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DEF 14A
AMPLITECH GROUP, INC.
true
true
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<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee does not have a policy or practice on when to grant option awards. The Compensation Committee does
<span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_90A_eecd--AwardTmgMnpiCnsdrdFlag_dbF_c20250101__20251231_z6fnPk6FI4kj">not</span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">have a policy or practice of taking into account material nonpublic
information when determining the timing and terms of option awards and does not time the disclosure of material nonpublic information
for the purpose of affecting the value of executive compensation. Option awards are not granted in anticipation of the release of material
non-public information, and the release of material non-public information is <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEF3YXJkIFRpbWluZyBEaXNjbG9zdXJlAA__" id="xdx_904_eecd--MnpiDiscTimedForCompValFlag_dbF_c20250101__20251231_zuu5MiFo1qKe">not</span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">timed on the basis of option grant dates. However, if public
announcement of material information is anticipated, the grant date of any option awards may be deferred at the discretion of the Compensation
Committee until the first trading day after release of such information.</span>
false
false
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Policy for the Recovery of Erroneously Awarded Compensation (the “Clawback Policy”) that applies to our executive
officers (including our Chief Executive Officer) and certain other key employees in compliance with Rule 10D-1 promulgated under
the Exchange Act and Nasdaq Listing Rule 5608. The policy is administered by our Compensation Committee and applies in
the event we are required to prepare an accounting restatement of our financial statements due to our material noncompliance with any
financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously
issued financial statements that is material to the previously issued financial statements (a “Big R” restatement), or that
would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a
“little r” restatement). The policy requires the Compensation Committee to recover reasonably promptly the
amount of any erroneously awarded incentive-based compensation received by any current or former executive officer in the
event of an accounting restatement, subject to the limited exceptions permitted by Rule 10D-1.</span>
<table cellpadding="0" cellspacing="0" id="xdx_88B_eecd--PvpTableTextBlock_zdzqXVZ9X5Sl" 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> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_488_eecd--PeoTotalCompAmt_z4YriUAcEew7" style="text-align: center"><b>Summary Compensation Table Total</b></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_486_eecd--PeoActuallyPaidCompAmt_zvplLPbfJuF5"> </td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_487_eecd--NonPeoNeoAvgTotalCompAmt_zDjxXe9xllI5" style="text-align: center"><b>Average Summary Compensation Table Total</b></td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_482_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zsdofmfHvWDl"> </td><td style="padding-bottom: 1pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_483_eecd--TotalShareholderRtnAmt_pp2d_zAwniYnTelPc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Initial Fixed $100 Investment</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_482_eus-gaap--NetIncomeLoss_zWYrFGsyfxo3"> </td><td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year</td><td style="padding-bottom: 1pt; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">for the Principal Executive Officer
(“PEO”) <span id="xdx_F5B_z9jeSJQ0lIO4">(1)</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; font-weight: bold; text-align: center">Compensation Actually Paid to the PEO
(1)<span id="xdx_F5C_zcogV31d7Bda">(3)</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; font-weight: bold; text-align: center">for Non-PEO Named Executive Officers
(“NEOs”) <span id="xdx_F53_zj72kyZ7mF0e">(2)</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; font-weight: bold; text-align: center">Average Compensation Actually Paid
to the NEOs <span id="xdx_F59_zMqrBnfGhee5">(2)</span>(3)</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; font-weight: bold; text-align: center">Total Shareholder Return (“TSR”)
<span id="xdx_F58_z3EkUpb6g7Eg">(4)</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; font-weight: bold; text-align: center">Net Income (Loss)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr id="xdx_417_20250101__20251231_zArtYAqfqbdl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 16%; text-align: center">2025</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">858,077</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">432,947</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">510,942</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">310,712</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">141.04</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">(7,007,155</td><td style="width: 1%; text-align: left">)</td></tr>
<tr id="xdx_41F_20240101__20241231_zyc9vG2vxGgi" style="vertical-align: bottom; background-color: White">
<td style="text-align: center">2024</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">446,154</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">942,394</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">245,384</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">494,479</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">242.45</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(11,242,404</td><td style="text-align: left">)</td></tr>
<tr id="xdx_41A_20230101__20231231_z2a9RMUXFS6d" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center">2023</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">657,797</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">579,640</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">353,898</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">314,120</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">88.68</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(2,465,439</td><td style="text-align: left">)</td></tr>
</table>
858077
432947
510942
310712
141.04
-7007155
446154
942394
245384
494479
242.45
-11242404
657797
579640
353898
314120
88.68
-2465439
<p id="xdx_89E_eecd--NamedExecutiveOfficersFnTextBlock_dU_zUBcxRtAHYo3" style="margin-top: 0; margin-bottom: 0"> </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">(1)</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">Our
Chief Executive Officer, <span id="xdx_903_eecd--PeoName_c20250101__20251231_zup18lAkET5"><span id="xdx_907_eecd--PeoName_c20240101__20241231_zYXQCkR47Ny1"><span id="xdx_907_eecd--PeoName_c20230101__20231231_zoferBQP7toe">Fawad Maqbool</span></span></span>, served as our PEO for all years in the table.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</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">Our
Chief Financial Officer, Louisa Sanfratello, and our Chief Operating Officer, Jorge Flores, served as our Non-PEO NEOs for all years
in the table.</span></td></tr>
</table>
Fawad Maqbool
Fawad Maqbool
Fawad Maqbool
<p id="xdx_894_eecd--AdjToPeoCompFnTextBlock_dU_zXV1OQlLD6cj" 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>
<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; text-align: center">Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Executives</td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48E_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--EquityAwardsGrantedInCoveredYearMember_z63ffswpSyf6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Subtract
Equity Awards Granted in Covered Year <span id="xdx_F51_zTUjutJyw7k1">(a)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48A_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--YearEndFairValueOfEquityAwardsMember_zdVUexhA4hRi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Add
Year-End Fair Value of Equity Awards <span id="xdx_F59_z6gFw4mKWMdj">(b)(f)</span> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_486_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfPriorEquityAwardsMember_zs4kdY1zFrYk" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Change
in Fair Value of Prior Equity Awards <span id="xdx_F55_znoqcsfBkOnf">(c)(f)</span> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_48B_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--ChangeInFairValueOfVestedEquityAwardsMember_zM7xlu0f00be" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Add
Change in Fair Value of Vested Equity Awards <span id="xdx_F5F_zM4zYvcVPIU4">(d)(f)</span> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" id="xdx_488_eecd--AdjToCompAmt_hecd--AdjToCompAxis__custom--FairValueOfEquityAwardsThatFailedToMeetVestingConditionsMember_zKZtgdBm48u2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Subtract
the Fair Value of Equity Awards that Failed to Meet Vesting Conditions <span id="xdx_F5A_zQOjvOkdYPBl">(e)</span></td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Compensation Actually Paid</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr>
<tr id="xdx_418_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zmko0oosiR4f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 6%; text-align: center">2025</td><td style="width: 2%"> </td>
<td style="width: 8%">PEO</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_983_eecd--PeoTotalCompAmt_c20250101__20251231_zxXCFtlc8CBl" style="width: 8%; text-align: right">858,077</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0051">–</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0052">–</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(280,220</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right">(144,910</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 8%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0055">–</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_982_eecd--PeoActuallyPaidCompAmt_c20250101__20251231_z6d0VhRgP4N1" style="width: 8%; text-align: right">432,947</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_410_20250101__20251231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zrEdr08hLhMk" style="vertical-align: bottom; background-color: White">
<td style="text-align: center">2025</td><td> </td>
<td>NEOs</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_98D_eecd--NonPeoNeoAvgTotalCompAmt_c20250101__20251231_zdniFmp2cL39" style="text-align: right">510,942</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0058">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0059">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(129,550</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(70,680</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0062">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td id="xdx_988_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20250101__20251231_z8ztwnEencof" style="text-align: right">310,712</td><td style="text-align: left"> </td></tr>
<tr id="xdx_413_20240101__20241231__ecd--IndividualAxis__ecd--PeoMember_zRKPpFT5Bmk3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center">2024</td><td> </td>
<td>PEO</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_985_eecd--PeoTotalCompAmt_c20240101__20241231_zW0POu9ANhP4" style="text-align: right">446,154</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0065">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0066">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">528,380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(32,140</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0069">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td id="xdx_981_eecd--PeoActuallyPaidCompAmt_c20240101__20241231_ztwhhQMt9LTf" style="text-align: right">942,394</td><td style="text-align: left"> </td></tr>
<tr id="xdx_418_20240101__20241231__ecd--IndividualAxis__ecd--NonPeoNeoMember_z6QCnmNlTGJ" style="vertical-align: bottom; background-color: White">
<td style="text-align: center">2024</td><td> </td>
<td>NEOs</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_980_eecd--NonPeoNeoAvgTotalCompAmt_c20240101__20241231_zL94jRI2yCf5" style="text-align: right">245,384</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0072">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0073">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">265,570</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(16,475</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0076">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td id="xdx_98F_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20240101__20241231_zQEfBmGDrqu7" style="text-align: right">494,479</td><td style="text-align: left"> </td></tr>
<tr id="xdx_418_20230101__20231231__ecd--IndividualAxis__ecd--PeoMember_zP1bXqCJyqM1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: center">2023</td><td> </td>
<td>PEO</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_981_eecd--PeoTotalCompAmt_c20230101__20231231_zxoEk0Snf6v5" style="text-align: right">657,797</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(157,797</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">172,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(65,280</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(27,080</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0083">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td id="xdx_98A_eecd--PeoActuallyPaidCompAmt_c20230101__20231231_zN8qxoHw1Wx8" style="text-align: right">579,640</td><td style="text-align: left"> </td></tr>
<tr id="xdx_414_20230101__20231231__ecd--IndividualAxis__ecd--NonPeoNeoMember_zvtRKjFFsZh4" style="vertical-align: bottom; background-color: White">
<td style="text-align: center">2023</td><td> </td>
<td>NEOs</td><td> </td>
<td style="text-align: left">$</td><td id="xdx_98C_eecd--NonPeoNeoAvgTotalCompAmt_c20230101__20231231_zd608kBLcaG" style="text-align: right">353,898</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(78,898</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">86,000</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(33,305</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">(13,575</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0090">–</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td id="xdx_983_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20230101__20231231_z7bMfatj0PHb" style="text-align: right">314,120</td><td style="text-align: left"> </td></tr>
</table>
<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>
<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 id="xdx_F06_z9el7Bh4tLx9" 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 id="xdx_F1F_z2MuNIjFiU4k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subtract
amounts reported in “Stock Awards” and “Option Awards” columns of the Summary Compensation Table.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0E_zndtXWJ1Fkxh" 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 id="xdx_F17_zurKI7e9k4Yj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any equity awards granted in the covered fiscal year that are outstanding and unvested as of the end of the covered fiscal year,
add the year-end fair value.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F01_zVLldXZTupQ2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">c)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zxhtOEaN6TG1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
any awards granted in prior years that are outstanding and unvested as of the end of the covered fiscal year, add the increase (or
subtract the decrease) in fair value by comparing the fair value at the end of the fiscal year with the fair value at the end of
the prior fiscal year.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F00_zz5hXGx5mEic" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">d)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_z6NKorfjNxfj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
awards that are granted and vest in the same covered fiscal year, add the fair value as of the vesting date. For awards granted in
prior years that vest in the covered fiscal year, add the increase (or subtract the decrease) in fair value by comparing the fair
value on the vesting date with the fair value at the end of the prior fiscal year. </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0F_zNaL6eBK26v" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">e)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1E_zW0L8q1ya0u9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subtract
the prior fiscal year fair value of equity awards granted during prior years that fail to meet the applicable vesting conditions
during the covered fiscal year.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F04_ziy8Yoe3uy9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">f)</span></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zWb31jmrxxE" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of stock options at each measurement date was determined using the Black-Scholes option pricing model. The assumptions
used (expected volatility, risk-free interest rate, and expected term) differ materially from those used at the grant date because
they reflect market conditions and the remaining term of the awards at each measurement date.</span></td></tr>
</table>
858077
-280220
-144910
432947
510942
-129550
-70680
310712
446154
528380
-32140
942394
245384
265570
-16475
494479
657797
-157797
172000
-65280
-27080
579640
353898
-78898
86000
-33305
-13575
314120
<p id="xdx_89A_eecd--CompActuallyPaidVsTotalShareholderRtnTextBlock_dU_zqw3qFC2RB0d" 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; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below highlights the alignment between “compensation actually paid” to our Named Executive Officers and our total shareholder
return performance for the past three fiscal years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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"><img alt="" src="formdef14a_002.jpg"/><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p id="xdx_89A_eecd--CompActuallyPaidVsNetIncomeTextBlock_dU_zntMHwbFSCXe" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
chart below highlights the alignment between “compensation actually paid” to our Named Executive Officers and our net income
performance for the past three fiscal years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="formdef14a_003.jpg"/> </span></p>