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Filed by the Registrant [X]
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| | Filed by a Party other than the Registrant [ ] | |
| | | | Sincerely, | |
| | | |
Name: Christopher Ianelli
Title: Chief Executive Officer, President and Director |
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| | | | By Order of the Board of Directors, | |
| | | |
Name: Christopher Ianelli
Title: Chief Executive Officer, President and Director |
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PROPOSAL NO. 1 — CORRECTION OF A DEFECTIVE CORPORATE ACT | | | |
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PROPOSAL NO. 2 — ELECTION OF TWO CLASS I DIRECTORS (IF PROPOSAL NO. 1 IS APPROVED BY THE STOCKHOLDERS) | | | |
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PROPOSAL NO. 3 — ELECTION OF SEVEN DIRECTORS (IF PROPOSAL NO. 1 IS NOT APPROVED BY THE STOCKHOLDERS) | | | |
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PROPOSAL NO. 4 — APPROVAL OF AMENDMENTS TO THE AMENDED AND RESTATED 2021 STOCK INCENTIVE PLAN | | | |
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PROPOSAL NO. 5 — RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | | |
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APPENDIX A | | | | | | | |
APPENDIX B | | | | | | | |
Proposal
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| |
Votes Required
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| |
Voting
Options |
| |
Impact of
“Withhold” or “Abstain” Votes |
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Broker
Discretionary Voting Allowed |
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Proposal No. 1:
Correction of a defective corporate act, pursuant to §204 of DGCL, relating to our failure to obtain stockholder approval for adoption of the Bylaws creating a Classified Board |
| | The affirmative vote of the holders of a majority in voting power of the votes cast affirmatively or negatively (excluding abstentions) at the Annual Meeting by the holders entitled to vote thereon. | | |
“FOR”
“AGAINST” “ABSTAIN’ |
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None(1)
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No(2)
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Proposals No. 2 and No. 3:
Election of Directors |
| | A plurality of the votes cast affirmatively or negatively (excluding abstentions) at the Annual Meeting by the holders entitled to vote thereon. | | |
“FOR ALL”
“WITHHOLD ALL” “FOR ALL EXCEPT” |
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None(1)
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No(2)
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Proposal No. 4:
Approval of Amendments to the 2021 Plan |
| | The affirmative vote of the holders of a majority in voting power of the votes cast affirmatively or negatively (excluding abstentions) at the Annual Meeting by the holders entitled to vote thereon. | | |
“FOR”
“AGAINST” “ABSTAIN’ |
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None(1)
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No(2)
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|
Proposal
|
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Votes Required
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Voting
Options |
| |
Impact of
“Withhold” or “Abstain” Votes |
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Broker
Discretionary Voting Allowed |
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Proposal No. 5:
Ratification of appointment of independent registered public accounting firm |
| | The affirmative vote of the holders of a majority in voting power of the votes cast affirmatively or negatively (excluding abstentions) at the Annual Meeting by the holders entitled to vote thereon. | | |
“FOR”
“AGAINST” “ABSTAIN’ |
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None(1)
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Yes(3)
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Year Ended December 31,
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2021
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2020
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Audit fees(1) | | | | $ | 175,500 | | | | | $ | 140,000 | | |
Audit-related fees(2) | | | | | 127,500 | | | | | | 59,500 | | |
Total fees | | | | $ | 303,000 | | | | | $ | 199,500 | | |
Name
|
| |
Age
|
| |
Position
|
| |
Initial Term of Office
|
|
Christopher Ianelli | | |
55
|
| |
Chief Executive Officer
President Director |
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July 2009
July 2009 July 2009 |
|
Jill Mullan | | |
57
|
| |
Chief Operating Officer
Secretary Director |
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August 2013
November 2012 October 2014 |
|
Benjamin Bielak | | |
53
|
| | Chief Information Officer | | | June 2018 | |
Tracy Curley | | |
60
|
| |
Chief Financial Officer
Treasurer |
| |
August 2020
July 2021 |
|
Andrew L. Ross | | |
73
|
| | Chairman of the Board | | | January 2012 | |
George “Bud” Scholl | | |
62
|
| | Director | | | February 2014 | |
Steven Gullans | | |
69
|
| | Director | | | October 2020 | |
John L. Brooks III | | |
70
|
| | Director | | | June 2021 | |
Margaret H. Lawrence | | |
46
|
| | Director | | | June 2021 | |
| |
Board Diversity Matrix (as of March 1, 2022)
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Part I:
Gender Identity |
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Male
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| | |
Female
|
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Non-Binary
|
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Did Not Disclose Gender
|
| |
| | Directors (7 total) | | | |
5
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| | |
2
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-
|
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-
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Part II:
Demographic Background |
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Male
|
| | |
Female
|
| | |
Non-Binary
|
| | |
Did Not Disclose Gender
|
| |
| | African American or Black | | | |
-
|
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-
|
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-
|
| | |
-
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| |
| | Alaskan Native or American Indian | | | |
-
|
| | |
-
|
| | |
-
|
| | |
-
|
| |
| | Asian | | | |
-
|
| | |
-
|
| | |
-
|
| | |
-
|
| |
| | Hispanic, Latino or Latina | | | |
-
|
| | |
-
|
| | |
-
|
| | |
-
|
| |
| | Native Hawaiian or Pacific Islander | | | |
-
|
| | |
-
|
| | |
-
|
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-
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| | White | | | |
5
|
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2
|
| | |
-
|
| | |
-
|
| |
| | Two or More Races or Ethnicities | | | |
-
|
| | |
-
|
| | |
-
|
| | |
-
|
| |
| | LGBTQ+ | | | |
-
|
| | ||||||||||||
| | Undisclosed | | | |
-
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| |
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Salary
|
| |
Bonus
|
| |
awards
|
| |
awards
|
| |
compensation
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| |
earnings
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| |
compensation
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Total
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Name and Principal Pos
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Year
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($)
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| |
($)
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($)
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($)
|
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($)
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($)
|
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($)
|
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($)
|
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Christopher Ianelli(1) | | | | | 2021 | | | | | $ | 300,000 | | | | | $ | 140,000 | | | | | $ | 330,213 | | | | | $ | - | | | | | $ | - | | | | | $ | - | | | | | $ | - | | | | | $ | 770,213 | | |
Chief Executive, President
and Director |
| | | | 2020 | | | | | $ | 250,000 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 250,000 | | |
Jill Mullan,(2) | | | | | 2021 | | | | | $ | 277,500 | | | | | $ | 113,750 | | | | | $ | 330,213 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 721,463 | | |
Chief Operating Officer,
Secretary and Director |
| | | | 2020 | | | | | $ | 230,000 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 230,000 | | |
Benjamin Bielak(3) | | | | | 2021 | | | | | $ | 250,000 | | | | | $ | 84,000 | | | | | $ | 300,193 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 634,193 | | |
Chief Information Officer
and Treasurer |
| | | | 2020 | | | | | $ | 220,000 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 220,000 | | |
Tracy Curley(4) | | | | | 2021 | | | | | $ | 282,999 | | | | | $ | 84,000 | | | | | $ | 240,153 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 607,152 | | |
Chief Financial Officer
|
| | | | 2020 | | | | | $ | 105,600 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 105,600 | | |
| | |
Option awards
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Name
|
| |
Number of
securities underlying unexercised options (#) exercisable |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Equity
incentive plan awards ; Number of securities underlying unexercised unearned options (#) |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#) |
| |
Market
value of shares of units of stock that have not vested ($) |
| |
Equity
incentive plan awards: Number of unearned share, units or other rights that have not vested (#) |
| |
Equity
incentive plan awards : Market or pay our value of unearned shares, units or other rights that have not vested ($) |
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(a)
|
| |
(b)
|
| |
(c)
|
| |
(d)
|
| |
(e)
|
| |
(f)
|
| |
(g)
|
| |
(h)
|
| |
(i)
|
| |
(j)
|
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Christopher Ianelli | | | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 31-Jan-29 | | | | | 41,667 | | | | | $ | 264,169 | | | | | | — | | | | | | — | | |
Christopher Ianelli | | | | | 48,106 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 12-Jul-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Jill Mullan | | | | | 19,296 | | | | | | — | | | | | | — | | | | | $ | 1.08 | | | | 29-Jun-26 | | | | | 41,667 | | | | | $ | 264,169 | | | | | | — | | | | | | — | | |
Jill Mullan | | | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 31-Jan-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Jill Mullan | | | | | 65,792 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 12-Jul-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Benjamin Bielak | | | | | 20,513 | | | | | | 2,931 | | | | | | — | | | | | $ | 1.56 | | | | 14-Jun-28 | | | | | 37,879 | | | | | $ | 240,153 | | | | | | — | | | | | | — | | |
Benjamin Bielak | | | | | 4,508 | | | | | | — | | | | | | — | | | | | $ | 1.02 | | | | 31-Jan-29 | | | | | — | | | | | | | | | | | | — | | | | | | — | | |
Tracy Curley | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | — | | | | | 30,304 | | | | | $ | 192,127 | | | | | | — | | | | | | — | | |
|
Name
|
| |
Fees earned
or paid in cash ($) |
| |
Stock
awards ($) |
| | | | | | | |
Options
awards ($)(6) |
| | | | | | | |
Non-equity
incentive plan compensation ($) |
| |
Non
qualified deferred compensation earnings ($) |
| |
All other
compensation ($) |
| |
Total ($)
|
| |||||||||||||||||||||
|
(a)
|
| |
(b)
|
| |
(c)
|
| | | | | | | |
(d)
|
| | | | | | | |
(e)
|
| |
(f)
|
| |
(g)
|
| |
(h)
|
| |||||||||||||||||||||
|
Andrew Ross(1)
Chairman of the Board
|
| | | $ | 10,493 | | | | | $ | 15,700 | | | | | | (7) | | | | | $ | 52,288 | | | | | | (12) | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 78,481 | | |
|
Bud Scholl (2)
Director
|
| | | $ | 10,493 | | | | | $ | 15,700 | | | | | | (8) | | | | | $ | 52,288 | | | | | | (13) | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 78,481 | | |
|
Steven Gullans(3)
Director
|
| | | $ | 22,932 | | | | | $ | 15,700 | | | | | | (9) | | | | | $ | 52,288 | | | | | | (14) | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 90,920 | | |
|
Magaret Lawrence(4)
Director
|
| | | $ | 10,493 | | | | | $ | 15,700 | | | | | | (10) | | | | | $ | 52,288 | | | | | | (15) | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 78,481 | | |
|
John Brooks(5)
Director
|
| | | $ | 10,493 | | | | | $ | 15,700 | | | | | | (11) | | | | | $ | 52,288 | | | | | | (16) | | | | | | - | | | | | | - | | | | | | - | | | | | $ | 78,481 | | |
Plan
|
| |
Number of
Shares Issued |
| |
Number of
Shares Reserved for Issuance |
| |
Number of
Shares underlying Outstanding Options, Restricted Stock Units or Warrants |
| |
Number of
Shares Remaining Available for Future Issuance |
| ||||||||||||
2010 Stock Incentive Plan | | | | | 156,615 | | | | | | 270,513 | | | | | | 113,898 | | | | — | | |||
2013 Stock Incentive Plan | | | | | 65,235 | | | | | | 309,029 | | | | | | 137,949 | | | | | | 105,845 | | |
Amended and Restated 2021 Stock Incentive Plan | | | | | 44,126 | | | | | | 608,000 | | | |
337,710
|
| | | | 226,164 | | |
Title of Class
|
| |
Name and Address of
Beneficial Owner |
| |
Amount and Nature of
Beneficial Ownership |
| |
Percentage
of Class(2) |
| |||
Directors and
Executive Officers |
| | | | | | | | | | | | |
Common Stock | | | Andrew L. Ross(1) | | |
1,312,399(3)
|
| | | | 14.88% | | |
Common Stock | | | Christopher Ianelli(1) | | |
402,442(4)
|
| | | | 4.53% | | |
Common Stock | | | Jill Mullan(1) | | |
222,530(5)
|
| | | | 2.50% | | |
Common Stock | | | Benjamin Bielak(1) | | |
33,362(6)
|
| | | | ** | | |
Common Stock | | | Tracy Curley(1) | | |
17,575(7)
|
| | | | ** | | |
Common Stock | | | George “Bud” Scholl(1) | | |
843,856(8)
|
| | | | 9.57% | | |
Common Stock | | | Steven Gullans(1) | | |
8,637(9)
|
| | | | ** | | |
Common Stock | | | John L. Brooks III(1) | | |
1,875(10)
|
| | | | ** | | |
Common Stock | | | Margaret H. Lawrence(1) | | |
1,875(11)
|
| | | | ** | | |
| | |
All Directors and Officers as a Group
|
| | | |||||||
Common Stock | | | (9 persons) | | |
2,844,551
|
| | | | 32.26% | | |
5% or Greater Stockholders | | | | | |
|
| | | | | | |
Common Stock | | | OBF Investments(1) | | |
841,981
|
| | | | 9.55% | | |
|
Please mark
your votes like this |
| |
☒
|
|
|
1)
Andrew L. Ross
|
| |
☐ FOR ALL ☐ WITHHOLD ALL ☐ FOR ALL EXCEPT
|
|
|
2)
Steven Gullans
|
| | | |
|
1)
Christopher Ianelli
|
| |
☐ FOR ALL ☐ WITHHOLD ALL ☐ FOR ALL EXCEPT
|
|
|
2)
Jill Mullan
|
| | | |
|
3)
Andrew L. Ross
|
| | | |
|
4)
George “Bud” Scholl
|
| | | |
|
5)
Steven Gullans
|
| | | |
|
6)
John L. Brooks III
|
| | | |
|
7)
Margaret H. Lawrence
|
| | | |
| Signature | | | Signature | | | Date , 2022 | |
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