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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

 

 

PAY VERSUS PERFORMANCE

 

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid (also referred to as “CAP”) and certain financial performance of our Company for each of the last three completed fiscal years. In determining the “compensation actually paid” to our NEOs, we are required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in previous years, as the SEC’s valuation methods for this section differ from those required in the Summary Compensation Table. The table below summarizes compensation values both previously reported in our Summary Compensation Table, as well as the adjusted values required in this section for the 2024, 2023, and 2022 fiscal years. Note that for our NEOs other than our CEO, or principal executive officer, compensation is reported as an average.

 

Year

 

John M. Suzuki, PEO

   

Timothy A. Vitou, Former PEO

   

Non-PEO NEOs

   

Value of Initial Fixed $100 Investment Based on Total Stockholder Return

   

Net income (loss)

(thousands)(5)

 
   

Summary Compensation Table Total for PEO(1)

   

Compensation Actually

Paid to PEO(2)

   

Summary Compensation Table Total for PEO(1)

   

Compensation Actually

Paid to PEO(2)

   

Average Summary Compensation Table Total for

Non-PEOs(3)

   

Average Compensation Actually Paid to Non-PEOs(4)

             

2024

 

$

1,803,270

   

$

2,092,731

   

$

   

$

   

$

825,765

   

$

871,289

   

$

298.77

   

$

8,359

 

2023

 

$

475,338

   

$

538,112

   

$

316,855

   

$

341,751

   

$

274,426

   

$

285,645

   

$

106.56

   

$

(2,230

)

2022

 

$

506,177

   

$

573,304

   

$

374,417

   

$

408,962

   

$

273,827

   

$

285,655

   

$

144.64

   

$

(11,633

)

 

(1)          Represent the amounts of total compensation reported for our PEO, John M. Suzuki (for 2024, 2023 and 2022), and our Former PEO, Timothy A. Vitou (for 2023 and 2022), during each such corresponding year in the “Total” column of the Summary Compensation Table above.

   
PEO Total Compensation Amount $ 1,803,270 $ 475,338 $ 506,177
PEO Actually Paid Compensation Amount $ 2,092,731 538,112 573,304
Adjustment To PEO Compensation, Footnote

(2)          Represents the amount of “compensation actually paid” to our PEO and Former PEO, 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 to our PEO and Former PEO during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to our PEO and Former PEO’s total compensation for each year to determine the “compensation actually paid”:

 

 

 

   

Year

 

Reported Summary Compensation Table

Total for PEO ($)

   

Reported Value of Option and Stock Awards (a)(b) ($)

   

Equity Award

Adjustments (b) ($)

   

Compensation Actually

Paid to PEO ($)

 

John M. Suzuki, PEO

 

2024

 

$

1,803,270

   

$

(1,532,842)

   

$

1,822,303

   

$

2,092,731

 
   

2023

 

$

475,338

   

$

(154,911

)

 

$

217,685

   

$

538,112

 
   

2022

 

$

506,177

   

$

(128,805

)

 

$

195,932

   

$

573,304

 

Timothy A. Vitou, Former PEO

 

2023

 

$

316,855

     

   

$

24,896

   

$

341,751

 
   

2022

 

$

374,417

   

$

(47,550

 

$

82,095

   

$

408,962

 

 

(a)          The grant date fair value of equity awards represents the total of the amounts reported in the “Option Awards” and “Stock Awards” columns in the Summary Compensation Table for the applicable year.

 

(b)          In order to calculate the compensation “actually paid” to our PEO and Former PEO, we are required under the SEC rules to subtract from the value in the Summary Compensation Table the grant date fair value of equity awards, and add back the following:

 

 

(i)

the year-end fair value of any equity awards in the applicable year that are outstanding and unvested as of the end of the year;

 

(ii)

the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year;

 

(iii)

for awards that are granted and vest in the same applicable year, the fair value as of the vesting date;

 

(iv)

for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value;

 

(v)

for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and

 

(vi)

the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year.

 

 

The amounts deducted or added in calculating the equity award adjustments are as follows:

 

   

Year

 

Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($)

   

Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($)

   

Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)

   

Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)

   

Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)

   

Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation($)

   

Total Equity Award Adjustments

 

John M. Suzuki, PEO

 

2024

 

$

1,409,396

   

$

289,488

   

$

123,442

   

$

(23)

   

$

   

$

   

$

1,822,303

 
   

2023

 

$

75,941

   

$

3,603

   

$

59,621

   

$

78,520

   

$

   

$

   

$

217,685

 
   

2022

 

$

147,283

   

$

   

$

48,648

   

$

   

$

   

$

   

$

195,932

 

Timothy A. Vitou, Former PEO

 

2023

 

$

   

$

   

$

   

$

24,896

   

$

   

$

   

$

24,896

 
   

2022

 

$

72,820

   

$

5,634

   

$

7,570

   

$

1,867

   

$

(5,796

)

 

$

   

$

82,095

 

 

(3)          Represents the average of the amounts reported for our NEOs as a group (excluding our PEO and our Former PEO) in each applicable year in the “Total” column of the Summary Compensation Table above (the “Non‑PEO NEOs”). For 2024, the Non-PEO NEOs are Scott A. Malmanger and Branko Avanic. For 2023, the Non-PEO NEOs are Scott A. Malmanger, Randy Willis and Branko Avanic. For 2022, the Non-PEO NEOs are William P. Kelly, Scott A. Malmanger, Randy Willis and Branko Avanic.

   
Non-PEO NEO Average Total Compensation Amount $ 825,765 274,426 273,827
Non-PEO NEO Average Compensation Actually Paid Amount $ 871,289 285,645 285,655
Adjustment to Non-PEO NEO Compensation Footnote

(4)          Represents the average amount of “compensation actually paid” to the Non-PEO NEOs, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average compensation earned or paid to the Non-PEO NEOs during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the Non-PEO NEOs for each year to determine the “compensation actually paid”, using the same methodology as described above in Note (2):

 

Year

 

Average Reported Summary Compensation Table

Total for Non-PEOs ($)

   

Average Reported

Value of Option and Stock Awards ($)

   

Average Equity

Award

Adjustments (a) ($)

   

Average Compensation

Actually Paid to

Non-PEOs ($)

 

2024

 

$

825,765

   

$

(571,944)

   

$

617,468

   

$

871,289

 

2023

 

$

274,426

   

$

(15,247

)

 

$

26,466

   

$

285,645

 

2022

 

$

273,827

   

$

(23,420

)

 

$

35,248

   

$

285,655

 

 

(a)          The amounts deducted or added in calculating the total average equity award adjustment are as follows:

 

Year

 

Average Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year ($)

   

Average Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years ($)

   

Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($)

   

Average Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($)

   

Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($)

   

Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation ($)

   

Average Equity Award Adjustments

 

2024

 

$

563,758

   

$

38,236

   

$

8,183

   

$

7,291

   

$

   

$

   

$

617,468

 

2023

 

$

12,656

   

$

(129

)

 

$

2,591

   

$

14,881

   

$

(3,533)

   

$

   

$

26,466

 

2022

 

$

25,074

   

$

5,351

   

$

3,386

   

$

1,437

   

$

   

$

   

$

35,248

 

 

 

(5)

The dollar amounts reported represent the amount of net loss reflected in our consolidated audited financial statements for the applicable year.

   
Compensation Actually Paid vs. Net Income

 

 

Analysis of the Information Presented in the Pay versus Performance Table

 

The chart below demonstrates the relationship between (i) compensation actually paid to our PEO and the average amount of compensation actually paid to the non-PEO NEOs and (ii) the Company’s net income (loss) for each of 2024, 2023, and 2022.

 

pfpchart.jpg

 

 

   
Total Shareholder Return Amount $ 298.77 106.56 144.64
Net Income (Loss) 8,359,000 (2,230,000) (11,633,000)
Former PEO [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount 0 316,855 374,417
PEO Actually Paid Compensation Amount 0 341,751 408,962
PEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (1,532,842) (154,911) (128,805)
PEO | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,822,303 217,685 195,932
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,409,396 75,941 147,283
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 289,488 3,603 0
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 123,442 59,621 48,648
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (23) 78,520 0
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
PEO | Former PEO [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0 (47,550)
PEO | Former PEO [Member] | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   24,896 82,095
PEO | Former PEO [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0 72,820
PEO | Former PEO [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0 5,634
PEO | Former PEO [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0 7,570
PEO | Former PEO [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   24,896 1,867
PEO | Former PEO [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0 (5,796)
PEO | Former PEO [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   0 0
Non-PEO NEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (571,944) (15,247) (23,420)
Non-PEO NEO | Equity Awards Adjustments      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 617,468 26,466 35,248
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 563,758 12,656 25,074
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 38,236 (129) 5,351
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 8,183 2,591 3,386
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 7,291 14,881 1,437
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 (3,533) 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 0 0 0
Non-PEO NEO | Average Equity Award Adjustments [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 617,468 $ 26,466 $ 35,248