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DEF 14A
Indaptus Therapeutics, Inc.
Our
Board of Directors has adopted a Policy for Recovery of Erroneously Awarded Compensation
true
We
have had no program, plan or practice pertaining to the timing of stock option grants to named executive officers coinciding with the
release of material non-public information. Stock options granted to our named executive officers may be subject to accelerated vesting
in certain circumstance.
<table cellpadding="0" cellspacing="0" id="xdx_883_eecd--PvpTableTextBlock_z69aY157eoOe" 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; font-weight: bold">(a)</td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_48B_eecd--PeoTotalCompAmt_zr1nDn6fygJl" style="text-align: center; font-weight: bold">(b)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_48A_eecd--PeoActuallyPaidCompAmt_zeyfRPRHceLd" style="text-align: center; font-weight: bold">(c)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_48E_eecd--NonPeoNeoAvgTotalCompAmt_z4gnlznP2X74" style="text-align: center; font-weight: bold">(d)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_485_eecd--NonPeoNeoAvgCompActuallyPaidAmt_z6d8J8iMSXEl" style="text-align: center; font-weight: bold">(e)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_485_eecd--TotalShareholderRtnAmt_zRt14Dn8V87f" style="text-align: center; font-weight: bold">(f)</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_48F_eus-gaap--NetIncomeLoss_zOACRlino5Xb" style="text-align: center; font-weight: bold">(h)</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Value of Initial</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Average</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Average</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Fixed $100</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Summary</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Compensation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Investment</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Summary</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Compensation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Actually Paid</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Based on:</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Compensation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Compensation</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Table Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">to</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center"> </td>
<td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Table Total for</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Actually Paid to</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">for non-PEO</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Non-PEO</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Shareholder</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="text-align: center; font-weight: bold">Net</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">PEO ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PEO ($)<sup id="xdx_F59_zlMvWurHTDEb">(1)</sup></b></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">NEOs ($)</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NEOs ($)<sup id="xdx_F59_zFkIy8AOJegg">(1)</sup></b></span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Return ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Loss ($)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr id="xdx_414_20250101__20251231_zToxYwa58SXk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 13%; text-align: center">2025</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,197,171</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">2,094,767</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">1,822,578</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,742,715</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(20,848,916</td><td style="width: 1%; text-align: left">)</td></tr>
<tr id="xdx_411_20240101__20241231_zFsKpBMHKdv9" style="vertical-align: bottom; background-color: White">
<td style="text-align: center">2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,157,217</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,029,281</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">949,640</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">845,621</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">48</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(15,022,027</td><td style="text-align: left">)</td></tr>
<tr id="xdx_41C_20230101__20231231_zWBtTC4pt74" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center">2023</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,001,249</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,122,094</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">744,039</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">799,786</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(15,423,471</td><td style="text-align: left">)</td></tr>
</table>
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Jeffrey A. Meckler
Jeffrey A. Meckler
Jeffrey A. Meckler
<p id="xdx_893_eecd--EquityValuationAssumptionDifferenceFnTextBlock_dU_zUce2Dj5kQGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable
fiscal year, as adjusted as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><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 0pt 0pt 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="display: none; vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Adjustments</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zx5AxEoNZXCi" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">PEO</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zp9yavJOBjrk" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Average non-PEO NEOs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Adjustments</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">PEO</td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold">Average non-PEO NEOs</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td><td> </td>
<td colspan="2"> </td><td> </td><td> </td>
<td colspan="2"> </td><td> </td></tr>
<tr id="xdx_400_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DeductionForAmountsReportedUnderTheStockAwardsandOptionAwardsColumnsInTheSummaryCompensationTableForApplicableFYMember_ziRhZUCMB8Ne" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; font-weight: bold; text-align: left">Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0042">-</span></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: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0043">-</span></td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </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--AdjToCompAmt_hecd--AdjToCompAxis__custom--IncreaseBasedOnASCSevenOneEightFairValueOfAwardsGrantedDuringApplicableFYThatRemainUnvestedasofApplicableFYEndDeterminedasofApplicableFYEndMember_zCSG1LWUIkpi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End</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 style="vertical-align: bottom; background-color: White">
<td> </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_401_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--DecreaseForAwardsGrantedDuringPriorFYThatWereOutstandingAndUnvestedAsOfApplicableFYEndDeterminedBasedOnChangeInASCSevenOneEightFairValueFromPriorFYEndToApplicableFYEndMember_zgdx6hlSObdk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Decrease for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(80,936</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(67,183</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </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_408_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--IncreaseForAwardsGrantedDuringPriorFYThatVestedDuringApplicableFYDeterminedBasedOnChangeInASCSevenOneEightFairValueFromPriorFYEndToVestingDateMember_zj64fX2x2Kw1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">Increase for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(21,468</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(12,680</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td> </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_405_eecd--AdjToCompAmt_zmjcnHURdsoa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold; text-align: left">TOTAL ADJUSTMENTS</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(102,404</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(79,863</td><td style="text-align: left">)</td></tr>
</table>
-80936
-67183
-21468
-12680
-102404
-79863
<p id="xdx_892_eecd--CompActuallyPaidVsTotalShareholderRtnTextBlock_dU_z02m4jWplz6f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TSR
amounts reported in the graph assume an initial fixed investment of $100. We do not pay dividends.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><img alt="" src="formpre14a_002.jpg"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; color: Red"></p>
<p id="xdx_89C_eecd--CompActuallyPaidVsNetIncomeTextBlock_dU_zinbehu8puc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; display: none; 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; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
graph below compares the compensation actually paid to our PEO and the average of the compensation actually paid to our remaining NEOs,
with our net loss for the fiscal years ended December 31, 2023, 2024 and 2025.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><img alt="" src="formpre14a_003.jpg"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; color: Red"></p>