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DEF 14A
Mannatech, Incorporated
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i><a href="#" id="pvp"></a>Pay Versus Performance</i></b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act and SEC rules, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of our Company.</p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Pay Versus Performance Table</b></p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p>
<div>
<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse: collapse; width: 100%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px;">
<tbody><tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Year</b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Summary</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>compensation</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>table total for </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>PEO <sup style="vertical-align:top;line-height:120%;">(1)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Compensation </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>actually paid to </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>PEO <sup style="vertical-align:top;line-height:120%;">(2)(3)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Average</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>summary</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>compensation</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>table total for</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>non-PEO named </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>executive officers <sup style="vertical-align:top;line-height:120%;">(4)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Average</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>compensation</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>actually paid </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>to non-PEO </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>named executive</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>officers <sup style="vertical-align:top;line-height:120%;">(5)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Value of initial </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>fixed $100 </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>investment</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>based on: Total </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>shareholder </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>return </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>("TSR") <sup style="vertical-align:top;line-height:120%;">(6)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Net income</b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(loss) </b></p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>(millions) <sup style="vertical-align:top;line-height:120%;">(7)</sup></b></p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
</tr>
<tr class="finHeading" style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">(a)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(b)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(c)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(d)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(e)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(f)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
<td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 1%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">(g)</p>
</td>
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 1%;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">2025</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">368,830</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">368,830</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">144,850</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">144,850</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">61</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(15.2</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">2024</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">641,067</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">641,067</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">90,368</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">90,368</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">166</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">2.5</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 10%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: right;">2023</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">490,993</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">490,993</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">313,126</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">313,126</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">47</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">(2.2</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">)</td>
</tr>
</tbody></table>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 25px;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">1.</p>
</td>
<td style="width: 1698px;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">“PEO” stands for Principal Executive Officer. The dollar amounts reported in column (b) for 2025 include the amounts of total compensation reported for Landen Fredrick, our Chief Executive Officer in the “Total” column of the Summary Compensation Table. </p>
</td>
</tr>
<tr>
<td style="width: 18pt;"> </td>
<td style="width: 25px;">2.</td>
<td style="width: 1698px; font-size: 8pt;">The dollar amounts reported in column (c) for 2025 represent the amount of “compensation actually paid” to Landen Fredrick, our Chief Executive Officer as computed in accordance with Item 402(v) of Regulation S-K. In accordance with the SEC rules, no adjustments were required to Mr. Fredrick’s total compensation for 2025.</td>
</tr>
<tr>
<td style="width: 18pt;"> </td>
<td style="width: 25px; font-size: 8pt;">3.</td>
<td style="width: 1698px; font-size: 8pt;">Landen Fredrick was appointed as President and Chief Executive Officer effective April 1, 2024.</td>
</tr>
</tbody></table>
368830
368830
144850
144850
61
-15200000
641067
641067
90368
90368
166
2500000
490993
490993
313126
313126
47
-2200000
Landen Fredrick
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Reported Summary</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Compensation Table</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Total for PEO</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Reported Value of</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Equity Awards <sup style="vertical-align:top;line-height:120%;">(a)</sup></p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Equity Award</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Adjustments <sup style="vertical-align:top;line-height:120%;">(b)</sup></p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Actually Paid to PEO</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2025</p>
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<td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">368,830</td>
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<td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">368,830</td>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2024</p>
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<td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">641,067</td>
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<td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">641,067</td>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2023</p>
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<td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">490,993</td>
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<td style="width: 17%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">490,993</td>
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<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">(a.)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">In 2025, we granted 20,000 stock options to Mr. Fredrick. </p>
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<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">(b.)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">Pursuant to SEC rules, certain equity award adjustments may be required to show compensation actually paid in the event that equity awards are granted, vested or forfeited during the reported year, or there is incremental value or loss on unvested awards. No equity award adjustments are required for the 2023, 2024 and 2025 reported years, and the total amounts reported in the Summary Compensation Table for the PEO and other NEOs for such years is equal to the compensation actually paid for purposes of this disclosure.</p>
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<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">4.</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">The dollar amounts reported in column (d) are the amount of total compensation reported for our non-PEO NEOs, on an average basis, for each corresponding year in the “Total” column of the Summary Compensation Table. Our non-PEO NEO for 2025 was James Clavijo. Our non-PEO NEOs for 2024 were David A. Johnson and James Clavijo. Our non-PEO NEOs for 2023 were Landen Fredrick and David A. Johnson.</p>
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<p style="margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 8pt;">5.</p>
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<p style="margin: 0pt; font-family: "Times New Roman", Times, serif; font-size: 8pt; text-align: justify;">The dollar amounts reported in column (e) for 2025 represent the amount of “compensation actually paid” to Mr. Clavijo, on an average basis, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Clavijo during the applicable year. In accordance with the requirements of SEC rules, no adjustments were required to the non-PEO NEOs’ average total compensation for 2025, 2024 or 2023 in order to determine the average compensation actually paid.</p>
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368830
368830
641067
641067
490993
490993
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average Reported Summary</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Compensation Table Total</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">for Non-PEO NEOs</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average Reported Value of</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Equity Awards <sup style="vertical-align:top;line-height:120%;">(a)</sup></p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average Equity Award</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Adjustments <sup style="vertical-align:top;line-height:120%;">(b)</sup></p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Average Compensation</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">Actually Paid to Non-PEO</p>
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;">NEOs</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">Year</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;">($)</p>
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<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2025</p>
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<td style="width: 18%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">144,850</td>
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<td style="width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td>
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<td style="width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td>
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<td style="width: 18%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">144,850</td>
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<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 16%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2024</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">90,368</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">90,368</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
<tr style="vertical-align: bottom; font-family: "Times New Roman", Times, serif; font-size: 10pt; background-color: rgb(204, 238, 255);">
<td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 16%;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">2023</p>
</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">313,126</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; text-align: right;">—</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td>
<td style="width: 18%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">313,126</td>
<td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td>
</tr>
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</div>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"> </p>
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<td style="width: 36pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">(a)</p>
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<td style="width: auto;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">Mr. Clavijo was granted 10,00 stock options during 2025.</p>
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<td style="width: 36pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">(b)</p>
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<td style="width: auto;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">See footnote 2(b) above. All of Mr. Johnson’s outstanding option awards were fully vested prior to 2023. Accordingly, none of the required adjustments applied to the non-PEO NEOs’ total compensation in determining average compensation actually paid.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">
<tbody><tr style="vertical-align: top;">
<td style="width: 18pt;"> </td>
<td style="width: 18pt;">
<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">6.</p>
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<td style="width: auto;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">Cumulative TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our Company’s share price at the end and the beginning of the measurement period by our Company's share price at the beginning of the measurement period.</p>
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<td style="width: 18pt;"> </td>
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<p style="font-family: 'Times New Roman', Times, serif;font-size: 8pt;font-variant:normal;margin:0pt;">7.</p>
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<td style="width: auto;">
<p style="font-family: "Times New Roman", Times, serif; font-size: 8pt; font-variant: normal; margin: 0pt; text-align: justify;">Reflects “Net (Loss) Income” in the Company’s Consolidated Income Statements included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2025, 2024 and 2023.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
144850
0
0
144850
90368
0
0
90368
313126
0
0
313126
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Description of Relationship Between Compensation Actually Paid to TSR and Net Income</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Compensation actually paid to the PEO decreased year over year by $272,238, or 42.47% in 2025. Compensation actually paid to the non-PEO NEO increased year over year by $54,482, or 60.29% in 2025. During this period, the company's cumulative TSR was (39.0)%. Net income decreased year over year by $17.7 million, or 708.0% in 2025.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Description of Relationship Between Compensation Actually Paid to TSR and Net Income</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Compensation actually paid to the PEO decreased year over year by $272,238, or 42.47% in 2025. Compensation actually paid to the non-PEO NEO increased year over year by $54,482, or 60.29% in 2025. During this period, the company's cumulative TSR was (39.0)%. Net income decreased year over year by $17.7 million, or 708.0% in 2025.</p>