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Accordingly, the Company has no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company. In response to Item 402(x)(1) of Regulation S-K, the Company does not grant new awards of stock options, stock appreciation rights or similar option-like instruments in anticipation of material nonpublic information. false false Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance measures of our company. Pay Versus Performance <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left; border-bottom: Black 1pt solid; font-weight: bold">Year</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Summary Compensation Table Totals for PEO (1) (2)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Compensation Actually Paid to PEO (1) (3)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average Summary Compensation Table Total for Non-PEO NEOs (4) (5)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Average Compensation Actually Paid to Non-PEO NEOs (3) (4)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Value of Initial Fixed $100 Investment Based on Total Shareholder Return (6)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td><td style="white-space: nowrap; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Net Income (in thousands) (7)</td><td style="white-space: nowrap; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 27%; text-align: left">2026</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,259,827</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,380,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,213,909</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,714,055</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">269.68</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(903</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">2025</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">956,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,557,968</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">613,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,172,957</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">178.56</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,686</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">2024</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">820,993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,435,178</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">439,548</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">688,111</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">89.39</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,594</td><td style="text-align: left"> </td></tr> </table> Notes: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">On July 13, 2022, Dr. Thomas McClelland was named Interim President and Chief Executive Officer of the Company. On January 17, 2023, Dr. McClelland was named as the Company’s President and Chief Executive Officer.</td> </tr></table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The values reflected in these columns reflect the “Total Compensation” paid to the Company’s Principal Executive Officer, as set forth in the Summary Compensation Table included in this and prior proxy statements.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(3)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The dollar amounts reported in these columns represent the amount of “compensation actually paid” to the Company’s Principal Executive Officer, and Non-PEO Named Executive Officers, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to determine the “compensation actually paid” amounts reported above for the Company’s Principal Executive Officer, and Non-PEO Named Executive Officers:</td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">SCT Total for Covered Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards Deducted</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Equity Awards Adjustments (a)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total CAP</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">A</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">B</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">C</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">A- (B) + C</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">PEO</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,259,827</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,629,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,749,940</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,380,767</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">956,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">475,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,077,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,557,968</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">820,993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">345,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,435,178</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Average Non-PEO NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,213,909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">788,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,288,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,714,055</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">613,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">221,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">781,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,172,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">439,548</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">352,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">688,111</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The amounts deducted or added in calculating the “Total Equity Awards Adjustment” are as follows:</td> </tr></table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Covered Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year over Year Change in Fair Value as of Covered Year End (as Compared to Prior Year End) of Outstanding and Unvested Equity Awards Granted in Prior Years and Outstanding and Unvested as of Covered Year End ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Equity Award Adjustments ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">PEO</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,508,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,055,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,186,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,749,940</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">930,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">915,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">231,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,077,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">480,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">357,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">122,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Average Non-PEO NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">752,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,084,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">451,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,288,846</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">406,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">288,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,692</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">781,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">153,985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">54,228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">352,213</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(4)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">During fiscal year 2026, 2025 and 2024, the non-PEO Named Executive Officers were Oleandro Mancini and Steven Bernstein.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(5)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The dollar amounts reported in this column represent the average of the amounts reported for our Named Executive Officers, other than our PEO, in the “Total” column of the Summary Compensation Table in each applicable year. The dollar amounts do not necessarily reflect the actual average amount of compensation earned by or paid to our Non-PEO Named Executive Officers during the applicable year.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">(6)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> Cumulative Total Share Return (“TSR”) represents the measurement period value of an investment of $100 in our stock on April 28, 2023 (the last day of trading before our 2024 fiscal year), the value again on April 30, 2024 (the last day of trading before our 2025 fiscal year), the value again on April 30, 2025 (the last day of trading before our 2026 fiscal year) and the value again on April 30, 2026 (the last trading day before our 2027 fiscal year). There was a $1 per share dividend paid in August of 2024.</td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(7)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.</td></tr> </table> 3259827 7380767 1213909 2714055 269.68

-903

956418 2557968 613297 1172957 178.56

23686000

820993 1435178 439548 688111 89.39

5594

<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">On July 13, 2022, Dr. Thomas McClelland was named Interim President and Chief Executive Officer of the Company. On January 17, 2023, Dr. McClelland was named as the Company’s President and Chief Executive Officer.</td> </tr></table> Dr. Thomas McClelland Dr. Thomas McClelland Dr. Thomas McClelland The dollar amounts reported in these columns represent the amount of “compensation actually paid” to the Company’s Principal Executive Officer, and Non-PEO Named Executive Officers, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to determine the “compensation actually paid” amounts reported above for the Company’s Principal Executive Officer, and Non-PEO Named Executive Officers:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">SCT Total for Covered Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards Deducted</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Equity Awards Adjustments (a)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total CAP</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">A</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">B</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">C</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">A- (B) + C</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">PEO</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,259,827</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,629,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,749,940</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,380,767</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">956,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">475,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,077,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,557,968</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">820,993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">345,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,435,178</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Average Non-PEO NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,213,909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">788,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,288,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,714,055</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">613,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">221,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">781,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,172,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">439,548</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">352,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">688,111</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The amounts deducted or added in calculating the “Total Equity Awards Adjustment” are as follows:</td> </tr></table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Covered Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year over Year Change in Fair Value as of Covered Year End (as Compared to Prior Year End) of Outstanding and Unvested Equity Awards Granted in Prior Years and Outstanding and Unvested as of Covered Year End ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Equity Award Adjustments ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">PEO</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,508,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,055,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,186,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,749,940</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">930,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">915,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">231,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,077,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">480,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">357,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">122,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Average Non-PEO NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">752,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,084,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">451,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,288,846</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">406,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">288,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,692</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">781,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">153,985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">54,228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">352,213</td><td style="text-align: left"> </td></tr> </table> The dollar amounts reported in these columns represent the amount of “compensation actually paid” to the Company’s Principal Executive Officer, and Non-PEO Named Executive Officers, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to determine the “compensation actually paid” amounts reported above for the Company’s Principal Executive Officer, and Non-PEO Named Executive Officers:<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">SCT Total for Covered Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock Awards Deducted</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Equity Awards Adjustments (a)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total CAP</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">A</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">B</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">C</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">A- (B) + C</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">PEO</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,259,827</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,629,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,749,940</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,380,767</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">956,418</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">475,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,077,050</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,557,968</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">820,993</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">345,500</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,685</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,435,178</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Average Non-PEO NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,213,909</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">788,700</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,288,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,714,055</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">613,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">221,869</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">781,528</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,172,957</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">439,548</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">103,650</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">352,213</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">688,111</td><td style="text-align: left"> </td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(a)</td><td style="text-align: justify">The amounts deducted or added in calculating the “Total Equity Awards Adjustment” are as follows:</td> </tr></table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Covered Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Covered Year ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year over Year Change in Fair Value as of Covered Year End (as Compared to Prior Year End) of Outstanding and Unvested Equity Awards Granted in Prior Years and Outstanding and Unvested as of Covered Year End ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Covered Year ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Equity Award Adjustments ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">PEO</td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; width: 52%; text-align: left">2026</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,508,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,055,200</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,186,740</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">6,749,940</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">930,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">915,300</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">231,750</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,077,050</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">480,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">357,390</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">122,295</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">959,685</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; font-weight: bold">Average Non-PEO NEOs</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2026</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">752,400</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,084,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">451,601</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2,288,846</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 0.125in; text-align: left">2025</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">406,875</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">288,961</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">85,692</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">781,528</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 0.125in; text-align: left">2024</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">144,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">153,985</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">54,228</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">352,213</td><td style="text-align: left"> </td></tr> </table> 3259827 2629000 6749940 7380767 956418 475500 2077050 2557968 820993 345500 959685 1435178 1213909 788700 2288846 2714055 613297 221869 781528 1172957 439548 103650 352213 688111 2508000 3055200 1186740 6749940 930000 915300 231750 2077050 480000 357390 122295 959685 752400 1084846 451601 2288846 406875 288961 85692 781528 144000 153985 54228 352213 Cumulative Total Share Return (“TSR”) represents the measurement period value of an investment of $100 in our stock on April 28, 2023 (the last day of trading before our 2024 fiscal year), the value again on April 30, 2024 (the last day of trading before our 2025 fiscal year), the value again on April 30, 2025 (the last day of trading before our 2026 fiscal year) and the value again on April 30, 2026 (the last trading day before our 2027 fiscal year). There was a $1 per share dividend paid in August of 2024.<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(7)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.</td></tr> </table> Compensation Actually Paid and TSR The compensation actually paid to our Principal Executive Officer and the average amount of compensation actually paid to our non-PEO Named Executive Officers during the periods presented are not directly correlated with TSR. We do utilize several performance criteria to align executive compensation with our performance, but those performance measures do not include TSR. For example, as described in more detail above in the section “Narrative Disclosure of Summary Compensation Table – Short-Term Incentive Bonus Programs” and “- Long-Term Incentives,” part of the compensation our Named Executive Officers are eligible to receive consists of discretionary annual cash bonuses and long-term equity awards which have performance criteria based upon consolidated bookings, revenue, operating income and certain other metrics designed to provide appropriate incentives to achieve corporate goals and to reward our executives for individual achievement towards these goals. We believe these bonus opportunities and equity awards align our Named Executive Officers’ interests with those of our stockholders by providing a continuing financial incentive to maximize long-term value for our stockholders and by encouraging our Named Executive Officers to continue in our employment for the long-term. Compensation Actually Paid and Net Income (Loss) The compensation actually paid to our Principal Executive Officer and the average amount of compensation actually paid to our non-PEO Named Executive Officers during the periods presented are not directly correlated with our net income, particularly in fiscal year 2026. As described below, net income declined from $23.7 million in fiscal year 2025 to a net loss of $(0.9) million in fiscal year 2026 as a result of deliberate strategic investments in the business, while compensation actually paid increased, driven primarily by the significant appreciation in our stock price during the period, which increased the fair value of equity awards included in the compensation actually paid calculation. We invested significantly in the business during fiscal year 2026 in order to better prepare the Company for the anticipated strong growth ahead. The majority of this investment was focused on hiring engineering talent in advance of the large ramp-up in production and revenue we are expecting. This had near-term dampening effects on gross margin, as engineering costs flow through the manufacturing overhead portion of the Company’s cost of goods sold, raising this expense before the corresponding revenue is generated. A second meaningful investment during fiscal year 2026 was a significant manufacturing efficiency project. This business process improvement investment should allow the Company to improve turnaround time. The related expenses flowed through overhead and had a similar adverse impact on gross margins. But with increasing orders and strong demand, we think such investments were prudent long-term decisions and will allow the Company to be ready for that business and to super-serve our customers, who increasingly want more work done more quickly. We believe this should meaningfully benefit our stockholders as well, as we seek to increasingly provide higher levels of mission-critical products that perform to the highest standards in the harshest environments and do so with high incremental margins. The decline in net income during fiscal year 2026 primarily reflected the Company’s deliberate strategic investments described above, which management identified and executed in furtherance of the Company’s long-term growth objectives. The Committee does not view this decline as indicative of executive performance, but rather as an anticipated consequence of near-term investment that the Committee believes will support net income growth in future periods. DEF 14A 0000039020 false