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PRE 14A
Milestone Scientific Inc.
true
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors has adopted a written compensation recovery policy (the “Clawback Policy”) in accordance with Section
10D of the Securities Exchange Act of 1934, as amended, and the applicable listing standards of NYSE American.</span><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Clawback Policy provides for the recovery of certain incentive-based compensation that was erroneously awarded, earned, or vested based
wholly or in part upon the attainment of a financial reporting measure, in the event the Company is required to prepare an accounting
restatement due to material noncompliance with any financial reporting requirement under the federal securities laws.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
policy applies to current and former executive officers who received incentive-based compensation during the three completed fiscal years
immediately preceding the date on which the Company is required to prepare an accounting restatement. Recovery is required to the extent
that the incentive-based compensation received exceeds the amount that would have been received had it been determined based on the restated
financial results.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recovery
under the Clawback Policy is required regardless of whether the executive officer engaged in misconduct or was responsible for the error
that resulted in the restatement and applies to restatements resulting from both misconduct and inadvertent errors.</span></p>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span>
<table cellpadding="0" cellspacing="0" id="xdx_88E_eecd--PvpTableTextBlock_zPcr39pHsza3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td style="text-align: center"> </td><td id="xdx_48C_eecd--PeoTotalCompAmt_z7tXCvWK2ej8" style="text-align: center"><sup id="xdx_F59_zheZSNE17bB4">(a)</sup></td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td style="text-align: center"> </td><td id="xdx_486_eecd--PeoActuallyPaidCompAmt_zNiNNo59ao4b" style="text-align: center"><sup id="xdx_F56_zgjKrIkQhfbc">(b)</sup></td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td style="text-align: center"> </td><td id="xdx_486_eecd--NonPeoNeoAvgTotalCompAmt_z78LuUbX1CEg" style="text-align: center"><sup id="xdx_F5A_z9AXsBO7omM8">(c)</sup></td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td style="text-align: center"> </td><td id="xdx_484_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zwcxHTjYNTP9" style="text-align: center"><sup id="xdx_F5D_zH7WjxR1Qco8">(d)</sup></td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td style="text-align: center"> </td><td id="xdx_486_eecd--TotalShareholderRtnAmt_pp2d_zBEjSSxkbGk3" style="text-align: center"><sup id="xdx_F50_z3XxojXCRjg3">(e)</sup></td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td style="text-align: center"> </td><td id="xdx_489_eus-gaap--NetIncomeLoss_iN_di_zFVwK6JfuFI9" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Year</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">SCT Total PEO ($)</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">CAP PEO ($)</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Avg. SCT Total Non-PEO ($)</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Avg. CAP Non-PEO ($)</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">TSR ($100 Base)</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: left; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">Net Loss ($)</td><td style="text-align: left; padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left"> </td><td style="text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(a)</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(b)</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(c)</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(d)</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="text-align: left; font-weight: bold"> </td>
<td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(e)</b></span></td><td style="font-weight: bold; text-align: left"> </td><td style="text-align: left"> </td>
<td style="text-align: left"> </td><td style="text-align: left"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_410_20250101__20251231_z7i7YJ4tS4ml" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 12%; text-align: left">2025</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">795,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">77,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">496,912</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">591,122</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28.72</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(5,722,216</td><td style="width: 1%; text-align: left">)</td></tr>
<tr id="xdx_417_20240101__20241231_z5cxXdKy1HZ7" style="vertical-align: bottom; background-color: White">
<td style="text-align: left">2024</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">881,422</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">881,422</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">228,846</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">228,846</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">137.14</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(4,713,597</td><td style="text-align: left">)</td></tr>
</table>
795019
77019
496912
591122
28.72
5722216
881422
881422
228846
228846
137.14
4713597
<p id="xdx_896_eecd--AdjToPeoCompFnTextBlock_dU_z2cKhfD1Opok" style="display: none; margin-top: 0pt; margin-bottom: 0pt"> </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="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_499_20250101__20251231_zFGW4eEXO9f6" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_493_20240101__20241231_zNgIxXtS59Y6" style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Calculation of Compensation Actually Paid to PEO (Column (b))</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_40B_eecd--PeoTotalCompAmt_z99jlN9g7kck" style="vertical-align: bottom; background-color: White">
<td style="width: 60%; text-align: left">Total Summary Compensation Table (SCT)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">795,019</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">881,422</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--GrantDateFairValueOfOptionAwardsMember_z0isPj4QEYbk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Less: Grant Date Fair Value of Option Awards</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(718,000</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0043">-</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FairValueOfUnvestedOptionAwardsMember_znOF9qCXW4K7" style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt">Add: Fair Value of Unvested Option Awards as of 12/31/2025</td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">925,800</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0046">-</span></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr>
<tr id="xdx_408_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--FairValueOfUnvestedOptionAwardsMember_zeQyjncEer0f" style="display: none; vertical-align: bottom; background-color: White">
<td style="display: none; padding-bottom: 1pt">Adjustment to Compensation Amount</td><td style="display: none; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; display: none; text-align: left">$</td><td style="border-bottom: Black 1pt solid; display: none; text-align: right">925,800</td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td><td style="display: none; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; display: none; text-align: left">$</td><td style="border-bottom: Black 1pt solid; display: none; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0049">-</span></td><td style="display: none; padding-bottom: 1pt; text-align: left"> </td></tr>
<tr id="xdx_40A_ecustom--PeoActuallyPaidCompAmount_z80C3dSWDN1d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Compensation Actually Paid</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,002,819</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">881,422</td><td style="text-align: left"> </td></tr>
</table>
795019
881422
-718000
925800
925800
1002819
881422
<p id="xdx_896_eecd--NamedExecutiveOfficersFnTextBlock_dU_z0d0wLcwudg7" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; padding: 0pt; text-align: justify"><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; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts reported
in this column represent the total compensation reported for the Company’s principal executive officer (“PEO”) in the
“Total” column of the Summary Compensation Table for each applicable fiscal year.</span></td>
</tr></table>
<p id="xdx_891_eecd--Additional402vDisclosureTextBlock_dU_zInBZ8S8uNO3" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; padding: 0pt; text-align: justify"><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; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amounts reported
in this column represent compensation actually paid (“CAP”) to the PEO, as computed in accordance with Item 402(v) of Regulation
S-K. CAP does not reflect the actual amount of compensation earned by or paid to the PEO during the applicable year. In accordance with
SEC rules, the calculation of CAP begins with the total compensation reported in the Summary Compensation Table and includes adjustments
for equity awards as described below. For the fiscal year 2025, CAP reflects the following adjustments:</span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subtraction
of the aggregate grant date fair value of stock option awards granted during 2025, as reported in the Summary Compensation Table; and</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.25in"><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%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addition
of the fair value of unvested stock option awards outstanding as of December 31, 2025.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subtraction
of the aggregate grant date fair value of stock option awards granted during 2025, as reported
in the Summary Compensation Table; and</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of unvested stock option awards as of December 31, 2025 was determined using the Black-Scholes option pricing model</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify; text-indent: -0.25in"><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%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">●</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">Stock
price: $0.27</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">●</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">Volatility:
86.95%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">●</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">Risk-free
interest rate: 3.63%</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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">●</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">Expected
term: 10 years</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif">●</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dividend Yield 0%</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
fiscal years 2024, no equity awards were granted or outstanding that required adjustment under Item 402(v), and therefore, CAP equals
the total compensation reported in the Summary Compensation Table for those years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; padding: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the Company’s stock price declined during fiscal year 2025, the year-end fair value of outstanding stock option awards was lower
than their grant date fair value, resulting in CAP being lower than total compensation reported in the Summary Compensation Table</span></p>