Executive Compensation

12 Months Ended

Dec. 31, 2023

Notes

Executive Compensation

The following table sets forth, for the last two fiscal years, the cash compensation paid by us to our Chairman, Chief Executive Officer and Chief Financial Officer and President (the “Named Executive Officers”). None of our executive officers other than the named executive officers earned annual compensation in excess of $100,000 during 2023.

	Annual Compensation					Long-Term Compensation
Name and Principal Position	Fiscal Year	Salary		Other Compensation		Securities Underlying Options and Warrants (#) (1)
Timothy J. Kilkenny	2023	$80,092	(2)	$18,693	(3)	-
Chairman	2022	$72,373	(4)	$22,967	(5)	83,333
	2021	$74,700	(6)	$15,930	(7)	410,528
Roger P. Baresel	2023	$104,206	(8)	$58,677	(9)	-
CEO and CFO	2022	$93,059	(10)	$55,111	(11)	100,000
	2021	$94,127	(12)	$51,826	(13)	436,254
Jason C. Ayers	2023	$218,941	(14)	$34,113	(15)	-
President	2022	$200,573	(16)	$27,469	(17)	100,000
	2021	$197,450	(18)	$24,989	(19)	421,846

(1)	Options are generally granted with an exercise price equal to the fair market value of our common stock on the date of the grant and are valued based on the Black-Scholes option pricing model.
(2)	Includes no deferred compensation.
(3)	Represents $2,375 of expense for business parking for Mr. Kilkenny, $12,621 of insurance premiums, and $3,697 of post-retirement benefits paid by us for the benefit of Mr. Kilkenny.
(4)	Includes no deferred compensation.
(5)	Represents $2,100 of expense for business parking for Mr. Kilkenny, $11,460 of insurance premiums, $5,654 of special vacation cash-out, and $3,753 of post-retirement benefits paid by us for the benefit of Mr. Kilkenny.
(6)	Includes no deferred compensation.
(7)	Represents $2,100 of expense for business parking for Mr. Kilkenny, $10,322 of insurance premiums, and $3,508 of post-retirement benefits paid by us for the benefit of Mr. Kilkenny.
(8)	Includes $70,695 of deferred compensation.
(9)	Represents $9,600 of expense reimbursement for business use of Mr. Baresel’s automobile and parking, $5,290 of expense reimbursement for Mr. Baresel’s home office and cell phone, $42,371 of insurance premiums, and $1,416 of post-retirement benefits paid by us for the benefit of Mr. Baresel.
(10)	Includes $63,273 of deferred compensation.
(11)	Represents $9,600 of expense reimbursement for business use of Mr. Baresel’s automobile and parking, $5,550 of expense reimbursement for Mr. Baresel’s home office and cell phone, $38,556 of insurance premiums, and $1,405 of post-retirement benefits paid by us for the benefit of Mr. Baresel.
(12)	Includes $59,616 of deferred compensation.
(13)	Represents $9,600 of expense reimbursement for business use of Mr. Baresel’s automobile and parking, $5,535 of expense reimbursement for Mr. Baresel’s home office and cell phone, $35,288 of insurance premiums, and $1,403 of post-retirement benefits paid by us for the benefit of Mr. Baresel.
(14)	Includes no deferred compensation.
(15)	Represents $2,375 of expense reimbursement for Mr. Ayers’ parking, $1,500 of expense reimbursement for Mr. Ayers’ internet connection and cell phone, $23,485 of insurance premiums, and $6,753 of post-retirement benefits paid by us for the benefit of Mr. Ayers.
(16)	Includes no deferred compensation.
(17)	Represents $2,100 of expense reimbursement for Mr. Ayers’ parking, $1,500 of expense reimbursement for Mr. Ayers’ internet connection and cell phone, $17,558 of insurance premiums, and $6,311 of post-retirement benefits paid by us for the benefit of Mr. Ayers.
(18)	Includes no deferred compensation.

(19) Represents $2,100 of expense reimbursement for Mr. Ayers’ parking, $1,500 of expense reimbursement for Mr. Ayers’ internet connection and cell phone, $15,277 of insurance premiums, and $6,112 of post-retirement benefits paid by us for the benefit of Mr. Ayers.