| Notice of Annual Meeting | | | | | | | |
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Proposal | | | Vote Requirement | | | Effect of Abstention | | | Effect of Broker Non-Vote | | |||
1 | | | Election of Directors | | | Highest number of votes cast | | | No effect | | | No effect | |
2 | | | Advisory Vote on Executive Compensation | | | Affirmative vote of a majority of the votes cast | | | No effect | | | No effect | |
3 | | | |||||||||||
Ratification of the appointment of Crowe, LLP as Meridian’s independent auditor | | | Affirmative vote of a majority of the votes cast | | | No effect | | | No effect | |
Proposal | | | Vote Recommendation | | |||
1 | | | Election of Directors | | | FOR the election of each of the | |
2 | | | Advisory Vote on Executive Compensation | | | FOR the approval of the non-binding say-on-pay proposal to approve the compensation of the NEOs | |
3 | | | |||||
Ratification of the appointment of Crowe, LLP as Meridian’s independent auditor | | | FOR the ratification of the appointment of Crowe, LLP as Meridian’s independent auditor | |
Board Diversity Matrix as of March 31, 2023 | | | ||||||||||||||||||||||||||||||||||||||||||
Board Diversity Matrix as of March 27, 2024 | Board Diversity Matrix as of March 27, 2024 | | ||||||||||||||||||||||||||||||||||||||||||
Total Number of Directors | | 8 | | | | | | | 8 | | ||||||||||||||||||||||||||||||||||
| | Female | | Male | | Non-Binary | | Did not Disclose Gender | | | | Female | | Male | | |||||||||||||||||||||||||||||
Directors | | | | 2 | | | | | 6 | | | | | — | | | | | — | | | | | | | 2 | | | | | 6 | | | |||||||||||
Number of Directors who identify in Any of the Categories Below: | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
African American or Black | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
Alaskan Native or Native American | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
Asian | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
Hispanic or Latinx | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
Native Hawaiian or Pacific Islander | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
White | | | | 2 | | | | | 5 | | | | | — | | | | | — | | | | | | | 2 | | | | | 5 | | | |||||||||||
Two or More Races or Ethnicities | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
LGBTQ+ | | | | — | | | | | — | | | | | — | | | | | — | | | | | | | — | | | | | — | | | |||||||||||
Did not Disclose Demographic Background | | | | — | | | | | 1 | | | | | — | | | | | — | | | | | 1 | |
THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE ELECTION OF THE TWO NOMINEES NAMED BELOW |
Name of Beneficial Owner | | Amount and Nature of Beneficial Ownership(1)(2) | | Percentage of Class(8) | | | Amount and Nature of Beneficial Ownership(1)(2) | | Percentage of Class(9) | | ||||||||||||||||
Christopher J. Annas | | | | 562,628 | | | | | 4.97% | | | | | | 594,128 | | | | | 5.20% | | | ||||
Joseph L. Cafarchio | | | | 60,450 | | | | | 0.53% | | | |||||||||||||||
Robert M. Casciato | | | | 207,596 | | | | | 1.83% | | | | | | 214,496 | | | | | 1.92% | | | ||||
George C. Collier | | | | 63,236 | | | | | 0.56% | | | | | | 67,536 | | | | | 0.60% | | | ||||
Christine M. Helmig | | | | 1,600 | | | | | 0.01% | | | | | | 3,266 | | | | | 0.03% | | | ||||
Robert T. Holland | | | | 75,652 | | | | | 0.67% | | | | | | 86,953 | | | | | 0.78% | | | ||||
Edward J. Hollin | | | | 48,426 | | | | | 0.43% | | | | | | 50,726 | | | | | 0.45% | | | ||||
Anthony M. Imbesi(3) | | | | 373,834 | | | | | 3.30% | | | | | | 385,134 | | | | | 3.44% | | | ||||
Charles D. Kochka | | | | 59,950 | | | | | 0.53% | | | | | | 60,450 | | | | | 0.54% | | | ||||
Denise Lindsay | | | | 134,480 | | | | | 1.19% | | | | | | 157,380 | | | | | 1.40% | | | ||||
Current Directors, Nominees & Executive Officer as a Group (11 persons) | | | | 1,587,852 | | | | | 14.02% | | | | | | 1,620,069 | | | | | 14.03% | | | ||||
Meridian Bank Employee Stock Ownership Plan(4) | | | | 530,230 | | | | | 4.68% | | | | | | 610,735 | | | | | 5.46% | | | ||||
Principal Shareholders (not otherwise named above) | | | | | | | | | | | | | | | | | | | | | | | ||||
Fourthstone, LLC(5) | | | | 1,035,631 | | | | | 9.26% | | | |||||||||||||||
Ategra Capital Management, LLC | | | | 962,568 | | | | | 8.50% | | | | | | 992,956 | | | | | 8.88% | | | ||||
The Banc Funds Company, LLC | | | | 728,688 | | | | | 6.44% | | | | | | 782,678* | | | | | 7.00% | | | ||||
Strategic Value Bank Partners, LLC | | | | 651,298* | | | | | 5.75% | | | | | | 651,298* | | | | | 5.82% | | |
Quarterly Board Fees: | | | | | | | | | | | | | ||
Retainer (all members) | | | $ | 10,000 | | | | | $ | 10,400 | | | ||
Lead Independent Director | | | $ | 3,000 | | | | | | 3,100 | | | ||
Audit Committee Chair | | | $ | 2,000 | | | ||||||||
Loan Committee Chair | | | $ | 2,000 | | | ||||||||
Compensation Committee Chair | | | $ | 2,000 | | | ||||||||
Committee Chair | | | | 2,100 | | | ||||||||
Committee members (non-chair): | | | $ | 1,500 | | | | | | 1,600 | | |
Director | | | Fees Earned or Paid in Cash | | |||
Robert M. Casciato | | | | $ | 83,500 | | |
George C. Collier | | | | $ | 77,000 | | |
Christine M. Helmig(1) | | | | $ | 11,500 | | |
Robert T. Holland | | | | $ | 103,833 | | |
Edward J. Hollin | | | | $ | 81,000 | | |
Anthony M. Imbesi | | | | $ | 85,833 | | |
Director | | | Fees Earned or Paid in Cash | | |||
Robert M. Casciato | | | | $ | 50,000 | | |
George C. Collier | | | | | 48,000 | | |
Christine M. Helmig | | | | | 48,000 | | |
Robert T. Holland | | | | | 75,200 | | |
Edward J. Hollin | | | | | 53,900 | | |
Anthony M. Imbesi | | | | | 56,900 | | |
| • Net income (millions) | | | | $ | 13.24 | | |
| • Earnings per diluted share | | | | $ | 1.19 | | |
| • Return on average assets | | | | | 0.61% | | |
| • Return on average equity | | | | | 8.53% | | |
| • Net interest margin | | | | | 3.35% | | |
Compensation Component | | | Description of Component | |
Base Salary | | | Provides a competitive level of fixed income based on role, experience and individual performance. | |
Annual Incentive Plan | | | Motivates and rewards executives for performance on key financial, operational and individual objectives in support of our annual business plan and broader corporate strategies. Rewards vary based on performance. | |
Equity Awards | | | Aligns executives’ interests with those of shareholders through equity-based compensation. Rewards executives for long-term shareholder value creation. Encourages retention through multiple year vesting. | |
Other Benefits | | | Provides a base level of competitive compensation for executive talent. | |
Retirement Benefits | | | The Supplemental Executive Retirement Plan (the “SERP”) provides long term compensation for our NEOs while its vesting provisions help ensure that the Company will continue to receive the benefit of their service. | |
Severance/Change in Control Agreements | | | Focuses executives on company performance and transactions that are in the best interests of shareholders, regardless of the impact such transactions may have on the executive’s employment | |
Employments contracts | | | Provides employment security to key executives. | |
Executive | | 2021 Base Salary | | 2022 Base Salary | | % Increase | | | 2022 Base Salary | | 2023 Base Salary | | % Increase | | ||||||||||||||||||||||||
Christopher J. Annas | | | $ | 489,000 | | | | $ | 516,000 | | | | | 5.5% | | | | | $ | 516,000 | | | | $ | 537,000 | | | | | 4.1% | | | ||||||
Denise Lindsay | | | $ | 267,800 | | | | $ | 300,000 | | | | | 12.0% | | | | | $ | 300,000 | | | | $ | 309,000 | | | | | 3.0% | | | ||||||
Joseph L. Cafarchio | | | $ | 245,900 | | | | $ | 245,900 | | | | | —% | | | ||||||||||||||||||||||
Charles Kochka | | | $ | 233,500 | | | | $ | 240,500 | | | | | 3.0% | | | ||||||||||||||||||||||
Charles Kochka(1) | | | $ | 240,500 | | | | $ | 247,800 | | | | | 3.0% | | |
Executive | | | Target Aggregate Incentive Opportunity | | |||
Christopher J. Annas | | | | | 75% | | |
Denise Lindsay | | | | | 65% | | |
Performance Measure | | | 2023 Performance Measure | | | Result | | | Performance Payout vs Target | | ||||||
| | | | > | | | | | | | | | <= 75% | | ||
Return on average equity, year ended December 31, | | | | | >12% | | | | | | | | | <=71% | |
Executive | | Target Incentive Earned | | Discretionary Award | | 2022 Actual Annual Incentive Award | | 2022 Actual as % of Salary | | | Target Incentive Earned | | Discretionary Award | | 2023 Actual Annual Incentive Award | | 2023 Actual as % of Salary | | ||||||||||||||||||||||||||||||||
Christopher J. Annas | | | $ | 387,000 | | | | $ | 213,000 | | | | $ | 600,000 | | | | | 116% | | | | | $ | 294,008 | | | | $ | 55,992 | | | | $ | 350,000 | | | | | 65% | | | ||||||||
Denise Lindsay | | | $ | 195,000 | | | | $ | 105,000 | | | | $ | 300,000 | | | | | 100% | | | | | | 146,621 | | | | | 28,379 | | | | | 175,000 | | | | | 57% | | | ||||||||
Joseph L. Cafarchio | | | $ | — | | | | $ | 20,000 | | | | $ | 20,000 | �� | | | | 8% | | | |||||||||||||||||||||||||||||
Charles Kochka | | | $ | — | | | | $ | 40,000 | | | | $ | 40,000 | | | | | 17% | | | |||||||||||||||||||||||||||||
Charles Kochka(1) | | | | — | | | | | 30,000 | | | | | 30,000 | | | | | 12% | | |
| | Stock Options | | | Stock Options | | ||||||||||||||||||||
Executive | | # Shares | | Grant Value ($) | | | # Shares | | Grant Value ($) | | ||||||||||||||||
Christopher J. Annas | | | | 40,000 | | | | $ | 232,580 | | | | | | 20,000 | | | | $ | 46,800 | | | ||||
Denise Lindsay | | | | 18,000 | | | | $ | 95,499 | | | | | | 10,000 | | | | | 23,400 | | | ||||
Joseph L. Cafarchio | | | | 10,000 | | | | $ | 53,055 | | | |||||||||||||||
Charles D. Kochka | | | | 10,000 | | | | $ | 53,055 | | |
Year | | | Summary Compensation Table Total For PEO ($)(1) | | | Compensation Actually Paid to PEO ($)(1) | | | Average Summary Compensation Table Total for Non-PEO NEOs ($)(2) | | | Average Compensation Actually Paid to Non-PEO NEOs (S)(2) | | | Value of Initial Fixed $100 Investment Based on: Total Shareholder Return ($) | | | Net Income (In Millions $) | | | Return on Average Equity | | |||||||||||||||||||||
2022 | | | | $ | 1,300,325 | | | | | $ | 1,304,148 | | | | | $ | 437,882 | | | | | $ | 413,505 | | | | | $ | 87 | | | | | $ | 21.8 | | | | | | 13.87% | | |
2021 | | | | $ | 2,186,398 | | | | | $ | 2,167,986 | | | | | $ | 558,896 | | | | | $ | 556,403 | | | | | $ | 190 | | | | | $ | 35.6 | | | | | | 23.74% | | |
Year | | | Summary Compensation Table Total For PEO ($)(1) | | | Compensation Actually Paid to PEO ($)(1) | | | Average Summary Compensation Table Total for Non-PEO NEOs ($)(2) | | | Average Compensation Actually Paid to Non-PEO NEOs (S)(2) | | | Value of Initial Fixed $100 Investment Based on: Total Shareholder Return ($) | | | Net Income (In Millions $) | | | Return on Average Equity | | |||||||||||||||||||||
2023 | | | | $ | 1,019,076 | | | | | $ | 855,330 | | | | | $ | 489,567 | | | | | $ | 437,590 | | | | | $ | 95 | | | | | $ | 13.2 | | | | | | 8.53% | | |
2022 | | | | | 1,300,325 | | | | | | 1,304,148 | | | | | | 437,882 | | | | | | 413,505 | | | | | | 87 | | | | | | 21.8 | | | | | | 13.87% | | |
2021 | | | | | 2,186,398 | | | | | | 2,167,986 | | | | | | 558,896 | | | | | | 556,403 | | | | | | 190 | | | | | | 26.4 | | | | | | 21.33% | | |
| | 2022 | | 2021 | | | 2023 | | 2022 | | 2021 | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | Non-PEO | | Non-PEO | | | Non-PEO | | Non-PEO | | Non-PEO | | ||||||||||||||||||||||||||||||||||||||||||||||||||
| | PEO ($) | | NEO’s ($) | | PEO ($) | | NEO’s ($) | | | PEO ($) | | NEOs ($) | | PEO ($) | | NEOs ($) | | PEO ($) | | NEOs ($) | | ||||||||||||||||||||||||||||||||||||||||
Summary Compensation Table Total | | | $ | 1,300,325 | | | | $ | 437,882 | | | | $ | 2,186,398 | | | | $ | 558,896 | | | | | $ | 1,019,076 | | | | $ | 489,567 | | | | $ | 1,300,325 | | | | $ | 437,882 | | | | $ | 2,186,398 | | | | $ | 558,896 | | | ||||||||||
Adjustments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Less: Grant date value of equity awards | | | | (284,126) | | | | | (91,183) | | | | | (192,255) | | | | | (71,135) | | | | | | (196,855) | | | | | (63,852) | | | | | (284,126) | | | | | (91,183) | | | | | (192,255) | | | | | (71,135) | | | ||||||||||
Year-end fair value of current year awards, unvested | | | | 223,350 | | | | | 48,132 | | | | | 130,905 | | | | | 52,768 | | | | | | 34,950 | | | | | 8,738 | | | | | 223,350 | | | | | 48,132 | | | | | 130,905 | | | | | 52,768 | | | ||||||||||
Fair value of awards granted and vested in current year | | | | 58,145 | | | | | 16,801 | | | | | 45,465 | | | | | 16,742 | | | | | | 11,700 | | | | | 2,925 | | | | | 58,145 | | | | | 16,801 | | | | | 45,465 | | | | | 16,742 | | | ||||||||||
Year-over-year change in fair value of awards granted prior to year that were unvested at year-end | | | | 11,805 | | | | | 4,649 | | | | | (911) | | | | | (342) | | | | | | (39,820) | | | | | (4,596) | | | | | 11,805 | | | | | 4,649 | | | | | (911) | | | | | (342) | | | ||||||||||
Year-over-year change in fair value of awards granted prior to year that vested during the current year | | | | (5,351) | | | | | (2,776) | | | | | (1,616) | | | | | (526) | | | | | | 26,279 | | | | | 4,808 | | | | | (5,351) | | | | | (2,776) | | | | | (1,616) | | | | | (526) | | | ||||||||||
Compensation Actually Paid | | | $ | 1,304,148 | | | | $ | 413,505 | | | | $ | 2,167,986 | | | | $ | 556,403 | | | | | $ | 855,330 | | | | $ | 437,590 | | | | $ | 1,304,148 | | | | $ | 413,505 | | | | $ | 2,167,986 | | | | $ | 556,403 | | |
Name and Principal Position | | Year | | Salary | | Bonus ($) | | Option Awards(6) | | All Other Compensation | | Total | | | Year | | Salary | | Bonus ($) | | Option Awards(10) | | All Other Compensation | | Total | | ||||||||||||||||||||||||||||||||||||||||||||||||
Christopher Annas – Chairman, President and CEO | | | | | 2023 | | | | $ | 537,000 | | | | $ | 250,000(1) | | | | $ | 46,800 | | | | $ | 185,276 | | | | $ | 1,019,076 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | | 2022 | | | | $ | 516,000 | | | | $ | 400,000(1) | | | | $ | 232,580 | | | | $ | 151,745 | | | | $ | 1,300,325 | | | | | | 2022 | | | | | 516,000 | | | | | 400,000(2) | | | | | 232,580 | | | | | 151,745 | | | | | 1,300,325 | | | ||||||||||||
| | | 2021 | | | | $ | 489,000 | | | | $ | 1,350,000(2) | | | | $ | 191,340 | | | | $ | 156,058 | | | | $ | 2,186,398 | | | | | | 2021 | | | | | 489,000 | | | | | 1,350,000(3) | | | | | 191,340 | | | | | 156,058 | | | | | 2,186,398 | | | |||||||||||||
Denise Lindsay – Chief Financial Officer and EVP | | | | | 2022 | | | | $ | 300,000 | | | | $ | 250,000(3) | | | | $ | 95,499 | | | | $ | 57,738 | | | | $ | 703,237 | | | | | | | 2023 | | | | | 309,000 | | | | | 235,000(4) | | | | | 23,400 | | | | | 66,914 | | | | | 634,314 | | | ||||||||||
| | | 2021 | | | | $ | 267,800 | | | | $ | 375,000(3) | | | | $ | 86,103 | | | | $ | 65,036 | | | | $ | 793,939 | | | | | | 2022 | | | | | 300,000 | | | | | 250,000(5) | | | | | 95,499 | | | | | 57,738 | | | | | 703,237 | | | |||||||||||||
Joseph Cafarchio – Chief Credit Officer and EVP | | | | | 2022 | | | | $ | 124,800 | | | | $ | 20,000(4) | | | | $ | 53,055 | | | | $ | 42,812 | | | | $ | 240,667 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 245,900 | | | | $ | 80,000(4) | | | | $ | 57,402 | | | | $ | 52,655 | | | | $ | 435,957 | | | ||||||||||||||||||||||||||||||||||||||||||||
Charlie Kochka – Chief Lending Officer and EVP | | | | | 2022 | | | | $ | 240,500 | | | | $ | 25,000(5) | | | | $ | 53,055 | | | | $ | 51,188 | | | | $ | 369,743 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | 233,500 | | | | $ | 100,000(5) | | | | $ | 57,402 | | | | $ | 55,889 | | | | $ | 446,791 | | | ||||||||||||||||||||||||||||||||||||||||||||
Denise Lindsay – Chief Financial Officer and EVP | | | | | 2021 | | | | | 267,800 | | | | | 375,000(6) | | | | | 86,103 | | | | | 65,036 | | | | | 793,939 | | | ||||||||||||||||||||||||||||||||||||||||||
| | | 2023 | | | | | 247,800 | | | | | 45,000(7) | | | | | — | | | | | 52,019 | | | | | 344,819 | | | ||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 240,500 | | | | | 25,000(8) | | | | | 53,055 | | | | | 51,188 | | | | | 369,743 | | | ||||||||||||||||||||||||||||||||||||||||||||
Charlie Kochka – Chief Lending Officer and EVP (11) | | | | | 2021 | | | | | 233,500 | | | | | 100,000(9) | | | | | 57,402 | | | | | 55,889 | | | | | 446,791 | | |
Name | | Year | | Perquisites & Other Personal Benefits(1) ($) | | Insurance Premiums ($) | | Company 401(k)/ESOP/ SERP Contributions ($) | | Total ($) | | | Year | | Perquisites & Other Personal Benefits(1) ($) | | Insurance Premiums ($) | | Company 401(k)/ESOP/ SERP Contributions ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||
Christopher Annas | | | | | 2023 | | | | $ | 50,599 | | | | $ | 14,479 | | | | $ | 120,198 | | | | $ | 185,276 | | | |||||||||||||||||||||||||||||||||||
| | | | 2022 | | | | $ | 29,565 | | | | $ | 12,746 | | | | $ | 109,434 | | | | $ | 151,745 | | | | | | 2022 | | | | | 29,565 | | | | | 12,746 | | | | | 109,434 | | | | | 151,745 | | | ||||||||||
| | | 2021 | | | | $ | 38,401 | | | | $ | 11,559 | | | | $ | 106,098 | | | | $ | 156,058 | | | | | | 2021 | | | | | 38,401 | | | | | 11,559 | | | | | 106,098 | | | | | 156,058 | | | |||||||||||
Denise Lindsay | | | | | 2022 | | | | $ | 3,600 | | | | $ | 15,154 | | | | $ | 38,984 | | | | $ | 57,738 | | | | | | | 2023 | | | | | 3,600 | | | | | 15,418 | | | | | 47,896 | | | | | 66,914 | | | ||||||||
| | | 2021 | | | | $ | 3,600 | | | | $ | 17,401 | | | | $ | 44,035 | | | | $ | 65,036 | | | | | | 2022 | | | | | 3,600 | | | | | 15,154 | | | | | 38,984 | | | | | 57,738 | | | |||||||||||
Joseph Cafarchio | | | | | 2022 | | | | $ | — | | | | $ | 12,181 | | | | $ | 30,631 | | | | $ | 42,812 | | | |||||||||||||||||||||||||||||||||||
| | | 2021 | | | | $ | — | | | | $ | 17,996 | | | | $ | 35,300 | | | | $ | 53,296 | | | |||||||||||||||||||||||||||||||||||||
Denise Lindsay | | | | | 2021 | | | | | 3,600 | | | | | 17,401 | | | | | 44,035 | | | | | 65,036 | | | |||||||||||||||||||||||||||||||||||
| | | | 2022 | | | | $ | — | | | | $ | 16,998 | | | | $ | 34,190 | | | | $ | 51,188 | | | | | | 2023 | | | | | — | | | | | 16,534 | | | | | 35,485 | | | | | 52,019 | | | ||||||||||
| | | 2021 | | | | $ | 346 | | | | $ | 16,966 | | | | $ | 38,577 | | | | $ | 55,889 | | | | | | 2022 | | | | | — | | | | | 16,998 | | | | | 34,190 | | | | | 51,188 | | | |||||||||||
| | | | 2021 | | | | | 346 | | | | | 16,966 | | | | | 38,577 | | | | | 55,889 | | |
Name | | Number of Securities Underlying Unexercised Options Exercisable(2) (#) | | Number of Securities Underlying Unexercised Options Unexercisable(1)(2) (#) | | | | Option Exercise Price(2) ($) | | Option Expiration Date | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | Number of Securities Underlying Unexercised Options Unexercisable(1) (#) | | | | Option Exercise Price ($) | | Option Expiration Date | | ||||||||||||||||||||||||||||||||||
Chris Annas | | | | | 10,750 | | | | | — | | | | | | $ | 7.14 | | | | | 9/15/2025 | | | ||||||||||||||||||||||||||||||||
| | | | 15,750 | | | | | — | | | | | | $ | 7.15 | | | | | 9/30/2025 | | | | | | 42,000 | | | | | — | | | | | | $ | 7.62 | | | | | 6/15/2026 | | | ||||||||||
| | | 42,000 | | | | | — | | | | | | $ | 7.62 | | | | | 6/15/2026 | | | | | | 20,000 | | | | | — | | | | | | $ | 9.50 | | | | | 7/27/2027 | | | |||||||||||
| | | 20,000 | | | | | — | | | | | | $ | 9.50 | | | | | 7/27/2027 | | | | | | 30,000 | | | | | — | | | | | | $ | 8.90 | | | | | 5/24/2028 | | | |||||||||||
| | | 30,000 | | | | | — | | | | | | $ | 8.90 | | | | | 5/24/2028 | | | | | | 30,000 | | | | | — | | | | | | $ | 8.50 | | | | | 6/3/2029 | | | |||||||||||
| | | 30,000 | | | | | — | | | | | | $ | 8.51 | | | | | 6/3/2029 | | | | | | 30,000 | | | | | — | | | | | | $ | 9.00 | | | | | 11/4/2030 | | | |||||||||||
| | | 22,500 | | | | | 7,500 | | | (a) | | | $ | 9.00 | | | | | 11/4/2030 | | | | | | 30,000 | | | | | 10,000 | | | (a) | | | $ | 13.18 | | | | | 2/25/2031 | | | |||||||||||
| | | 20,000 | | | | | 20,000 | | | (b) | | | $ | 13.18 | | | | | 2/25/2031 | | | | | | 20,000 | | | | | 20,000 | | | (b) | | | $ | 17.76 | | | | | 2/28/2032 | | | |||||||||||
| | | 10,000 | | | | | 30,000 | | | (d) | | | $ | 17.76 | | | | | 2/28/2032 | | | | | | 5,000 | | | | | 15,000 | | | (e) | | | $ | 10.00 | | | | | 11/01/2033 | | | |||||||||||
Denise Lindsay | | | | | 10,000 | | | | | — | | | | | | $ | 9.50 | | | | | 7/27/2027 | | | | | | | 10,000 | | | | | — | | | | | | $ | 9.50 | | | | | 7/27/2027 | | | ||||||||
| | | 15,000 | | | | | — | | | | | | $ | 8.90 | | | | | 5/24/2028 | | | | | | 15,000 | | | | | — | | | | | | $ | 8.90 | | | | | 5/24/2028 | | | |||||||||||
| | | 15,000 | | | | | — | | | | | | $ | 8.51 | | | | | 6/3/2029 | | | | | | 7,880 | | | | | — | | | | | | $ | 8.50 | | | | | 6/3/2029 | | | |||||||||||
| | | 11,250 | | | | | 3,750 | | | (a) | | | $ | 9.00 | | | | | 11/4/2030 | | | | | | 15,000 | | | | | — | | | | | | $ | 9.00 | | | | | 11/4/2030 | | | |||||||||||
| | | 9,000 | | | | | 9,000 | | | (c) | | | $ | 13.88 | | | | | 5/21/2031 | | | | | | 13,500 | | | | | 4,500 | | | (c) | | | $ | 13.88 | | | | | 5/21/2031 | | | |||||||||||
| | | 4,500 | | | | | 13,500 | | | (e) | | | $ | 15.93 | | | | | 8/22/2032 | | | | | | 9,000 | | | | | 9,000 | | | (d) | | | $ | 15.92 | | | | | 8/22/2032 | | | |||||||||||
Joseph Cafarchio | | | | | 4,200 | | | | | — | | | | | | $ | 7.62 | | | | | 3/4/2026 | | | ||||||||||||||||||||||||||||||||
| | | 4,000 | | | | | — | | | | | | $ | 9.50 | | | | | 5/8/2027 | | | ||||||||||||||||||||||||||||||||||
| | | 10,000 | | | | | — | | | | | | $ | 8.90 | | | | | 5/24/2028 | | | ||||||||||||||||||||||||||||||||||
| | | 10,000 | | | | | — | | | | | | $ | 8.51 | | | | | 6/3/2029 | | | ||||||||||||||||||||||||||||||||||
| | | 7,500 | | | | | 2,500 | | | (a) | | | $ | 9.00 | | | | | 11/4/2030 | | | ||||||||||||||||||||||||||||||||||
| | | 6,000 | | | | | 6,000 | | | (c) | | | $ | 13.88 | | | | | 5/21/2031 | | | ||||||||||||||||||||||||||||||||||
| | | 2,500 | | | | | 7,500 | | | (e) | | | $ | 15.93 | | | | | 8/22/2032 | | | ||||||||||||||||||||||||||||||||||
Denise Lindsay | | | | | 2,500 | | | | | 7,500 | | | (e) | | | $ | 10.00 | | | | | 11/01/2033 | | | ||||||||||||||||||||||||||||||||
| | | | 1,500 | | | | | — | | | | | | $ | 8.51 | | | | | 6/3/2029 | | | | | | 2,500 | | | | | — | | | | | | $ | 9.00 | | | | | 11/4/2030 | | | ||||||||||
| | | 7,500 | | | | | 2,500 | | | (a) | | | $ | 9.00 | | | | | 11/4/2030 | | | | | | 9,000 | | | | | 3,000 | | | (c) | | | $ | 13.88 | | | | | 5/21/2031 | | | |||||||||||
| | | 6,000 | | | | | 6,000 | | | (c) | | | $ | 13.88 | | | | | 5/21/2031 | | | | | | 5,000 | | | | | 5,000 | | | (d) | | | $ | 15.92 | | | | | 8/22/2032 | | | |||||||||||
| | | 2,500 | | | | | 7,500 | | | (e) | | | $ | 15.93 | | | | | 8/22/2032 | | |
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 column (a)) | |
| | | (a) | | | (b) | | | (c) | |
Equity compensation plans approved by shareholders | | | 1,053,688 | | | $11.67 | | | 239,540 | |
Equity compensation plans not approved by shareholders | | | None | | | N/A | | | None | |
Total | | | | | | | | | | |
| | 2022 | | 2021 | | | 2023 | | 2022 | | ||||||||||||||||
Audit fees(1) – Crowe LLP | | | $ | 412,500 | | | | $ | 395,000 | | | | | $ | 565,125 | | | | $ | 412,500 | | | ||||
Audit-Related fees – Crowe LLP | | | | 28,600 | | | | | 26,000 | | | | | | 30,000 | | | | | 28,600 | | | ||||
Total audit and audit-related fees | | | $ | 441,100 | | | | $ | 421,000 | | | | | $ | 595,125 | | | | $ | 441,100 | | | ||||
Tax fees – KPMG(2) | | | | 85,000 | | | | | 76,500 | | | | | | 85,000 | | | | | 85,000 | | | ||||
Total fees | | | $ | 526,100 | | | | $ | 497,500 | | | | | $ | 680,125 | | | | $ | 526,100 | | |