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Milestone Scientific Inc.
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Our
Board has adopted a written policy to recover “excess” compensation that is granted, earned, or vested based wholly or in
part upon the attainment of a financial reporting measure. The compensation includes both cash-based and equity-based incentives. The
compensation covered includes incentive awards awarded to any individuals (including former employees) who served as an executive officer
during the three most recently completed fiscal years preceding the date on which the preparation of an accounting restatement is required,
provided that the executive officers were awarded more incentive awards than they would have received if the financial statements had
been prepared correctly. The recovery will include an executive incentive award even if the executive was not involved in preparing the
financial statements or did not commit misconduct that led to the restatement. Restatements attributable to an inadvertent error also
will subject executive officers to the recovery of previously received incentive awards.
The
Compensation Committee approves all equity award grants to our named executive officers (NEO) on or before the grant date. The committee’s
general practice is to complete its annual executive compensation review and determine performance goals and target compensation for
our NEOs, and then equity awards are granted to NEOs and become effective. Annual equity awards are typically granted to our NEOs in
March. On occasion, the compensation committee may grant equity awards outside of our annual grant cycle for new hires, promotions, recognition,
retention or other purposes. While the compensation committee has discretionary authority to approve equity awards to our NEOs outside
of the cycle described above, the compensation committee follows a practice of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_906_eecd--AwardTmgMnpiCnsdrdFlag_dbF_c20240101__20241231_zqG8UZ8s5md8">not</span> granting equity awards when the company anticipates
releasing material nonpublic information and, in any event, we do <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_90E_eecd--MnpiDiscTimedForCompValFlag_dbF_c20240101__20241231_zPjtMA4h4jaj">not</span> time the release of material non-public information in coordination
with grants of equity awards in a manner that intentionally benefits our NEOs.
false
false
<table cellpadding="0" cellspacing="0" id="xdx_88F_eecd--PvpTableTextBlock_zq6prL7svOmc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure">
<tr style="vertical-align: bottom">
<td style="text-align: center; vertical-align: bottom"> </td><td> </td><td style="font-style: italic"> </td>
<td colspan="2" id="xdx_48E_eecd--PeoTotalCompAmt_hecd--IndividualAxis__ecd--PeoMember_zkiSFXM1Flya" style="border-bottom: Black 1pt solid; font-style: italic"><span id="xdx_F50_zlT3owQFUjRj" style="font-family: Times New Roman, Times, Serif">(a)</span></td><td style="font-style: italic"> </td><td style="font-style: italic"> </td>
<td colspan="2" id="xdx_485_eecd--PeoActuallyPaidCompAmt_zdTBalimNL8c" style="border-bottom: Black 1pt solid; font-style: italic"><span id="xdx_F58_zDJd37nhkgP6" style="font-family: Times New Roman, Times, Serif">(b)</span></td><td style="font-style: italic"> </td><td style="font-style: italic"> </td>
<td style="border-bottom: Black 1pt solid; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">(c)</span></td><td style="font-style: italic"> </td>
<td style="border-bottom: Black 1pt solid; font-style: italic"><span style="font-family: Times New Roman, Times, Serif">(d)</span></td><td style="font-style: italic"> </td>
<td colspan="2" id="xdx_48A_eecd--TotalShareholderRtnAmt_pp2d_zcNlbKvZm00f" style="border-bottom: Black 1pt solid; font-style: italic"><span id="xdx_F50_zSSBzlw9pNv9" style="font-family: Times New Roman, Times, Serif">(e)</span></td><td style="font-style: italic"> </td><td> </td>
<td colspan="2" id="xdx_485_eus-gaap--NetIncomeLoss_zMCRN15epKe1" style="border-bottom: Black 1pt solid"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; vertical-align: bottom"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td> </td><td> </td>
<td> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Value of Initial Fixed $100 Investment Based on:</td><td style="font-weight: bold"> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold">Year</td><td style="text-align: left; font-weight: bold"> </td><td style="text-align: left; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Summary Compensation Table Total for PEO<br/>
($)</td><td style="text-align: left; font-weight: bold"> </td><td style="text-align: left; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Compensation Actually Paid to PEO<br/>
($)</td><td style="text-align: left; font-weight: bold"> </td><td style="text-align: left; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Average Summary Compensation Table Total for Non-PEO NEO’s<br/>
($)</td><td style="text-align: left; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Average Compensation Actually Paid to Non-PEO NEO’s<br/>
($)</td><td style="text-align: left; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Total Shareholder Return <br/>
($)</td><td style="text-align: left; font-weight: bold"> </td><td style="text-align: left; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Net Income<br/>
($)</td><td style="text-align: left; font-weight: bold"> </td></tr>
<tr id="xdx_414_20240101__20241231_zfb9bxFdPee4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: bottom; width: 9%; text-align: center">2024</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">881,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 12%; text-align: right">881,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="text-align: right; width: 14%"><span style="font-family: Times New Roman, Times, Serif"><span id="xdx_909_eecd--NonPeoNeoAvgTotalCompAmt_c20240101__20241231_fKGMp_zBlJIf9XSpFe" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0024">-</span></span></span>n/a</td><td style="width: 2%"> </td>
<td style="text-align: right; width: 12%"><span id="xdx_906_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20240101__20241231_fKGQp_zQ7SrlQOh5s7" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0025">-</span></span>n/a</td><td style="width: 2%"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">137.14</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left"> </td><td style="border-bottom: Black 1pt solid; width: 10%; text-align: right">(4,713,597</td><td style="width: 1%; text-align: left">)</td></tr>
<tr id="xdx_415_20230101__20231231_zWkOoQBUHpvk" style="vertical-align: bottom; background-color: White">
<td style="vertical-align: bottom; text-align: center">2023</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">680,265</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">680,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: right"><span id="xdx_905_eecd--NonPeoNeoAvgTotalCompAmt_c20230101__20231231_fKGMp_zMMPUIshnIJ9" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0030">-</span></span>n/a</td><td> </td>
<td style="text-align: right"><span id="xdx_90C_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20230101__20231231_fKGQp_zrxU16swoBTi" style="display: none"><span style="-sec-ix-hidden: xdx2ixbrl0031">-</span></span>n/a</td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">150.00</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,929,104</td><td style="text-align: left">)</td></tr>
</table>
881422
881422
137.14
-4713597
680265
680265
150.00
-6929104
Mr. Haverhals
Mr. Haverhals
<p id="xdx_891_eecd--AdjToPeoCompFnTextBlock_dU_znX9qEJHLhTa" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold">Calculation of Compensation Actually Paid to PEO (column b)</td><td style="font-weight: bold"> </td>
<td colspan="2" id="xdx_493_20240101__20241231_zoMRZbjr2hLi" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2024</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" id="xdx_493_20230101__20231231_zXTWDsneJER" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2023</td><td style="font-weight: bold"> </td></tr>
<tr id="xdx_40D_eecd--PeoTotalCompAmt_zQ91A81q8oVk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 60%; text-align: left">Total Summary Compensation Paid Table (SCT) - column (a)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">881,422</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">680,265</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--ValueReportedUnderStockAwardsInSCTMember_ziuhK0SIt8h4" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Less: value reported under stock awards in the SCT</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0045">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0046">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FVOfUnvestedEquityAwardsAtYearEndMember_z9e9k8vSD4i1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Add: FV of unvested equity awards at year-end 2021</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0048">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0049">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FVOfVestedAwardsAsOfVestingDateMember_zgFNlA89vAC5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Add: FV of vested awards as of the vesting date.</td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0051">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0052">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FVOfVestedAwardsAsOfVestingDateMember_zt9JzYYPyTQ2" style="display: none; vertical-align: bottom; background-color: White">
<td style="text-align: left">Adjustment to Compensation Amount</td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0054">-</span></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0055">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_eecd--PeoActuallyPaidCompAmt_zfE4bxfcjOe3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Compensation actually paid</td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">881,422</td><td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold"> </td>
<td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">680,265</td><td style="font-weight: bold; text-align: left"> </td></tr>
</table>
881422
680265
881422
680265
<p id="xdx_896_eecd--NamedExecutiveOfficersFnTextBlock_dU_zil8ZrYNAs6h" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts reported in this column are the amounts of total compensation reported for <span id="xdx_907_eecd--PeoName_c20230101__20231231_zjT7BL49fKR8"><span id="xdx_906_eecd--PeoName_c20240101__20241231_zsfrw315eH67">Mr. Haverhals</span></span>, Chief Executive Officer, for each
corresponding year in the “Total” column of the Summary Compensation Table (“SCT’) on page 12 of this proxy
statement.</span></td></tr>
</table>
Mr. Haverhals
Mr. Haverhals
<p id="xdx_891_eecd--Additional402vDisclosureTextBlock_dU_zARRJIaWXtJ2" style="margin: 0; display: none"> </p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts reported in this column represent the amount of compensation actually paid (“CAP”) Mr. Haverhals as computed
in accordance with Item 402(v) of Regulation S-K, but do not reflect the actual amount of compensation earned by or paid to Mr. Haverhals
during the applicable year. The determination of CAP begins with the total compensation reported in the SCT, which is then adjusted
by equity-based and other compensation as set forth in the following table. For equity-based awards made during the year, the recorded
grant date value is replaced with the estimated year-end value. For equity-based awards made in prior years that remain unvested
at year-end, the estimated change in value from the beginning to the end of the year is included. For equity-based awards made in
prior years, but vested during the year, the estimated change in value from the beginning of the year to the date of vesting is included:</span></td></tr>
</table>