||
All executive officers, directors and director nominees as a group (10 people) | | | | 4,511,930 | | | | | 8.3% | | | | | | 4,579,828 | | | | | 9.5% | | | ||||
More than 5% Beneficial Owners | | | | | | | | | | | | | | | | | | | | | | | ||||
BlackRock, Inc. (7) 55 East 52nd Street New York, New York 10055 | | | | 3,543,092 | | | | | 6.5% | | | |||||||||||||||
Global Alpha Capital Management Ltd. (8) 1800 McGill College Avenue Suite 1300 Montreal, Quebec H3A 3J6 | | | | 2,876,707 | | | | | 5.3% | | | |||||||||||||||
The Vanguard Group (6) 100 Vanguard Blvd., Malvern, PA 19355 | | | | 4,713,075 | | | | | 9.8% | | | |||||||||||||||
BlackRock, Inc. (7) 50 Hudson Yards New York, NY 10001 | | | | 3,543,092 | | | | | 7.9% | | | |||||||||||||||
Massachusetts Financial Services Company (8) 111 Huntington Avenue Boston, MA 02199 | | | | 2,755,880 | | | | | 5.7% | | |