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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Board has determined that the Compensation Committee is best qualified to review and approve grants of awards to recipients, other than our non-employee directors, (the “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration:underline">Non-Director Recipients</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">”) and to review and recommend to the Board for approval grants of awards to recipients who are our non-employee directors (the “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration:underline">Director Recipients</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">”). Our equity awards, including stock options, are granted in accordance with our Policy for the Granting of Equity-Based Awards (the “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration:underline">Equity Grant Policy</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">”) which lays out a predetermined schedule.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Annual grants of equity awards to our Non-Director Recipients, including our NEOs, and to our Director Recipients shall be granted each year as of the close of business on the second business day following filing of the Form 10-K for the preceding fiscal year. The amount of such equity awards is determined using the fair market value of the Company’s common stock on the date of grant. The Compensation Committee may also grant equity awards to individuals upon their hire or promotion to executive officer positions and the Board may do the same for individuals appointed to the Board. These equity awards are granted as of the immediately following last trading day of the month in which the individual is hired, promoted, or appointed in accordance with the Equity Grant Policy. Additionally, under no circumstances may a grant date for an award be selected which precedes the date of the Board or Compensation Committee approval, as applicable, for the award.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Neither the Board nor the Compensation Committee grant equity awards in anticipation of the release of material nonpublic information. Similarly, we do not time the release of material nonpublic information based on equity award grant dates.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">During 2025 we did not issue any equity-based award to any of our NEOs either four business days prior to or one business day after any of our Exchange Act reports.</span></div>
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Annual grants of equity awards to our Non-Director Recipients, including our NEOs, and to our Director Recipients shall be granted each year as of the close of business on the second business day following filing of the Form 10-K for the preceding fiscal year.
The amount of such equity awards is determined using the fair market value of the Company’s common stock on the date of grant. The Compensation Committee may also grant equity awards to individuals upon their hire or promotion to executive officer positions and the Board may do the same for individuals appointed to the Board. These equity awards are granted as of the immediately following last trading day of the month in which the individual is hired, promoted, or appointed in accordance with the Equity Grant Policy. Additionally, under no circumstances may a grant date for an award be selected which precedes the date of the Board or Compensation Committee approval, as applicable, for the award.
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<div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.372%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.494%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.823%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:5pt;margin-top:5pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%"> Year</span></div></td><td colspan="3" style="background-color:#7f1623;padding:0 1pt"></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Summary</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Compensation</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Table Total for</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">PEO</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(2)</span></div></td><td colspan="3" style="background-color:#7f1623;padding:0 1pt"></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Compensation</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Actually Paid</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">to PEO</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(3)</span></div></td><td colspan="3" style="background-color:#7f1623;padding:0 1pt"></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Average</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Summary</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Compensation</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Table Total for</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Non-PEO</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Named</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Executive</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Officers</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(4)</span></div></td><td colspan="3" style="background-color:#7f1623;padding:0 1pt"></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Average</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Compensation</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Actually Paid</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">to Non-PEO</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Named</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Executive</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Officers</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(1)(5)</span></div></td><td colspan="3" style="background-color:#7f1623;padding:0 1pt"></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Value of</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Initial Fixed</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">$100</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Investment</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Based on</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Total</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Shareholder</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Return</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="background-color:#7f1623;padding:0 1pt"></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Net Income</span></div><div style="padding-right:-0.96pt;text-align:center"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">($)</span><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:700;line-height:120%;position:relative;top:-3.15pt;vertical-align:baseline">(7)</span></div></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2025</span></div></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,099,010 </span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">781,648 </span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">527,368 </span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">242,345 </span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">72.52 </span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e5e5e5;padding:0 1pt"></td><td colspan="2" style="background-color:#e5e5e5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2,527,000)</span></td><td style="background-color:#e5e5e5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2024</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,121,018 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">283,345 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">549,221 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">167,543 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">67.53 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2,891,000 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2023</span></div></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:0 1pt"></td><td colspan="2" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,136,012 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:0 1pt"></td><td colspan="2" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">2,675,048 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:0 1pt"></td><td colspan="2" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">581,399 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:0 1pt"></td><td colspan="2" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">723,095 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:0 1pt"></td><td colspan="2" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">209.55 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:0 1pt"></td><td colspan="2" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">9,342,000 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
1099010
781648
527368
242345
72.52
-2527000
1121018
283345
549221
167543
67.53
2891000
1136012
2675048
581399
723095
209.55
9342000
During fiscal years 2025, 2024 and 2023, the PEO was Richard N. Grant, Jr., and the non-PEO NEOs were Duncan Gilmour and Joseph McManus. Mr. Gilmour served as the Company’s Chief Financial Officer and Mr. McManus served as the Division President - Electronic Test.
Richard N. Grant, Jr.
The dollar amounts reported are the amounts of total compensation reported for Mr. Grant for the applicable fiscal year in the “Total” column of the “<span style="color:#c02026;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Summary Compensation Table</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">” (“</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%;text-decoration:underline">SCT</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">”).</span>The dollar amounts reported represent the average of the amounts reported for the non-PEO NEOs for the applicable fiscal year in the “Total” column of the Summary Compensation Table.<span style="color:#000000;font-family:'Times New Roman',serif;font-size:1pt;font-weight:400;line-height:120%"> </span>The amounts reported represent net income for the applicable fiscal year calculated in accordance with generally accepted accounting principles in the United States.
The following table sets forth the adjustments for 2025 which were made to total compensation per the SCT in order to arrive at “compensation actually paid” to our PEO, as computed in accordance with Item 402(v) of Regulation S-K<div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.427%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.818%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">SCT Total for PEO</span></div></td><td colspan="3" style="background-color:#e6e7e8;padding:0 1pt"><div style="padding-right:-1.93pt"><span><br/></span></div></td><td style="background-color:#e6e7e8;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#e6e7e8;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">1,099,010 </span></td><td style="background-color:#e6e7e8;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:24.02pt;padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Less: Amount reported under the “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Stock Awards</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">” and “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Stock Options</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">” columns in the SCT</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(610,658)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add: Fair value as of fiscal year-end of awards granted during the fiscal year that are outstanding and unvested as of the end of the fiscal year</span></div></td><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="background-color:#e6e7e8;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">568,437 </span></td><td style="background-color:#e6e7e8;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add: Change in fair value as of fiscal year-end, compared to prior fiscal year-end, of awards granted in any prior fiscal year that are outstanding and unvested as of the end of the fiscal year</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(110,696)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add: Change in fair value as of vesting date, compared to prior fiscal year-end, of awards granted in any prior fiscal year for which all vesting conditions were satisfied at fiscal year-end or during the fiscal year</span></div></td><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="background-color:#e6e7e8;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(164,445)</span></td><td style="background-color:#e6e7e8;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Adjustments</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(317,362)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Compensation Actually Paid to PEO</span></div></td><td colspan="3" style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">781,648 </span></td><td style="background-color:#e6e7e8;border-bottom:1pt solid #7f1623;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
1099010
-610658
568437
-110696
-164445
-317362
781648
The following table sets forth the adjustments for 2025 which were made, on an average basis, to the average total compensation per the SCT in order to arrive at “average compensation actually paid” to our non-PEO NEOs, as computed in accordance with Item 402(v) of Regulation S-K:<div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:85.427%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.355%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.818%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="3" style="background-color:#7f1623;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#ffffff;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">2025</span></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Average SCT Total for Non-PEO NEOs</span></div></td><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td style="background-color:#e6e7e8;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#e6e7e8;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">527,368 </span></td><td style="background-color:#e6e7e8;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="padding-left:24.02pt;padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Less: Amount reported under the “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Stock Awards</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">” and “</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Stock Options</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">” columns in the SCT</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(378,403)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add: Fair value as of fiscal year-end of awards granted during the fiscal year that are outstanding and unvested as of the end of the fiscal year</span></div></td><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="background-color:#e6e7e8;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">175,730 </span></td><td style="background-color:#e6e7e8;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add: Change in fair value as of fiscal year-end, compared to prior fiscal year-end, of awards granted in any prior fiscal year that are outstanding and unvested as of the end of the fiscal year</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(37,449)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Add: Change in fair value as of vesting date, compared to prior fiscal year-end, of awards granted in any prior fiscal year for which all vesting conditions were satisfied at fiscal year-end or during the fiscal year</span></div></td><td colspan="3" style="background-color:#e6e7e8;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="background-color:#e6e7e8;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(44,901)</span></td><td style="background-color:#e6e7e8;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 25.02pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:24.02pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Adjustments</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td colspan="2" style="border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(285,023)</span></td><td style="border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #7f1623;padding:2px 1pt 2px 6.42pt;text-align:left;vertical-align:top"><div style="margin-bottom:5pt;margin-top:5pt;padding-left:5.42pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Average Compensation Actually Paid to Non-PEO NEOs</span></div></td><td colspan="3" style="background-color:#e5e5e5;border-bottom:1pt solid #7f1623;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-right:-1.93pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:2pt;font-weight:400;line-height:2.00pt"> </span></div></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #7f1623;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #7f1623;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">242,345 </span></td><td style="background-color:#e5e5e5;border-bottom:1pt solid #7f1623;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>
527368
-378403
175730
-37449
-44901
-285023
242345
The amounts reported represent the measurement period value of an investment of $100 in our stock on December 30, 2022 (the last trading day before the 2023 fiscal year), and then valued again on each of December 29, 2023 (the last trading day of the 2023 fiscal year), December 31, 2024 (the last trading day of the 2024 fiscal year), and December 31, 2025 (the last trading day of the 2025 fiscal year) based on the closing price per share of the Company’s common stock as of such dates. No dividends were paid by the Company in 2023, 2024 or 2025.
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company adheres to a pay-for-performance philosophy. We believe the compensation program we have designed incentivizes our executive team to drive results that create value for our stockholders. As such, equity incentive awards are a major component of the compensation paid to the PEO and the Non-PEO NEOs. Stock price is the primary driver of both the value of these awards and total stockholder return and year-ending compensation actually paid and total stockholder returns are significantly influenced by movement in the Company’s stock price.</span></div>