0001083220 2025-01-01 2025-12-31 0001083220 2024-01-01 2024-12-31 0001083220 2023-01-01 2023-12-31 0001083220 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001083220 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001083220 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember 2024-01-01 2024-12-31 0001083220 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001083220 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember 2023-01-01 2023-12-31 0001083220 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001083220 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2025-01-01 2025-12-31 0001083220 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001083220 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2024-01-01 2024-12-31 0001083220 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001083220 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2023-01-01 2023-12-31 0001083220 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001083220 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001083220 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001083220 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2024-01-01 2024-12-31 0001083220 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001083220 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2023-01-01 2023-12-31 0001083220 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 0001083220 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001083220 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001083220 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2024-01-01 2024-12-31 0001083220 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001083220 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2023-01-01 2023-12-31 0001083220 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2023-01-01 2023-12-31 iso4217:USD Xcel Brands, Inc. true <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; text-align: center">(a) Fiscal Year</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">(b) Summary Compensation Table PEO Total(1)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">(c) Compensation Actually Paid to PEO(2)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">(d) Average Summary Compensation Table Total for Non-PEO NEOs(3)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">(e) Average Compensation Actually Paid to non-PEO NEOs(4)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">(f) Value of Initial $100 Investment Based on Total Shareholder Return (TSR) (5)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">(g) Net Income ($ mil.)</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 15%; text-align: center">2025</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">1,080,811</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">936,283</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">346,590</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">322,132</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">15.42</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; text-align: right">(17,461,000</td> <td style="width: 1%">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: center">2024</td> <td> </td> <td>$</td> <td style="text-align: right">936,256</td> <td> </td> <td>$</td> <td style="text-align: right">936,256</td> <td> </td> <td>$</td> <td style="text-align: right">353,685</td> <td> </td> <td>$</td> <td style="text-align: right">353,685</td> <td> </td> <td>$</td> <td style="text-align: right">73.55</td> <td> </td> <td>$</td> <td style="text-align: right">(22,395,000</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2023</td> <td> </td> <td>$</td> <td style="text-align: right">1,078,121</td> <td> </td> <td>$</td> <td style="text-align: right">1,078,121</td> <td> </td> <td>$</td> <td style="text-align: right">361,894</td> <td> </td> <td>$</td> <td style="text-align: right">361,894</td> <td> </td> <td>$</td> <td style="text-align: right">184.23</td> <td> </td> <td>$</td> <td style="text-align: right">(21,052,000</td> <td>)</td></tr> </table><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">(1)</td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">The dollar amount reported in column (b) are the amounts of total compensation reported for Robert W D’Loren our principal executive officer, or PEO, for each corresponding year in the “total” column of the Summary Compensation Table. Refer to Executive Compensation – Summary Compensation Table”. </td></tr> </table> <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">(2)</td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. D’Loren, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. D’Loren during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the adjustments below were made to Mr. D’Loren’s total compensation for each year to determine the compensation actually paid.</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> </td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">(3)</td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">The dollar amounts reported in column (d) represent the average of the amounts reported for the NEOs as a group (excluding our PEO) in the “Total” column of the Summary Compensation Table in each applicable year. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2025 are James Haran and Seth Burroughs. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2024 are James Haran and Seth Burroughs. The NEOs (excluding our PEO) included for purposes of calculating the average amounts in 2023 are James Haran and Seth Burroughs.</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> </td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">(4)</td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding our PEO), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding our PEO) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the adjustments below were made to average total compensation for the NEOs as a group (excluding our PEO) for each year to determine the compensation actually paid, using the same methodology described above in Note (2).</td></tr> <tr style="vertical-align: top"> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> </td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">(5)</td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; 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 the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. The Company did not pay any dividends during the measurement period.</td></tr> </table>The amounts deducted or added in calculating the equity award adjustments are as follows: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">2024</td> <td> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center">2023</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: center">Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: center">Other</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">PEO</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NEOs</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">PEO</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NEOs</td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">PEO</td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">NEOs</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 33%">Summary Compensation Table Total</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1,080,811</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">  346,590</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">936,256</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">353,685</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">1,078,121</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">361,894</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Less Stock Award and Option Value Reported in Summary Compensation Table for the Covered Year</td> <td> </td> <td>$</td> <td style="text-align: right">(168,028</td> <td>)</td> <td>$</td> <td style="text-align: right">(24,458</td> <td>)</td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus (Less) Fair value of Equity Awards Granted in Any Prior Fiscal Year that are Outstanding and Unvested at End of Year</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus Fair Value at Vesting Date of Awards Granted and Vested During the Fiscal Year</td> <td> </td> <td>$</td> <td style="text-align: right">23,500</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus (Less) Change in Fair Value of Equity Awards granted in Prior Years that Vested During the Fiscal Year</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Compensation Actually Paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">936,283</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">322,132</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">936,256</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">353,685</td> <td> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,078,121</td> <td> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">361,894</td> <td> </td></tr> </table> 1080811 936283 346590 322132 15.42

-17461000000000

936256 936256 353685 353685 73.55

-22395000000000

1078121 1078121 361894 361894 184.23

-21052000000000

<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: top"> <td style="width: 24px; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">(1)</td> <td style="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: justify">The dollar amount reported in column (b) are the amounts of total compensation reported for Robert W D’Loren our principal executive officer, or PEO, for each corresponding year in the “total” column of the Summary Compensation Table. Refer to Executive Compensation – Summary Compensation Table”. </td></tr> </table> Robert W D’Loren The amounts deducted or added in calculating the equity award adjustments are as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">2024</td> <td> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center">2023</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: center">Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: center">Other</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">PEO</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NEOs</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">PEO</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NEOs</td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">PEO</td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">NEOs</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 33%">Summary Compensation Table Total</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1,080,811</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">  346,590</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">936,256</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">353,685</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">1,078,121</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">361,894</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Less Stock Award and Option Value Reported in Summary Compensation Table for the Covered Year</td> <td> </td> <td>$</td> <td style="text-align: right">(168,028</td> <td>)</td> <td>$</td> <td style="text-align: right">(24,458</td> <td>)</td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus (Less) Fair value of Equity Awards Granted in Any Prior Fiscal Year that are Outstanding and Unvested at End of Year</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus Fair Value at Vesting Date of Awards Granted and Vested During the Fiscal Year</td> <td> </td> <td>$</td> <td style="text-align: right">23,500</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus (Less) Change in Fair Value of Equity Awards granted in Prior Years that Vested During the Fiscal Year</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Compensation Actually Paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">936,283</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">322,132</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">936,256</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">353,685</td> <td> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,078,121</td> <td> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">361,894</td> <td> </td></tr> </table> The amounts deducted or added in calculating the equity award adjustments are as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">2025</td> <td style="padding-bottom: 1pt"> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center">2024</td> <td> </td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center">2023</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Average</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: center">Average</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td colspan="2" style="text-align: center">Other</td> <td> </td> <td> </td> <td style="text-align: center"> </td> <td> </td> <td> </td> <td style="text-align: center">Other</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">PEO</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NEOs</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">PEO</td> <td style="padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">NEOs</td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">PEO</td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">NEOs</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in; width: 33%">Summary Compensation Table Total</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">1,080,811</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">  346,590</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">936,256</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 9%; text-align: right">353,685</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">1,078,121</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 9%">361,894</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Less Stock Award and Option Value Reported in Summary Compensation Table for the Covered Year</td> <td> </td> <td>$</td> <td style="text-align: right">(168,028</td> <td>)</td> <td>$</td> <td style="text-align: right">(24,458</td> <td>)</td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus (Less) Fair value of Equity Awards Granted in Any Prior Fiscal Year that are Outstanding and Unvested at End of Year</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus Fair Value at Vesting Date of Awards Granted and Vested During the Fiscal Year</td> <td> </td> <td>$</td> <td style="text-align: right">23,500</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: -0.125in; padding-left: 0.125in">Plus (Less) Change in Fair Value of Equity Awards granted in Prior Years that Vested During the Fiscal Year</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td> <td>$</td> <td style="text-align: right">-</td> <td> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-indent: -0.125in; padding-left: 0.125in">Compensation Actually Paid</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">936,283</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="text-align: right; border-bottom: black 1pt solid">322,132</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">936,256</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">353,685</td> <td> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">1,078,121</td> <td> </td> <td style="border-bottom: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right">361,894</td> <td> </td></tr> </table> 1080811 346590 936256 353685 1078121 361894 -168028 -24458 23500 936283 322132 936256 353685 1078121 361894 <img alt="" src="tm2627623d1_pre14aimg001.jpg"/> <img alt="" src="tm2627623d1_pre14aimg002.jpg"/> The Compensation Committee meets periodically, including to approve equity award grants to our executives from time to time. We do not have, nor do we plan to establish, any formal written program, plan or practice to time equity award grants in coordination with releasing material non-public information, and the Compensation Committee does not seek to time equity grants to take advantage of information, either positive or negative, about the company that has not been publicly disclosed when determining the timing and terms of equity awards. During 2025, there were no stock options granted to any named executive officer during the period beginning four business days preceding the filing of any periodic report on Forms 10-K or 10-Q or the filing or furnishing of any current report on Form 8-K that discloses material non-public information, and ending one business day after the filing or furnishing of such report The Compensation Committee meets periodically, including to approve equity award grants to our executives from time to time. We do not have, nor do we plan to establish, any formal written program, plan or practice to time equity award grants in coordination with releasing material non-public information, and the Compensation Committee does not seek to time equity grants to take advantage of information, either positive or negative, about the company that has not been publicly disclosed when determining the timing and terms of equity awards. Compensation Committee does not seek to time equity grants to take advantage of information, either positive or negative, about the company that has not been publicly disclosed when determining the timing and terms of equity awards. false true PRE 14A 0001083220 false