0000064472
2022-10-01
2023-09-30
0000064472
2021-10-01
2022-09-30
0000064472
ecd:PeoMember
2022-10-01
2023-09-30
iso4217:USD
DEF 14A
false
0000064472
Gencor Industries, Inc.
<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman";"><div style="font-weight:bold;display:inline;"><div style="text-decoration: underline; letter-spacing: 0px; top: 0px;;display:inline;">Pay Versus Performance </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; margin-right:1%; text-indent:9%; font-size:10pt; font-family:Times New Roman">This is required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer <div style="display:inline;">Protection </div>Act, and Item 402(v) of Regulation S-K. The following table shows the <div style="display:inline;">total </div>compensation for the Company’s President (“President”) our Principal Executive Officer (“PEO”) and other named executive officers (“NEO”) as set forth in the Summary Compensation Table, the compensation “actually paid” (“CAP”) to the NEOs, the Company’s total shareholder return (“TSR”), and our net income (loss) for the fiscal years ended September 30, 2023 and 2022: </div><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </div>
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<td style="vertical-align: bottom; white-space: nowrap; padding-bottom: 0.5pt;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><div style="font-weight:bold;display:inline;">Fiscal</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; border-bottom: 1pt solid rgb(0, 0, 0); display: table-cell; font-size: 8pt; font-family: "Times New Roman"; line-height: normal;"><div style="font-weight:bold;display:inline;">Year </div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Summary</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Compensation</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Table Total</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">For</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">PEO</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">($)(1)</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Compensation</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Actually Paid</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">to</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">PEO ($)(1)(4)</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Average</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Summary</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Compensation</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Table</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Total for Non-</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">PEO</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">NEOs ($)(2)</div></div></td>
<td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td>
<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Average</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Compensation</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Actually Paid to</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Non-PEO NEOs</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">($)(4)</div></div></td>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Value of Initial</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Fixed $100</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Investment Based on</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">TSR ($)(3)</div></div></td>
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<td style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">Net Income</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: "Times New Roman"; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">(Loss)($)</div></div></td></tr>
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<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">2023</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">959,319</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">950,000</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">499,292</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">490,833</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">144.48</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">14,666,000</td></tr>
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<td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: "Times New Roman"; line-height: normal;">2022</div></td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">1,109,171</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">1,097,685</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">420,806</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">412,853</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">80.81</td>
<td style="vertical-align:bottom"> </td>
<td style="vertical-align:bottom;white-space:nowrap;text-align:right;">(372,000)</td></tr></table><div style="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%"> </div>
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<td style="width:4%;vertical-align:top;text-align:left;">(1)</td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">For fiscal years 2023 and 2022, the Company’s PEO was Mr. Marc Elliott. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(2)</td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">For fiscal years 2023 and 2022, the Company’s Non-PEO NEOs were Messrs. EJ Elliott, Dennis Hunt, and Eric Mellen. (3) TSR is calculated by dividing the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. </div></td></tr></table>
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<td style="width:4%;vertical-align:top;text-align:left;">(4)</td>
<td style="vertical-align:top;text-align:left;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: "Times New Roman"; text-align: left; line-height: normal;">SEC rules require that certain adjustments be made to the Summary Compensation Table totals to determine CAP, as reported in the Pay versus Performance Table above. </div></td></tr></table>
959319
950000
499292
490833
144.48
14666000
1109171
1097685
420806
412853
80.81
-372000
Mr. Marc Elliott
For fiscal years 2023 and 2022, the Company’s Non-PEO NEOs were Messrs. EJ Elliott, Dennis Hunt, and Eric Mellen.
<div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Relationship between CAP and TSR and net income </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company’s TSR and net income significantly increased in fiscal year 2023 in comparison to fiscal year 2022. The Company believes its TSR increased as a result of the increase in operating income and improved business outlook. CAP to the Company’s PEO decreased in fiscal year 2023 when compared to fiscal year 2022. The decrease in CAP resulted from a bonus paid in fiscal year 2022 and no bonus paid in fiscal year 2023. CAP to the Company’s Non -PEO NEOs increased due to an increase in salaries for Messrs. Hunt and Mellen in fiscal year 2023. </div>
<div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Relationship between CAP and TSR and net income </div></div></div><div style="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Company’s TSR and net income significantly increased in fiscal year 2023 in comparison to fiscal year 2022. The Company believes its TSR increased as a result of the increase in operating income and improved business outlook. CAP to the Company’s PEO decreased in fiscal year 2023 when compared to fiscal year 2022. The decrease in CAP resulted from a bonus paid in fiscal year 2022 and no bonus paid in fiscal year 2023. CAP to the Company’s Non -PEO NEOs increased due to an increase in salaries for Messrs. Hunt and Mellen in fiscal year 2023. </div>
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