UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No.         No.-)
Filed by the Registrant   ☒
Filed by the Registrant     xFiled by a Party other than the Registrant   ☐
Filed by a Party other than the Registrant     o
Check the appropriate box:
oPreliminary Proxy Statement
o
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
xDefinitive Proxy Statement
o
Definitive Additional Materials
o
Soliciting Material Pursuant to Rule §240.14a-12
Check the appropriate box:
☐
  • Preliminary Proxy Statement
☐
  • Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒
  • Definitive Proxy Statement
☐
  • Definitive Additional Materials
☐
  • Soliciting Material Pursuant to Rule §240.14a-12
VALUE LINE, INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
☒
xNo fee required.
oFee computed on table below per Securities Exchange Act Rules 14a-6(i)(1) and 0-11.
1.Title of each class of securities to which transaction applies:
2.Aggregate number of securities to which transaction applies:
3.Per unit price or other underlying value of transaction computed pursuant to Securities Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
4.Proposed maximum aggregate value of transaction:
5.Total fee paid:
SEC 1913 (04-05)
oFee paid previously with preliminary materials.
oCheck box if any part of the fee is offset as provided by Securities Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
1.Amount Previously Paid:
2.Form, Schedule or Registration Statement No.:
3.Filing Party:
4.Date Filed:
  • No fee required.
☐
  • Fee computed on table below per Securities Exchange Act Rules 14a-6(i) (1) and 0-11.
1.
  • Title of each class of securities to which transaction applies:
 
2.
  • Aggregate number of securities to which transaction applies:
3.
  • Per unit price or other underlying value of transaction computed pursuant to Securities Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
4.
  • Proposed maximum aggregate value of transaction:
5.
  • Total fee paid:
SEC 1913 (04-05)
☐
  • Fee paid previously with preliminary materials.
☐
  • Check box if any part of the fee is offset as provided by Securities Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
1.
  • Amount Previously Paid:
2.
  • Form, Schedule or Registration Statement No.:
3.
  • Filing Party:
4.
  • Date Filed:
 
 
VALUE LINE, INC.
220 East 42nd Street

485 Lexington Avenue
New York, New York 10017
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO THE SHAREHOLDERS:
Notice is hereby given that the Annual Meeting of the Shareholders of Value Line, Inc. (the “Company”) will be held on September 15, 2011,16, 2014, at 9:3010:00 a.m. at the offices of Day PitneyChadbourne & Parke LLP, located at 7 Times Square,1301 Avenue of the Americas, New York, NY 1003610019 for the following purposes:
•
●

●

●
  • Election of directors;
Election of directors;
Advisory vote on executive compensation;
Advisory vote on the frequency of future stockholder advisory votes on executive compensation; and
•
●To transact such other business as may properly come before the meeting.
  • Advisory vote on executive compensation;
•
  • Advisory vote on the frequency of future stockholder advisory votes on executive compensation; and
•
  • To transact such other business as may properly come before the meeting.
Shareholders of record at the close of business on July 28, 2011August 1, 2014 will be entitled to notice of and to vote at the meeting and any adjournments thereof.
If you hold shares in your name and plan to attend the Annual Meeting, please bring your admission ticket included with the Proxy Statement as well as a form of government issued photo identification. If your shares are held indirectly in the name of a bank, broker or other nominee (in “street name”), please also request a letter or some other evidence of ownership from your bank, broker or other nominee,authorized representative, as well as proper authorization to you if you wish to vote your shares in person, and bring these documents to the Annual Meeting. Directions to the Annual Meeting may be obtained by sending an e-mail request to vlcr@valueline.com or calling 212-907-1500.
We urge you to vote on the business to come before the meeting by promptly executing and returning the enclosed proxy in the envelope provided or by casting your vote in person at the meeting.
By order of the Board of Directors,
By order of the Board of Directors
Howard A. Brecher
Acting Chief Executive Officer
Howard A. Brecher
Chief Executive Officer & Chairman of
the Board of Directors
New York, New York
August 25, 2014
August 19, 2011
1
VALUE LINE, INC.
220 East 42nd Street

485 Lexington Avenue
New York, New York 10017
ANNUAL MEETING OF SHAREHOLDERS — SEPTEMBER 15, 201116, 2014
PROXY STATEMENT
The following information is furnished to each shareholder in connection with the foregoing Notice of Annual Meeting of Shareholders of Value Line, Inc. (“Value Line” or the “Company”) to be held on September 15, 2011.16, 2014. The enclosed proxy is for use at the meeting and any adjournments thereof. This Proxy Statement and the form of proxy are being mailed to shareholders on or about August 19, 2011.
25, 2014.
The enclosed proxy is being solicited by and on behalf of the Board of Directors of the Company (the “Board”). A proxy executed on the enclosed form may be revoked by the shareholder at any time before the shares are voted by delivering written notice of revocation to the Secretary of the Company, by executing a later dated proxy or by attending the meeting and voting in person. The shares represented by all proxies which are received by the Company in proper form will be voted as specified. If no specification is made in a proxy, the shares represented thereby will be voted for the election of the Board’s nominees as Directors and in the best judgment of the individuals holding the proxies upon such other matters as may properly come before the meeting.
The expense in connection with the solicitation of proxies will be borne by the Company.
INFORMATION ABOUT VOTING
Only holders of Common Stock of record at the close of business on July 28, 2011August 1, 2014 will be entitled to vote at the meeting. On that date, there were 9,963,1819,814,876 shares of Common Stock issued and outstanding, the holders of which are entitled to one vote per share.
Under the New York Business Corporation Law (the “BCL”) and the Company’s By-Laws, the presence, in person or by proxy, of the holders of a majority of the outstanding shares of Common Stock entitled to vote is necessary to constitute a quorum of shareholders to take action at the Annual Meeting. For these purposes, shares which are present, or represented by a proxy, at the Annual Meeting, including abstentions and “broker non-votes” (shares held by a broker or nominee that does not have discretionary authority to vote on a particular matter and has not received voting instructions from its client) are counted for purposes of determining the presence or absence of a quorum for the transaction of business at the Annual Meeting. Brokers may no longer use discretionary authority to vote shares of Common Stock held for clients on any of the matters to be considered at the Annual Meeting. Accordingly, it is important that, if your shares are held by a broker, you provide written instructions to your broker so that your vote with respect to the election of directors and with respect tois counted.
At the Company’s annual meeting held on September 15, 2011, the shareholders voted that future non-binding shareholder advisory votes on executive compensation (“say-on-pay”) should occur every three years. An advisory vote on say-on-pay and say-when-on-pay will occur at the September 16, 2014 annual meeting (see Proposals 2 and 3 on the frequency of future stockholder advisory votes on executive compensation are counted.pages 11 and 12, respectively).
2
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth information as of August 16, 20111, 2014 as to shares of the Company’s Common Stock held by persons known to the Company to be the beneficial owners of more than 5% of the Company’s Common Stock.
 
Name
of Beneficial Owner
   
Number of Shares
Beneficially Owned
 
   Percentage of Shares
Beneficially Owned(1)		 
Arnold Bernhard & Co., Inc.(1)
220 East 42nd Street
New York, NY 10017
    8,633,733      86.8%  
​
Name of
Beneficial Owner
​​
Number of Shares
Beneficially Owned
​​
Percentage of Shares
Beneficially Owned​(1)
​
​
Arnold Bernhard & Co., Inc.​(1)
485 Lexington Avenue
New York, NY 10017
​​​​8,633,733​​​​​87.97%​​
​​​​​​​​​
 
(1)
Jean B. Buttner owns all of the outstanding voting stock of Arnold Bernhard & Co., Inc.
  • Jean B. Buttner owns all of the outstanding voting stock of Arnold Bernhard & Co., Inc. (“AB&Co.”).
The following table sets forth information as of August 16, 20111, 2014 with respect to shares of the Company’s Common Stock owned by each nominee for director of the Company, by each executive officer listed in the Summary Compensation Table, other than Mitchell E. Appel and Thomas T. Sarkany, who resigned from their positions as executive officers of the Company during the fiscal year ended April 30, 2011 (“fiscal 2011”), and by all currentnamed executive officers and directors as a group.
 
​
Name and Address

of Beneficial Owner
​​
Number of Shares
Beneficially Owned
​​
Percentage of Shares

Beneficially Owned
​
​Howard A. Brecher​​500​​800​​​​​*​​
​Stephen R. Anastasio​​​​200​​​​​*​​
​Mary Bernstein​​​​200​​​​​*​​
​Stephen P. Davis​​​​200​​​​​*​​
​Alfred R. Fiore​​​​300​​​​​*​​
​Glenn J. Muenzer​​​​200​​​​​*​​
​William E. Reed​​​​500​​​​​*​​
Alfred Fiore​300*
Stephen Davis200*
John A. McKay0*
All directors and executive
officers as a group (7 persons)
​​1,900​​2,400​​​​​*​​
​​​​​​​​​
*
  • Less than one percent
3
CORPORATE GOVERNANCE
Role of the Board of Directors
Our Board plays an active role in overseeing management and representing the interests of shareholders. Directors are expected to attend Board meetings and the meetings of committees on which they serve. Directors are also in communication with management as needed between formal meetings. During the fiscal year ended April 30, 2011,2014 (“fiscal 2014”), there were sixteenfour meetings of the Board of Directors. Each director elected last year attended at least 75% or more of the meetings of the Board of Directors and of each committee on which he or shethey served during his or her term of office. On October 21, 2010, Mary Bernstein was appointed by the Board of Directors (the “Board”) of Value Line, Inc. (“Value Line”) to serve as a director of Value Line and thereafter attended meetings regularly.fiscal year. The Company does not have a policy on attendance by directors at the Company’s Annual Meeting. Four directors and five shareholdersThree members of the Board attended the 20102013 Annual Meeting.
Messrs. Sarkany and Appel, who had been appointed as Directors during the fiscal year 2010 resigned as directors effective October 20, 2010 and December 9, 2010, respectively, in connection with the Company’s restructuring transaction completed in December 2010 (the “Restructuring Transaction”).  The Restructuring Transaction is described on page 12 of this Proxy Statement under the caption “Certain Relationships and Related Transactions” and is further discussed in the Company’s Annual Report on Form 10-K for fiscal 2011 filed with the Securities and Exchange Commission (the “SEC”) on July 29, 2011 (the “2011 Form 10-K”).
Board Leadership Structure
The Company’s current practice is to combine the roles of Acting Chief Executive Officer (“ACEO”CEO”) and Acting Chairman. The Board has determined that combining these positions serves the best interests of the Company and its shareholders. Board oversight is enhanced by the fact that the Board’s key committees – Audit and Compensation–Compensation – are comprised entirely of independent directors.
The Board has not designated any independent director as the lead independent director.
The Board believes that the Company’s Acting Chief Executive OfficerCEO is best situated to serve as Acting Chairman because he is the director most familiar with the Company’s business and industry, and most capable of effectively identifying strategic priorities and leading the discussion and execution of strategy. The Board believes that the combined roleposition of Acting Chairman and Acting Chief Executive OfficerCEO promotes strategy development and execution, and facilitates information flow between management and the Board, which areis essential to effective governance.
The Board’s Role in Risk Oversight
The Board executes its oversight responsibility for risk management directly and through its Committees, as follows:
•
●The Audit Committee has primary responsibility for discussing reporting and control policies with management and the Company’s independent auditor, as appropriate, with respect to risk oversight  including the Corporation’s major business and financial risk exposures, and providing the Board with advice and recommendations regarding the ongoing development of risk oversight and management policies that set out the roles and respective accountabilities of the Board, the Committee, and management.  The policies cover the areas of risk oversight, design of compliance and control mechanisms, and assessment of effectiveness.  The Audit Committee’s meeting agendas include discussions of individual risk areas throughout the year.  
●
The Board’s other standing committee, which is the Compensation Committee, oversees risks associated with its area of responsibility.  The Compensation Committee believes that risks arising from the Company’s compensation policies and practices for its employees are not reasonably likely to have a material adverse effect on the Company.  In addition, the Compensation Committee believes that the mix and design of the elements of executive compensation do not encourage management to assume excessive risks.
●
The Board also considers risks relating to the Company’s financial and strategic plans, in part by receiving regular reports from the heads of our principal business and corporate functions.  These reports are provided in connection with regular Board meetings and are discussed, as appropriate, at Board meetings.
  • The Audit Committee has primary responsibility for addressing reporting and control policies with management and the Company’s independent auditor, as appropriate, including risk oversight with respect to the Corporation’s major business and financial risk exposures. It provides the Board with advice and recommendations regarding the ongoing development of risk oversight, ethical and management policies that set out the respective roles and accountabilities of the Board, the Committee, management and employees. The policies cover the areas of risk oversight, compliance and control mechanisms, and assessment of effectiveness. The Audit Committee’s meetings include discussions of risk throughout the year.
4•
  • The Board’s other standing policy-making committee, which is the Compensation Committee, oversees risks associated with its area of responsibility. The Compensation Committee believes that risks arising from the Company’s existing compensation policies and practices for its employees are not reasonably likely to have a material adverse effect on the Company. In addition, the Compensation Committee believes that the mix and design of the elements of executive compensation do not encourage management to assume excessive risks.
•
  • The Board also considers risks relating to the Company’s financial and strategic plans, in part by receiving regular reports from the heads of our principal business and corporate departments. These reports are provided in connection with regular Board meetings and are discussed with department heads and management at Board meetings.
Risk Consideration in Compensation Program
The Company’s primary business currently is producing investment research and related periodical publications and making available copyright data. The Company’s business formerly included providing investment management services. Because compensation levels in the publishing industry are generally less thanbelow those in the investment management business, the Company believes that its risks related to compensation have been
4
somewhat reduced as a result of the Restructuring Transaction.deconsolidation of the investment management business on December 23, 2010. In addition, the Company believes that it does not face the same levelmagnitude of risks associated with compensation for employees as is faced at financial services firms (traders(where traders and others are routinely making decisions on transactions involving instruments with a high degree of risk) or, for example, technology companies (rapidly changing markets).
Base salary has traditionally been the largest component of the Company’s compensation program for nearly all publishing business managers except the ACEO,CEO, whose compensation is set by the Board based upon the recommendation of the Compensation Committee of the Company’s Board. Not only is base salary a fixed amount and thus inherently not subject to manipulation, but the fact that it represents a substantial portion of employees’ total compensation lessens the possibility that an employee will focus on incentives, such as variable bonuses, that might expose the Company to excessive risk.
The major facetelement of the Company’s compensation program for non-senior executive employees consists of base salary. Fewer than 20% of employees typically receive any additional cash compensation in the form of bonuses. These bonuses are typically awarded by the ACEOCEO following the completion of the fiscal year if it is determined that an employee’s compensation is not in parity with competing employers or if the employee has taken on additional work responsibilities, or if an employee, under the supervision of senior management, contributed in the reduction of Company costs or increased revenues or profits. Most often, these bonus awards are 10% or less of the recipients’ annual salary. In the Company’s view, its incentive (bonus) program as an element of its compensation program is unlikely to create risks that could have a material adverse effect on the Company.
A few experienced sales representatives receive a substantial portion of their total compensation in the form of sales commissions. The Company believes its controls, including standard sales terms, fixed commission percentages, and careful accounting controls, prevent the commission plan from leading sales executives to take undue risks on behalf of the Company.
With regard to incentive compensation for other salaried employees, the Company’s bonus awards are determined by the ACEO after considering the employee’s annual employment accomplishments. This includes review of the employee’s responsibilities and contribution and leadership in reducing Company costs or increasing revenues and profits. Since review takes place after completion of a fiscal year, employees do not focus on selectisolated, fixed numerical goals that could lead them to take excessive risks. The Company believes the award process of thoughtful review following the fiscal period creates appropriate incentives to increase long-term shareholder value without unduly exposing the Company to manipulation of the incentive process or other material adverse risks. In the Company’s view, its incentive (bonus) program as an element of its compensation program is unlikely to create risks that could have a material adverse effect on the Company.
A handful of experienced sales representatives receive a substantial portion of their total compensation in the form of sales commissions. The Company believes its controls, including standard sales terms, fixed commission percentages, and careful accounting controls, prevent the commission plan from leading sales executives or representatives to take undue risks on behalf of the Company.
The Company recognizes that, under any incentive program, there is some level of risk that employees may attempt to manipulate the intent of the program through excessive risk taking. The Company believes that because it is a relatively small organization with close interaction among senior executives and other managers, undue risk can be foreseen and avoided. Further, its internal controls and the structure of its incentive program mitigate this risk in the following ways:
•
●
  • Base salary has been the principal component of the Company’s compensation program.
•
  • The Board, based on the recommendation of the Compensation Committee, determines the base salary and incentive compensation award for the CEO.
•
  • Incentive compensation decisions for all employees other than the CEO and sales representatives compensated with commissions employ multiple factors including subjective factors. The range of factors considered in determining bonus compensation discourages undue focus on any one metric so that employees are not motivated to try to manipulate a single metric in order to generate higher compensation.
•
  • Financial performance measures used for bonus decisions include a mix of considerations that are in line with operating and strategic plans rather than being based solely on sales or revenue targets. These measures foster a culture in which employees understand that the evaluation of their achievements and bonus is unlikely to be materially affected by their own excessive risk taking.
•
  • Bonus determinations are made after the completion of the fiscal year, which discourages employees from focusing on select fixed numerical goals that could lead them to take excessive risks during the course of the year and, in the Company’s view, creates appropriate incentives to increase long-term shareholder value without unduly exposing the Company to manipulation of the incentive process or other material adverse risks.
Base salary has been the principal component of the Company’s compensation program.
●
The Board, based on the recommendation of the Compensation Committee, determines the base salary and incentive compensation award for the ACEO.
●
Incentive compensation decisions for all employees other than the ACEO and sales representatives compensated with commissions employ multiple factors including subjective factors.  The range of factors considered in determining bonus compensation discourages undue focus on any one metric so that employees are not motivated to try to manipulate a single metric in order to generate higher compensation.
●
Financial performance measures used for bonus decisions include a mix of considerations that are in line with operating and strategic plans rather than being based solely on sales or revenue targets.  These measures foster a culture in which employees understand that the outcome of his or her objectives and bonus is unlikely to be materially affected by his or her own excessive risk taking.
5
•
  • The Company has a code of ethics and business conduct applicable to all of its employees, which is supported by a number of compliance or control mechanisms. The Company believes these measures help to create an atmosphere that discourages excessive risk taking.
•
●
  • The Company does not have in place employment incentive agreements with the executive officers, and all employees are at-will. The Company believes that this discourages short-term risk taking as employees are exposed to risks of failure, as well as the rewards of success.
Bonus determinations are made after the completion of the fiscal year, which discourages employees from focusing on select fixed numerical goals that could lead them to take excessive risks during the course of the year and, in the Company’s view, creates appropriate incentives to increase long-term shareholder value without unduly exposing the Company to manipulation of the incentive process or other material adverse risks.
●
The Company has a code of ethics and business conduct applicable to all of its employees. The Company believes these measures help to create an atmosphere that discourages excessive risk taking.
●
The Company does not have in place any employment or severance agreements with the executive officers, and all employees are at-will.  The Company believes that this discourages short-term risk taking.
The foregoing represents a consensus view of management concerning the Company’s long-held compensation philosophy rather than the product of any formal procedure.

Identifying and Evaluating Nominees for Directors
The Company does not have a standing nominating committee and there is no written charter governing the nomination process. Nominations are made annually by the Board of Directors. The Board feels it is appropriate for the full Board to serve this function, noting that the Company has a relatively small Board.
The Board’s process for identifying and evaluating potential nominees includes soliciting recommendations from directors and officers of the Company. Additionally, the Board will consider persons recommended by shareholders of the Company in selecting the Board’s nominees for election. There is no difference in the manner in which the Board evaluates persons recommended by directors or officers and persons recommended by shareholders in selecting Board nominees. The Board gives no special consideration to diversity in identifying director nominees. All current nominees for director were nominated by the Board.
To be considered in the Board’s selection of Board nominees, recommendations from shareholders must be received by the Company in writing by at least thirty (30) (but not more than sixty (60)) days prior to the shareholders’ meeting, regardless of any postponements, deferrals or adjournments of that meeting to a later date; provided that if less than forty (40) days’ notice or prior public disclosure of the date of the meeting is given or made to shareholders, notice by the shareholder to be timely must be received by the Company as provided herein not later than the close of business on the tenth (10​th) day following the earlier of the day on which such notice of the date of the meeting was mailed or the day on which public disclosure was made. Such shareholder’s notice shall set forth (a) as to each person whom the shareholder proposes to nominate for election or reelection as a director all information relating to such persons that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended; and (b) as to the shareholder giving the notice (i) the name and address, as they appear on the Company’s books, of such shareholder proposing such nomination and any other shareholders known by such shareholder to be supporting such nomination, and (ii) the class and number of shares which are beneficially owned by such shareholder. Recommendations should identify the submitting shareholder, the person recommended for consideration and the reasons the submitting shareholder believes such person should be considered.
Any shareholder or other interested party who desires to communicate with any director may do so by writing to the director, c/o Value Line, Inc., 220 East 42nd Street,485 Lexington Avenue-9​th floor, New York, NY 10017.
Compensation of Directors
A director who is also an employee of the Company receives no compensation for his or her service on the Board in addition to that compensation which he receives as an employee. A director who is not an employee of the Company is paid a director’s fee of $25,000 per year. Members of the Audit Committee are paid an additional fee of $20,000 per year.  Compensation for other committee service is determined by the Board from time to time.  The following table shows the amount of fees paid to all non-employee directors during the fiscal year ended April 30, 2011.
Name
Fees Earned or Paid in Cash ($)
Stephen Davis$53,750
Alfred Fiore$58,750
William Reed$58,750
6
Each of Messrs. Davis, Fiore and Reed serves on both the Audit Committee and the Compensation Committee of the Board.
PROPOSAL 1. ELECTION OF DIRECTORS
Independent Directors
Our shares of Common Stock are quoted on the NASDAQ StockGlobal Market (“NASDAQ”). Mr. Davis, Mr. Fiore, Mr. Muenzer and Mr. Reed qualify as independent directors under the rules of NASDAQ, which preclude a finding of independence if the director is employed by the companyCompany or has engaged in various types of business dealings with the Company. Although the NASDAQ Stock MarketNASDAQ’s listing requirements generally require that a majority of the board of directors be comprised of independent directors, there is an exemption for “controlled companies,” which are companies of which more than 50% of the voting power is held by an individual, a group or another company. Because Arnold Bernhard & Co.AB&Co., Inc. owns 86.8%87.97% of the outstanding voting stock of the Company as of August 16, 2011,1, 2014, the Company is a “controlled company” and is not subject to this requirement.  The Company’s Audit Committee includes solely independent directors namely Mr. Davis, Mr. Fiore and Mr. Reed.
In reaching its conclusion that each of Messrs. Davis, Fiore, Muenzer and Reed areis independent, the Board determined that there were not any relationships that would interfere with the exercise of his respective independent judgment. The Board of Directors has established an Audit Committee which consists of Messrs. Davis, Fiore, Muenzer and Reed. All members of the Audit Committee are independent, as independence for audit committee members is defined in the NASDAQ Stock Market’sNASDAQ’s listing standards. The Audit Committee held four meetings during the fiscal year ended April 30, 20112014 to discuss audit and financial reporting matters with both management and the Company’s independent public accountants.
The Board has determined that no member of the Audit CommitteeMr. Muenzer is an “audit committee financial expert” (as defined in the rules and regulations of the SEC).Securities and Exchange Commission (the “SEC”) and qualifies as an independent director under the rules of NASDAQ. The Board believes that the experience and financial sophistication of the members of the Audit Committee are sufficient to permit the members of the Audit Committee to fulfill the duties and responsibilities of the Audit Committee. All members of the Audit Committee meet the NASDAQ Stock Market’s audit committee financial sophistication requirements. The Board of Directors has adopted and annually reviewed a written charter for the Audit Committee. The Audit Committee a copy of whichcharter is attached to this Proxy Statement as Appendix A.
available on the Company’s website at http:/​/​www.valueline.com/​about/​.
The Board has also established a Compensation Committee consisting of Mr. Davis, Mr. Fiore, Mr. Muenzer and Mr. Reed. The Committee held one meetingtwo meetings following the close of fiscal year 20112014 to consider the compensation of the ACEO.CEO.
Policies with Respect to Transactions with Related Persons
During the fiscal year ended April 30, 2011, the Company did not participate in any transaction in which any of the directors, executive officers, any beneficial owner of more than 5% of the Company’s common stock, nor any of their immediate family members, had a material direct or indirect interest except that the Company was reimbursed $356,000 for payments it made on behalf of and services it provided to Arnold Bernhard & Co., Inc., which reimbursement was reviewed and approved by the Company’s Board of Directors. In addition, none of the directors, executive officers or any of their immediate family members is or has been indebted to the Company.
The Company has adopted a Code of Business Conduct and Ethics which sets forth legal and ethical standards of conduct for all directors, officers and employees of the Company. The Code of Business Conduct and Ethics describes the Company’s policy on conflicts of interest. Pursuant to the Code and Company policy, the Board will review all related party transactions as provided in the policy.
7
Information concerning the nominees for directors appears in the following table. Except as otherwise indicated, each of the following has held an executive position with the companies indicated for at least five years.
 
​Nominee, Age as of June 30, 20112014 and Principal Occupation
​​Director
Since
​
​
Howard A. Brecher* (57)(60). Chairman and Chief Executive Officer of the Company since October 2011; Acting Chairman and Acting CEOChief Executive Officer of the Company sincefrom November 2009;2009 until October 2011; Chief Legal Officer; Vice President;President and Secretary of the Company from prior to 2005 until January 2010; Vice President and Secretary of the Value Line Funds from June 2008 until December 2010; Secretary of the Company’s former subsidiary  EULAV Asset ManagementEAM LLC from February 2009 until December 2010; Director and General Counsel of Arnold Bernhard & Co.AB&Co., Inc., since prior to 2005. Mr. Brecher has been an officer of the Company for more than 1820 years. In addition to his current roles with the Company, he has also served as Secretary of the Company and as a senior officer of significant affiliates of the Company. Mr. Brecher is a graduate of Harvard College, Harvard Business School and Harvard Law School. He also holds a Master’s Degree in tax law from New York University.​​1992​
​Stephen P. Davis (59)(62). Deputy Commissioner, New York City Police Department (“NYPD”), since January, 2014. Managing Member, Davis Investigative Group, LLC since 2001.from 2001 to 2013. Mr. Davis servedserves as a senior officerappointed official in the New York City Police Department and hasNYPD from which he retired in 1992 as a uniformed senior officer. He successfully managed his own business servicing the financial services industry and other clients for more than 1011 years.​​2010​
​Alfred R. Fiore (55)(58). Retired Chief of Police, Westport CT. Mr. Fiore served as the senior official of a municipal department with both executive and budget responsibilities. He was Chief of Police, Westport CT from 2005 -2004 to 2011 and was a member of that Police Department for more than 3133 years.​​2010​
​William E. Reed (66)(69). President, W.E. Reed. Mr. Reed has successfully managed his own private business for over 4042 years, providing a spectrum of services to real estate owners and managers regionally.​​2010​
​Glenn J. Muenzer (57). Special Agent (Retired), Federal Bureau of Investigation (the “FBI”) from 1991 to 2012. Mr. Muenzer is an accomplished law enforcement professional with extensive law enforcement and financial investigative experience. Prior to joining the FBI, Mr. Muenzer was Vice President and Manager of Internal Audit at Thomson McKinnon Securities, Inc.; Assistant Vice President of Internal Audit at EF Hutton; Senior Auditor with Deloitte & Touche. Mr. Muenzer is a Certified Public Accountant.​​2012​
​Stephen R. Anastasio* (52)(55). Vice President of the Company since December 2010; Treasurer since September 2005 and Director since February 2010; Treasurer of each of the Value Line Funds from September 2005 to August 2008.2010. Mr. Anastasio has been employed by the CompanyValue Line, Inc. for more than 2024 years. In addition to his current roles with the Company, he has served as CFO, Chief AccountantFinancial Officer, Treasurer, Chief Accounting Officer and Corporate Controller of the Company.  His relevant experience also includes being Treasurer of each of the Value Line Mutual Funds from 2005 to 2008. Mr. Anastasio is a graduate of Fairleigh Dickinson University and is a Certified Public Accountant.​​2010​
​Mary Bernstein* (61)(64). Director of Accounting of the Company since 2010; Accounting Manager of the Company from 2000 to 2010. Mrs. Bernstein holds an MBA Degree in accounting from Baruch College NYCof CUNY and is a Certified Public Accountant. Mrs. Bernstein has been employed by Value Line, Inc. for more than 18 years.​​2010​
​​​​
 
*
  • Member of the Executive Committee of the Board of Directors.
8
Director Qualifications
When considering whether directors and nominees havepossess the experience, qualifications, attributes and skills, taken as a whole, to enable the Board to satisfy its oversight responsibilities effectively in light of the Company’s business and structure, the Board focused primarily on the information discussed in each of the directors’ individual histories set forth above. In particular, with regard to Mr. Brecher, the Board considered his nearlyover 20 years experience with the Company in both legal and operational roles, as well as his extensive knowledge of the Company’s product lines.lines and operational structure. With regard to Mr. Davis, the Board considered that he is managing director ofmanaged his own business serving a number of clients in financial services and other industries.industries, and has served as a senior officer in one of the nation’s largest municipal police departments. With regard to Mr. Fiore, the Board considered that he served as the Chief of Police of Westport, Connecticut – responsible for overseeing law enforcement activities and managing a highly visible and critical governmental function with all of its attendant legal, financial and operational concerns. With respect to Mr. Muenzer, who serves as financial expert on the Audit Committee, Mr. Muenzer has extensive financial investigative and supervisory experience with the FBI in New York and as a Certified Public Accountant and internal audit executive. With respect to Mr. Reed, the Board considered that he has managed a successful service industry business for more than 40 years. The Board considered that Mr. Anastasio had nearlymore than 20 years experience with the Company in his roles as Corporate Controller, Chief Financial OfficerCFO and Treasurer. The Board also considered that Mr. Anastasio is a Certified Public Accountant with extensive knowledge of corporate taxation regulations. Mrs. Bernstein has been Accounting Manager or Director of Accounting with the Company for over 11more than 14 years and is a Certified Public Accountant.
8
Accountant who has focused on the Company’s operational and reporting areas.
The Board of Directors recommends that you vote “For” each of the nominees for director set forth in this proposal. Proxies solicited by the Board of Directors will be so voted unless stockholders specify a contrary vote. Each nominee shall be elected by a pluralitymajority of the votes cast with respect to the election of such nominee. Abstentions and “broker non-votes” (see “Information About Voting” above in this Proxy Statement) do not count as votes cast “For” or “Against” the nominee’s election.
EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE
The following table sets forth information concerning the compensation for services in all capacities to the Company for the fiscal years ended April 30, 2011, 20102014, 2013 and 20092012 of the executive officers of the Company. As of the end of fiscal 2011,2014, the Company has threetwo executive officers, Messrs. Brecher McKay and Anastasio, each of whom is included in the table below. Information is also included in the table below for Messrs. Appel and Sarkany, who resigned their executive officer positions with the Company during fiscal 2011.  Messrs. Brecher McKay, Appel,and Anastasio and Sarkany are collectively referred to elsewhere in this Proxy Statement as the Company’s “Named Executive Officers.”
 
Annual Compensation
         All Other   
Name and Principal Fiscal Salary Bonus Compensation Total
Position Year ($) ($) (a)($) ($)
Howard A. Brecher 2011  91,070   416,516   4,553   512,139 
Acting Chairman, Acting 2010  64,281   416,514   —   480,795 
CEO; Vice President(b) 2009  64,281   416,514   —   480,795 
                   
John A. McKay 2011  115,385   —   5,769   121,154 
Chief Financial Officer(e)                  
                   
Mitchell E. Appel 2011  165,618   1,830,000   —   1,995,618 
Former Chief Financial 2010  206,236   99,382   —   305,618 
Officer( c) 2009  204,677   78,764   —   283,441 
                   
Stephen R. Anastasio 2011  184,520   170,000   9,226   376,746 
Vice President and 2010  130,355   118,661   —   249,016 
Treasurer(d) 2009  121,044   103,208   —   224,252 
                   
Thomas T. Sarkany 2011  103,590   55,000   —   158,590 
Former Secretary(f) 2010  158,000   107,735   —   265,735 
  2009  156,750   164,008   —   320,758 
​​​​​​Annual Compensation​​​​​
​Name and Principal Position​​
Fiscal
Year
​​
Salary
($)
​​
Bonus
($)
​​
All Other
Compensation
(a)($)
​​
Total
($)
​
​
Howard A. Brecher
Chairman, CEO,
   President(b)
​​​​2014​​​​​400,000​​​​​300,000​​​​​9,027​​​​​709,027​​
​​​2013​​​​​400,000​​​​​300,000​​​​​8,600​​​​​708,600​​
​​​2012​​​​​275,000​​​​​371,250​​​​​9,000​​​​​655,250​​
​
Stephen R. Anastasio
Vice President and
   Treasurer
​​​​2014​​​​​300,000​​​​​100,000​​​​​9,027​​​​​409,027​​
​​​2013​​​​​275,000​​​​​120,000​​​​​8,600​​​​​403,600​​
​​​2012​​​​​275,000​​​​​120,000​​​​​9,000​​​​​404,000​​
​​​​​​​​​​​​​​​​​​
 
9(a)
  • Employees of the Company are members of the Profit Sharing and Savings Plan (the “Plan”). The Plan provides for a discretionary annual contribution out of net operating income which is (subject to legal limitations) proportionate to the salaries of eligible employees. The Company made contributions for fiscal 2014, fiscal 2013 and fiscal 2012. Each employee’s interest in the Plan is invested in such proportions as the employee may elect in shares of one or more of the investment funds which are available for investment by Plan participants. Contributions under the Plan vest in accordance with a schedule based upon the employee’s length of service and are payable upon request at the time of the employee’s retirement, death, total disability, or termination of employment. The amounts in the “All Other Compensation” column represent the Named Executive officer’s proportionate interest in Company contributions for the relevant fiscal years.
(b)
  • Mr. Brecher was appointed Chairman and CEO in October 2011.
9
Compensation of Directors
A director who is also an employee of the Company receives no compensation for his or her service on the Board in addition to that compensation which he receives as an employee. A director who is not an employee of the Company is paid a director’s fee of $25,000 per year. Members of the Audit Committee are paid an additional fee of $15,000 per year, while the Chairman of the Audit Committee is paid $20,000 per year. Compensation for other committee service is determined by the Board from time to time. The following table shows the amount of fees paid to all non-employee directors during fiscal 2014.
 
 (a)
​Name​​Fees Earned or Paid in Cash ($)​
​Stephen P. Davis​​​$40,000​​
​Alfred R. Fiore​​​$40,000​​
​Glenn J. Muenzer​​​$45,000​​
​William E. Reed​​​$40,000​​
​​​​​
Employees of the Company are members of the Profit Sharing and Savings Plan (the “Plan”). The Plan provides for a discretionary annual contribution out of net operating income which is (subject to legal limitations) proportionate to the salaries of eligible employees. The Company made a contribution for 2011 but did not make a contribution to the Plan for the years ended April 30, 2010 and April 30, 2009.  Each employee’s interest in the Plan is invested in such proportions as the employee may elect in shares of one or more of the mutual funds which are available for investment by Plan participants. Contributions under the Plan vest in accordance with a schedule based upon the employee’s length of service and are payable upon request at the time of the employee’s retirement, death, total disability, or termination of employment.
(b)
Mr. Brecher was appointed Acting Chairman and Acting CEO in November 2009.
(c)
Mr. Appel served as Chief Financial Officer from September 2005 to November 2007 and from April 2008 until December 2010.  In addition to Mr. Appel’s cash bonus of $60,000 and his salary of $165,618 for the period from May 1, 2010 through December 22, 2010, the date of his termination from the Company, the Company recorded $1,770,000 as non-cash post-employment compensation expense reflecting the value of the voting profits interest granted to him in connection with the EAM Restructuring Transaction (see page 12, Certain Relationships and Related Transactions).
(d)
Mr. Anastasio was appointed Vice President in December 2010.
(e)
Mr. McKay joined the Company in October 2010 and was appointed Chief Financial Officer in December 2010.
(f)Mr. Sarkany resigned his position as an executive officer of the Company in October 2010.
Each of Messrs. Davis, Fiore, Muenzer and Reed serves on both the Audit Committee and the Compensation Committee of the Board.
10
PROPOSAL 2. ADVISORY VOTE ON EXECUTIVE COMPENSATION
In accordance with recently adopted Section 14A of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Value Line is providing its stockholders with the opportunity to cast an advisory vote on Value Line’s executive compensation as reported in this proxy statement. As described below in the Compensation Discussion and Analysis section of this Proxy Statement, the intent of our executive compensation program is to promote the Company’s ability to attract and retain capable and experienced executives, to reward successful performance and to compensate appropriately executives who contribute to the operations and long-term profitability of the Company. Although we do not have a policy that a specified percentage of the Named Executive Officers’ compensation be performance-based, our objective is that a portion of their compensation should reflect the performance of the Company and of the individual.
The primary components of our compensation program for our Named Executive Officers for the fiscal year ended April 30, 20112014 are summarized below.
 
​
Annual Compensation
Component
​​Key Features​​Purpose​
​Salary​​Fixed annual cash amount.​
​
To provide a fixed amount of cash compensation at a competitive level upon which our Named Executive Officers can rely.
​
​Annual Cash Incentives​​Bonus amounts are determined based upon competitive market conditions, individual performance and the success of the Company.​​Provides pay-for-performance component for achievement of Company performance and attainment of individual objectives.​
​​​​​​
10
Please read the Compensation Discussion and Analysis beginning on page 1416 of this Proxy Statement as well as the Summary Compensation Table and other related compensation tables, notes and narrative appearing on pagespage 9 through 10 of this Proxy Statement, which provide detailed information on the compensation of our Named Executive Officers.
The Compensation Committee and the Board believe that Value Line’s executive compensation program has been designed appropriately and is working to assure that management’s interests are aligned with the interests of Value Line stockholders. Accordingly, we are asking our stockholders to vote in favor of the following advisory resolution at the 20112014 Annual Meeting:
RESOLVED, that the stockholders of Value Line, Inc. (“Value Line”) approve, on an advisory basis, the compensation of Value Line’s Named Executive Officers as disclosed pursuant to Item 402 of Securities and Exchange Commission Regulation S-K in the Compensation Discussion and Analysis, the Summary Compensation Table, and the related compensation tables, notes and narrative set forth in the proxy statement for Value Line’s 20112014 Annual Meeting of Stockholders.
Although this advisory resolution, commonly referred to as a “say-on-pay” resolution, is non-binding on the Board, the Board and the Compensation Committee will review and consider the voting results when making future decisions about our executive compensation program. Abstentions and “broker non-votes” (see “Information About Voting”) will not be counted in evaluating the results of the vote.
11
PROPOSAL 3. ADVISORY VOTE ON THE FREQUENCY OF FUTURE STOCKHOLDER ADVISORY VOTES ON EXECUTIVE COMPENSATION
In accordance with recently adoptedamended Section 14A of the Exchange Act, Value Line is providing its stockholders with the opportunity to cast an advisory vote on whether future stockholder advisory votes on executive compensation (the “say-on-pay” vote of the nature reflected in Proposal 2 above) should occur every year, or up to every two years or every threesix years.
This advisory vote, commonly referred to as a “say-when-on-pay” vote, is non-binding on the Board. Stockholders will be able to specify one of four choices for this proposal on the proxy card: one year, two years, three years or abstain. Because we are comfortable that we can effectively implement any frequency resolution that the plurality of our stockholders voting on the proposal recommend, we are not making any recommendation as to this proposal and will leave it to our stockholders to inform us at the Annual Meeting which frequency they would prefer that we adopt. Although the vote is advisory and non-binding, the Board values the opinions that our stockholders express in their votes and will take into account the outcome of the vote when considering how frequently we should conduct a “say-on-pay” vote.
The choice of frequency that receives the highest number of “For” votes will be considered the advisory vote of the stockholders. Abstentions and broker non-votes (see “Information About Voting”) will not be counted in evaluating the results of the vote. Following consideration of the advisory vote, the Board will determine its policy regarding the frequency of future “say-on-pay” advisory votes and will disclose such policy in a Current Report on Form 8-K to be filed with the SEC.
Certain Relationships and Related Party Transactions
Transactions with Related Persons
Arnold Bernhard & Co.Since May 1, 2013, the Company did not participate, and at the date of this Proxy Statement does not propose to participate, in any transaction in which any of the directors, executive officers, any beneficial owner of more than 5% of the Company’s common stock, nor any of their immediate family members, had a material direct or indirect interest, except that the Company was reimbursed $220,000 for payments it made on behalf of and services it provided to AB&Co., Inc. (“which reimbursement was reviewed and approved by the Company’s Board of Directors. In addition, none of the directors or executive officers of the Company or any of their immediate family members is or has been indebted to the Company.
AB&Co.”) utilizes the services of officers and employees of the Company to the extent necessary to conduct its business. The Company and AB&Co. allocate costs for office space, equipment and supplies and support staff pursuant to a servicing and reimbursement arrangement. During fiscal 2011, the Company was reimbursed $356,000 for payments it made on behalf of and services it provided to AB&Co.  At April 30, 2011,2014, the Company held ano receivable due from AB&Co. in the amount of $39,000.  In addition, a tax-sharing arrangement allocates the tax liabilities of the two companies between them.  The Company is included in the consolidated federal income tax return filed by AB&Co. and pays to AB&Co. an amount equal to the Company’s liability as if it filed a separate federal income tax return. A tax-sharing arrangement allocates the tax liabilities of the two companies between them. For fiscal 2011,2014, the Company made a paymentpayments to AB&Co. for federal income taxes amounting to $363,000. At April 30, 2010, $1,598,000,$2,254,000.
Policies with Respect to Transactions with Related Persons
The Company has adopted a Code of prepaid federal income tax was dueBusiness Conduct and Ethics which sets forth legal and ethical standards of conduct for all directors, officers and employees of the Company. The Code of Business Conduct and Ethics describes the Company’s policy on conflicts of interest and is available on the Company’s website located at www.valueline.com/about/code_of_ethics.aspx. Pursuant to the Code and Company from AB&Co.policy, the Board will review all related party transactions as provided in the policy.
The Code requires approval or ratification by the Audit Committee of any transaction directly or indirectly involving any “Related Party” that would need to be disclosed under Item 404 (a) of the SEC’s Regulation S-K. Under Item 404 (a), which amount was fully paid to the Company duringis required to disclose any transaction occurring since the beginning of the Company’s last fiscal 2011.  Also,year, or any currently proposed transaction, involving the Company managedwhere the amount involved exceeds $120,000, and in which any Related Party had or will have a fixed income portfolio for AB&Co. during fiscal 2011 for which it received an asset based fee of $29,000.  That agreement was terminated effective December 1, 2010.direct or indirect material interest, other than transactions generally available to all employees. “Related Party” includes a director (which term includes any director nominee), a named executive officer, i.e., CEO,
11
12
On December 23, 2010,
CFO, and up to three other officers if any, in the proxy statement compensation table, a person known by the Company completedto be the restructuringbeneficial owner of its asset management and mutual fund distribution businesses (the “Restructuring Transaction”).  As partmore than 5% of the Restructuring  Transaction: (1)Company’s common stock, or a person known by the Company’s former subsidiary, EULAV Securities, Inc., a New York corporation that acted as the distributorCompany to be an immediate family member of any of the fourteen Value Line Funds, was restructured into EULAV Securities LLC, a Delaware limited liability company (“ES”); (2)foregoing.
All Related Party transactions since the Company transferred 100%beginning of its interest in ES to EULAV Asset Management LLC, a wholly-owned subsidiary of the Company that acted as the investment adviser to the Value Line Funds and certain separate accounts; (3) EULAV Asset Management LLC was converted into EULAV Asset Management, a Delaware statutory trust (“EAM”); and (4) EAM admitted five individuals, including Mitchell Appel, a former employee of the Company, as the initial holders of voting profits interests in EAM, with each of such individuals owning 20% of the voting profits interests, and (5) pursuant to the EAM Trust Agreement, the Company received an interest in certain revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of EAM.  The voting profits interest holders in EAM, whofiscal 2014 were selected by the independent directors of the Company, paid no consideration in exchange for their interests in EAM.  The Company recorded $1,770,000 as post-employment compensation expense to reflect the value of the voting profits interest in EAM granted to Mr. Appel.
As a result of the completion of the Restructuring Transaction on December 23, 2010, the Company no longer receives investment management or distribution services revenues from the Value Line Funds.  The Company currently receives quarterly payments from EAM in a range of 41% to 55% of EAM’s investment management fee revenues (but no share of distribution fees).  During the period from December 23, 2010 through April 30, 2011, the Company recorded as non-voting revenues interest and non-voting profits interest from EAM $2,187,000 and $168,000, respectively, as non-operating income from its investment in EAM.  On a transitional basis, EAM and ES occupied a portion of the premises that the Company leases from a third party.  The Company received $189,000 during the period from December 23, 2010 to April 30, 2011 for rental and certain accounting and other administrative support services provided to EAM on a transitional basis.  In accordanceapproved consistent with the terms of the Restructuring TransactionCode and the EAM Trust Agreement, EAM vacated the Company’s premises before June 1, 2011.  At April 30, 2011, the Company held a receivable from EAM in the amount of $514,000.policy.
SectionSECTION 16(a) Beneficial Ownership Reporting Compliance
BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act requires the Company’s executive officers and directors, and persons who own more than ten percent of a registered class of its equity securities, to file reports of ownership and changes in ownership on Forms 3, 4 and 5 with the Securities and Exchange Commission.SEC. Executive officers, directors and greater than ten percent shareowners are required by Securities and Exchange CommissionSEC regulations to furnish the Company with copies of all Forms 3, 4 and 5 they file.
Based on the Company’s review of the copies of such forms that it has received and written representations from certain reporting persons confirming that they were not required to file Forms 5 for specified fiscal years, the Company believes that all its executive officers, directors and greater than ten percent beneficial owners complied with applicable SEC filing requirements during fiscal 2011.2014.
13
REPORT OF THE AUDIT COMMITTEE
The Audit Committee of the Board of Directors is comprised of the three independent directors whose names appear at the end of this report. Management is responsible for Value Line’s internal controls and the financial reporting process. Value Line’s independent registered public accounting firm is responsible for performing an independent audit of Value Line’s annual consolidated financial statements in accordance with generally accepted auditing standards and for issuing a report thereon. The Audit Committee’s responsibility is to monitor and review these processes and the activities of Value Line’s independent registered public accounting firm. The Audit Committee members are not acting as professional accountants or auditors, and their responsibilities are not intended to duplicate or certify the activities of management and the independent registered public accounting firm or to certify the independence of the independent registered public accounting firm under applicable rules.
12
In this context, the Audit Committee has met to review and discuss Value Line’s audited consolidated financial statements as of April 30, 20112014 and for the fiscal year then ended, including Value Line’s specific disclosure under management’s discussion and analysis of financial condition and results of operations and critical accounting estimates, with management and with Horowitz & Ullman,Ullmann, P.C., Value Line’s independent registered public accounting firm. The Audit Committee has discussed with Horowitz & Ullman,Ullmann, P.C., the matters required to be discussed by Statement on Auditing Standards No. 61, as amended, as adopted by the Public Company Accounting Oversight Board (the “PCAOB”).
Horowitz & Ullman,Ullmann, P.C. provided a report to the Audit Committee describing Horowitz & Ullman,Ullmann, P.C.’s internal quality-control procedures and related matters. Horowitz & Ullman,Ullmann, P.C. also provided to the Audit Committee the written disclosures and the letter required by the applicable requirements of the PCAOB regarding Horowitz & Ullman,Ullmann, P.C.’s communications with the Audit Committee concerning independence, and the Audit Committee discussed with Horowitz & Ullman,Ullmann, P.C. the firm’s independence. When considering the independence of Horowitz & Ullman,Ullmann, P.C., the Audit Committee considered, among other matters, whether Horowitz & Ullman,Ullmann, P.C.’s provision of non-audit services to Value Line is compatible with maintaining the independence of Horowitz & Ullman,Ullmann, P.C.
Based on the reviews and discussions with management and Horowitz & Ullman,Ullmann, P.C. referred to above, the Audit Committee has recommended to the Board that the audited consolidated financial statements as of April 30, 20112014 and for the fiscal year then ended be included in Value Line’s Annual Report on Form 10-K for such fiscal year. Horowitz & Ullman,Ullmann, P.C. was also selected as Value Line’s independent registered public accounting firm for the fiscal year 2012.2015.
Stephen P. Davis
Alfred R. Fiore
Glenn J. Muenzer
William E. Reed
Audit Committee
of the Board of Directors
Stephen Davis
Alfred Fiore
William Reed
Audit Committee
of the Board of Directors
14
Audit and Non-Audit Fees
ForThe following table illustrates for the fiscal years ended April 30, 20112014 and 2010,2013, the fees for services provided bypaid to the Company’s independent auditor, Horowitz & Ullmann P.C., were as follows:for services provided:
 
  2011  2010 
Audit fees     $160,785       $157,800  
Audit-related fees       73,975         15,970  
Tax fees       60,390         166,640  
All other fees       --          4,020   
​​​​2014​​2013​
​Audit fees​​​$141,900​​​​$134,000​​
​Audit-related fees​​​​14,705​​​​​—​​
​Tax-related fees​​​​84,840​​​​​76,430​​
​Total fees​​​$241,445​​​​$210,430​​
​​​​​​​​
In the above table, in accordance with the SEC’s definitions and rules, “audit fees” are fees the Company paid Horowitz & Ullmann, P.C. for professional services for the audit of the Company’s consolidated financial statements for the fiscal years ended April 30, 2014 and 2013 included in Form 10-K and the review of consolidated condensed financial statements included in Form 10-Qs and for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements; “audit-related fees” are fees for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements; and “tax fees” are fees for tax compliance, tax advice and tax planning.
The Company’s Audit Committee reviews all fees charged by the Company’s independent auditors and monitors the relationship between audit and non-audit services provided. The Audit Committee must pre-approve all audit and non-audit services provided by the independent auditors and fees charged. All audit and permissible non-audit services in fiscal 20112014 and fiscal 20102013 were pre-approved pursuant to these procedures.
13
COMPENSATION COMMITTEE REPORT
The Company’s executive compensation program is designed to promote the Company’s attraction and retention of capable and experienced executives, to reward successful divisional and corporate performance and to appropriately compensate appropriately executives who contribute to the operations and long-term profitability of the Company. The following guidelines have been established to carry out this policy:
(a)
(a)  Base salaries and bonuses should be maintained at levels consistent with competitive market compensation; and
  • Base salaries and bonuses should be maintained at levels consistent with competitive market compensation; and
(b)
(b)  A portion of the executive compensation should reflect the performance of the Company and the individual.
  • A portion of the executive compensation should reflect the performance of the Company and the individual.
The Compensation Committee process has been consistent for a number of years. After the close of the fiscal year, a compensation consultant is engaged. The consultant determines a group of peer companies to which the consultant and the Committee refer in evaluating the performance and the compensation of the Acting Chief Executive Officer. The Company employs the same peer group when it presents total shareholder return in reference to a peer group as well as in reference to a standard index. The consultant also reviews and reports on broader measures of CEO compensation of other public companies. In light of this established process, more details of which are included in this Proxy Statement in the Compensation Discussion and Analysis, the Committee, which consists only of independent directors, has not found it necessary to adopt a formal charter.
charter for its activities.
The Compensation Committee has reviewed and discussed with management the within Compensation Discussion and Analysis and has recommended to the Board that it be included in this Proxy Statement and incorporated by reference into the 2011Company’s Annual Report on Form 10-K.10-K for the fiscal year ended April 30, 2014 filed with the SEC.
Stephen P. Davis
Alfred R. Fiore
Glenn J. Muenzer
William E. Reed
Compensation Committee
of the Board of Directors
15
Stephen Davis
Alfred Fiore
William Reed
Compensation Committee
of the Board of Directors
COMPENSATION DISCUSSION AND ANALYSIS
Scope
The Compensation Committee recommends the structure and level of compensation of the Acting Chief Executive Officer to the Board of Directors, which votes on the recommendations of the Committee. The Committee has not delegated authority over its process to other persons.
Procedure and Process Considerations
In considering its 20112014 recommendations, the Committee engaged Steven Hall & Partners (the “Hall Firm”), a nationalnationally recognized executive compensation consulting firm with over 30 years of experience, to advise it. Following discussions with the Committee at the time of engagement, the compensation consultantHall Firm is asked to evaluate and construct a peer group of comparable companies which is used by the consultant and Committee to evaluate the ACEO’sCEO’s compensation in the context of Company and peer group financial indicators, compensation awarded by the peer firms, and other factors. Members
The Hall firm also determines if additional research into compensation at a wider group of companies would be helpful to the Committee.
While no formal guidelines exist, members of the Board and executive officers are generally encouraged to hold at least a nominal amount of Company stock. In no case does the Company hedge, limit or protect any shareholder from risk of loss on such ownership of Common Stock.
The consultant firm relies primarily on its extensive experience and large databases of relevant financial and compensation information.information, regarding both peer group companies and firms included in broad-based study groups. Personnel of the Company are available to assist the Committee and consultant upon request. The ACEOCEO and all officers of the Company are available to answer questions of the consultant, who is a senior principal of the firm engaged by the Committee.
14
Company personnel are not involved in recommending or deciding the level or structure of the ACEO’sCEO’s compensation as recommended by the Compensation Committee.
The consultant completes a written report which presents in detail the compensation programs and financial performance of the peer group.group as well as indications from broad compensation surveys to which the Hall Firm has access. In addition, the report may review and assist in evaluation of the challenges, achievements, and overall performance of the ACEO.CEO. The consultant then meets in executive session with the Compensation Committee, prior to their determination of their recommendations to the Board, to discuss the report and address any matters of interest to the Committee. The consultant may recommend a bonus or other compensation award, or indicate the competitive range of compensation based on its findings in regard to the peer group companies. The consultant is also asked to discuss the current and possible alternative structural approaches to the ACEO’s compensation program. The consulting firm’s representative met in person with the full Compensation Committee in July 2011,2014, following earlier telephonic discussions.
No conflict of interest was raised by the work of the Hall Firm.
Components of Compensation
The central objective of the Company’s compensation program is to attract and retain executives with attributes and skills suitable to the requirements of the Company’s business. Toward this end, the compensation program provides for overall compensation which is competitive with other firms, prevents undue turnover of personnel, and permits the Company to attract a suitable candidate pool for job openings. Throughout the year, management is in contact with recruiters, applicants for employment and other sources that give the Company, on an ongoing basis, insight into compensation policies of other companies.
Increases in the base salary component of compensation incentivize and reward employees to improve their skills and work effectively with peers, and take into account the long term success of the Company as a whole. The cash bonus program, while also taking into account the firm as a whole, allows the ACEOCEO to reward outstanding efforts in regard to increase enterprise value through innovationsmanagement and execution inof business developmentstrategy and efficiency.
16
Accordingly, the compensation program rewards efforts to achieve the departmental and company-wide goals that are agreed upondeveloped between managers and senior executives.
Like other firms, Value Line sets compensation as a mix of base salary, generally applicable employee benefits, and cash bonuses. Value Line has not for severalmany years included any stock awards in the compensation of any executives.
The bonuses are set on the basis of multiple position requirements, which cannot be numerically or equally weighted. These are communicated through formal job descriptions; periodic formal and informal meetings; and formal and informal goal-setting, timetables, and discussions of objectives.
Executives of significant operational departments are responsible to develop and present specific goals and to provide updates during the fiscal year. Such goals are not predominantly fixed numerical goals, but more often include non-quantitative objectives such as developing customerscustomers; upgrading and prospects; upgrading supporting staff; improving product quality; or replacing inefficient processes.
By considering the compensation of competitive employers, and the degree of success of an executive; achievement of corporate quantitative, qualitative and competitive objectives; and the progress of the business in light of market and economic conditions, the ACEOCEO determines individual bonuses and base salary increases.
Base salarysalaries for Named Executive Officers aside fromother than Mr. Brecher are set based on attemptingwith the objective of achieving parity with other organizations with which the Company competes for talent, taking into account the executives’ particular skills. While management does not adhere to fixed formulas or inflexible numerical criteria, compensation takes into account the industry and regional norms in formulating the amount of base compensation and bonus. In addition, the Company includes many variable factors including responsibilities, experience, work ethic, specialized knowledge and skills and other qualitative factors.
With regard to incentive compensation for other Named Executive Officers,executives, the Company’s bonus awards are determined by the ACEOCEO after a review of the employee’s annual work related accomplishments.accomplishments on behalf of the business. This includes review of the executive’s responsibilities and contribution and leadership in reducing company costs or increasing revenues and profits. The Company believes the award process creates appropriate incentives to increase long-term shareholder value without unduly exposing the Company to material adverse risks. Directors’ compensation is believed to be competitive and is intended to attract and retain suitable directors by offering compensation that is suitable compared to other firms of the Company’s size and complexity.
15

Base Salary
Base salaries for the Company’s executives take into account the compensation policies of similar companies competing in the businesses in which the Company is engaged.

Annual Incentive Compensation Plan
Bonus payments are awarded to executives based upon competitive market conditions, individual performance and the success of the Company. The performance of the Company and its departments and attainment of individualindividual/departmental goals and objectives are generally given approximately equal weighting in determining bonuses paid to executive officers. The Company’s compensation approach takes into account a full range of the criteria important to the Company’s long-term strategies, rather than relying on inflexible numerical performance targets.
Acting Chief Executive Officer Compensation
Current Compensation
In reviewing the Acting Chief Executive Officer’s performance during the past year, theFor Fiscal 2014, Mr. Brecher’s base salary was set at $400,000, with a bonus award of $300,000 [Value Line does not have a long-term incentive program].
17
Fiscal 2014 Incentive Compensation Committee took note of the financial results of the Company in light of economic and other environmental conditions. The Committee also noted the Company’s success in several financial and other measures, particularly in the context of the very challenging environment of a serious recession and severe downturn in the financial markets. As compared to the peer group, the Company’s 2011 total shareholder return, although negative, was partially mitigated by the decision to pay a special $2.00 per share dividend.  The continued growth in the Institutional Sales sector was noted favorably along with stabilization in other publishing lines.
Determinations
As part of its responsibilities, the Compensation Committee engaged Steventhe Hall & Partners, a national executive compensation consulting firm with over 30 years of experience.Firm. The Committee enquired into the independence of Steventhe Hall & PartnersFirm and established that the firm does no work for the Company or any affiliate, apart from its assignment from the Committee in regard to ACEOCEO compensation. Revenues for the Hall Firm derived from the Company, constitute less than 5% of the overall business of the Hall Firm.
  StevenAt the request of the Compensation Committee, the Hall & PartnersFirm once again did a statistical analysis of bothevaluated Mr. Brecher’s salary and the financial performance of the Company along several criteriacompensation in comparison with performance and compensation at the peer group of other corporations in the publishing and information industries developed by the consultantsHall Firm. This comparator group consists of four comparators that are similar in size, industry and listed on page 17. The Consultantscope to Value Line, and which are believed to be appropriate for making pay level determinations (the “Core Peer Group”). Given the limited number of companies in the Core Peer Group, the Hall Firm also reviewed both the selectionand presented data for five additional companies (“Supplemental Companies”) which are similar to Value Line from an industry perspective, but which were deemed to be too large to serve as part of the comparator group and the methodology to be used in establishing market dataCore Peer Group. In conjunction with the Committee.  Core Peer Group, these five additional companies form the Full Review Group.
The 2014 Core Peer Group and Supplemental Companies, collectively the Full Review Group, are provided below.
​Core Peers​​Supplemental Companies​
​Autobytel, Inc.​​Courier Corp.​
​National Research Corp.​​Forrester Research, Inc.​
​Reis, Inc.​​Harris Interactive, Inc.​
​TheStreet, Inc.​​Martha Stewart Living Omnimedia, Inc.​
​​​​Morningstar, Inc.​
​​​​
At the Compensation Committee’s request, the Hall firm observed that althoughFirm prepared a compensation study which incorporated data derived from the Company was smaller than mostCore Peer and Full Review Groups of the comparator companies, it was one ofsupplemented with additional data derived from specialized surveys. This study showed that the highest performers with regard to net incomeCEO’s total compensation is positioned between the 25th percentile (lowest quarter) and had a market capitalization that was above the median of the group.
competitive compensation marketplace. The data derived fromconsultant also interacted with the comparatorCompensation Committee and used various aspects of the peer group of companies is one factor used bygroup’s performance and compensation in assisting the Committee in setting the compensation of the ACEO.  However, the comparator group is made available to management, and is always used as-is in the peer group stock performance chart, and is available as a guide when the ACEO makes compensation decisions in regard to other Named Executive Officers and other employees.
arrive at its conclusions.
No precise formula or single approach or benchmark was determinative of Mr. Brecher’s compensation. The consultant interacted with the Compensation Committee and used various aspectsHall Report was only one of the peer group’s performance andfactors utilized by the Committee in setting the compensation as inputs in arriving at its recommendation to the Committee.  In regard to all executives, the Company engages in a detailed process of goal-setting, goal tracking, and other evaluation techniques.  The management then weighs individual contributions, department achievements, and the performance of the Company as a whole by a number of criteria, in arriving at compensation decisions.
CEO. The Committee also noted Mr. Brecher’s strong leadership contributionsand many accomplishments in successfully guidingfiscal 2014, the Company to achieve higher renewal rates for the flagship publication, reductionincrease in circulation, record sales in the Company’s income tax rates, payment ofinstitutional services segment, progress with marketing initiatives and the successful move to a special $2.00 per share dividend and continued achievement of growth in the Institutional Sales division.  Copyright data revenues improved from recent depressed levels.  The Hall firm concluded that a significant incentive award was justified for Mr. Brecher’s achievements in fiscal 2011.  The Steven Hall firm pointed to their data showing that the ACEO’s current total compensation is below the 75thnew, smaller headquarters. percentile relative to the peer group total compensation.
After extensive consideration, taking into account the financial and market circumstances, and resulting consumer attitude environment,Mr. Brecher’s significant accomplishments during fiscal 2014, the Committee recommended that Mr. Brecher’s fiscal 2015 bonus compensation be increased to $500,000 and$225,000. For fiscal 2015, the Committee recommended that Mr. Brecher’s base salary be increasedat $500,000 and the target bonus opportunity be $225,000 (approximately 45% of base salary), representing a moderate restructuring from the compensation mix of the previous two years.
Advisory Vote on Executive Compensation
At the annual meeting held on September 15, 2011, the Company conducted an advisory vote on the compensation of the Named Executive Officers and shareholders determined that future advisory votes on executive compensation would be held every three years. These votes are not binding on the Company, the Board, or the Compensation Committee.
At the 2011 Annual Meeting, 99.6% of the votes cast on the advisory vote on executive compensation proposal were in favor of the Named Executive Officer compensation as disclosed in the Proxy Statement, and as a result the Named Executive Officer compensation was approved. The 99.6% vote in favor includes the stock ownership of AB&Co. However, when shares held by AB&Co. and by the directors and executive
18
officers of the Company are excluded from the total votes and the votes “for” the compensation of the Named Executive Officers, the shares of Common Stock that voted “against” the compensation of the Named Executive Officers amounted to $200,000 from $100,000 per annum.
approximately 4.6% of the shares of Common Stock voted on the executive compensation proposal at the meeting. The Board expressed that it was pleasedand Compensation Committee reviewed these final vote results together with the relative performanceother factors and data discussed in this year as well asCompensation Discussion and Analysis and determined that, given the completionsignificant level of support of the Restructuring,Company’s approach to compensation by the broader range of shareholders, no changes to the Company’s executive compensation policies and approveddecisions were necessary.
To the extent there is a significant vote against the compensation of the Named Executive Officers, the Company will consider the shareholders’ concerns and the Compensation Committee’s recommendations as in the best interests of the Company.
16
Committee will evaluate what actions may be necessary to address those concerns.
COMPENSATION COMMITTEE INTERLOCKS

AND INSIDER PARTICIPATION
The names of the members of the Compensation Committee at the conclusion of the fiscal year ended April 30, 20112014 are set forth above.above at the end of the Compensation Committee Report. Each member is an independent director of the Company. The Company is not aware of any interlocks to report.
PEER GROUP
The 2011 peer group consists of:
Forrester Research, Inc.
Autobytel, Inc.
Courier Corp.
Harris Interactive, Inc.
National Research Corporation
Morningstar, Inc.
Martha Stewart Living, Inc.
Princeton Review, Inc.
The Street.com, Inc.
The Compensation Committee Report, the Report of the Audit Committee and the Comparative Five-Year Total Return graph appearing in the annual report to shareholders shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C of the Regulations of the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or to the liabilities of Section 18 of the Exchange Act.
17
INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
AUDITORS
The independent certifiedregistered public accounting firm selected by the Board of Directors to audit the Company’s books and records for the 20122015 fiscal year areis the firm of Horowitz & Ullmann, P.C., which firm also audited the Company’s books and records for the fiscal year ended April 30, 2011.2014. It is not expected that a representative of Horowitz & Ullmann, P.C. will be present at the 2014 Annual Meeting.
SHAREHOLDER PROPOSALS FOR THE 20122015 ANNUAL MEETING
In accordance with the rules of the SEC, Shareholder proposals intended for presentation at the 2012 2015 Annual Meeting of Shareholders must be received by the Company for inclusion in its proxy statement and form of proxy relating to that meeting no later than April 21, 2012.May 1, 2015. The Company’s By-Laws contain other procedures for proposals to be properly brought before an annual meeting of shareholders. To be timely, a shareholder must have given written notice of a proposal to the Acting Chairman of the Board of Directors with a copy to the Secretary and such notice must be received at the principal executive offices of the Company not less than thirty nor(30) (nor more than sixty (60)) days prior to the scheduled annual meeting; provided, however, that if less than forty (40) days’ notice or prior public disclosure of the date of the scheduled annual meeting is given or made, notice by the shareholder to be timely must be so received not later than the close of business on the tenth (10​th) day following the earlier of the day on which such notice of the date of the scheduled annual meeting was mailed or the day on which such public disclosure was made. Such shareholder’s notice shall set forth as to each matter the shareholder proposes to bring before the annual meeting (i) a brief description of the proposal desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, (ii) the name and address, as they appear on the Company’s books, of the shareholder proposing such business, (iii) the class and number of shares which are beneficially owned by the shareholder on the date of such shareholder notice and (iv) any material interest of the shareholder in such proposal.
FORM 10-K ANNUAL REPORT
Any shareholder who desires a copy of the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 20112014 filed with the SEC may obtain a copy (excluding exhibits) without charge by addressing a request to the Secretary of the Company at 220 East 42nd Street,485 Lexington Avenue, New York, New York 10017. Exhibits may also be requested, at a charge equal to the reproduction and mailing costs.
19
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL SHAREHOLDER MEETING TO BE HELD ON
SEPTEMBER 15, 201116, 2014
In addition to mailing them to all record holders and shareholders who hold in “street name” and do not object to use of their address to receive this mailing, the proxy statement and annual report to shareholders are available at http:/​/​www.shareholdermaterial.com/Valueline
​ValueLine.
GENERAL
The Board of Directors is not aware of any business to come before the meeting other than that set forth in the Notice of Annual Meeting of Shareholders. However, if any other business is properly brought before the meeting, it is the intention of the persons directed to vote the shareholders’ stock to vote such stock in accordance with their best judgment.
The Company is mailing its Annual Report for the fiscal year ended April 30, 20112014 to shareholders together with this Proxy Statement.
18
20
[MISSING IMAGE: t1401519_pc-pg1.jpg]
ANNUAL MEETING OF SHAREHOLDERS OFVALUE LINE, INC.September 16, 2014IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL SHAREHOLDERS’ MEETING TO BE HELD ON September 16, 2014: Copies of this Proxy Statement, the form of the Proxy and our 2014 Annual Report to Shareholders are available online at http:/​/​www.shareholdermaterial.com/​ValueLinePlease sign, date and mail your proxy card in the envelope provided as soon as possible.Please detach along perforated line and mail in the envelope provided.PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE XFORAGAINSTABSTAIN1. ELECTION OF NOMINEES AS DIRECTORS:2. ADVISORY VOTE ON EXECUTIVE COMPENSATIONNOMINEES:1 year2years3 years ABSTAINFOR ALL NOMINEES01 H.A. Brecher2. ADVISORY VOTE ON THE FREQUENCY OF FUTURE SHAREHOLDER ADVISORY VOTES ON EXECUTIVE COMPENSATION02 S.R. Anastasio03 M. BernsteinWITHHOLD AUTHORITY FOR ALL NOMINEES 04 W.E. Reed05 A.R. Fiore06 S.P. DavisFOR ALL EXCEPT (See instructions below)07 G.J. MuenzerTHIS PROXY WILL BE VOTED AS DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED 'FOR' THE ELECTION OF NOMINEES AS DIRECTORS, 'FOR' PROPOSAL 2 AND FOR '3 YEARS' ON PROPOSAL 3.INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark "FOR ALL EXCEPT" and fill in the circle next to each nominee you wish to withhold, as shown here: To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method.Signature of ShareholderDate:Signature of ShareholderDate:Note:Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person.
Appendix A
VALUE LINE, INC.
AUDIT COMMITTEE CHARTER
[MISSING IMAGE: t1401519_pc-pg2.jpg]
 
The BoardADMISSION TICKETVALUE LINE, INC.Annual Meeting of Directors (the “Board”) of Value Line, Inc. (the “Company”) shall appoint the Audit Committee (the “Audit Committee”) which shall be constituted and have the responsibility and authority as described herein.
PURPOSE
The Audit Committee’s primary purpose shall be to oversee the accounting and financial reporting processesShareholdersSeptember 16, 201410:00 a.m. Local TimeChadbourne & Parke LLP 1301 Avenue of the Company and the audits of the financial statements of the Company.
ACTIVITIES
In carrying out its responsibility, the Audit Committee shall undertake the following activities:
1.  The Audit Committee shall be directly responsible for the appointment, compensation, retention and oversight of the work of any independent auditor engaged (including resolution of disagreements between management and the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company, and the independent auditor shall report directly to the Audit Committee.
2.  Procedures for the receipt, retention, and treatment of complaints regarding accounting, internal accounting controls, or auditing matters have been established as follows:
a.  Anyone with concerns regarding questionable accounting or auditing matters or complaints regarding accounting, internal accounting controls or auditing matters may confidentially, and anonymously if they wish, submit such concerns or complaints to any of the Company’s officers. All such concerns and complaints will be forwarded to the Acting CEO. A record of all such complaints and concerns received will be provided to the Audit Committee each fiscal quarter by the Company’s Legal Counsel or any of its officers.
The Audit Committee will evaluate the merits of any concerns or complaints received by it and authorize such follow-up actions, if any, as it deems necessary or appropriate to address the substance of the concern or complaint.
The Company will not discipline, discriminate against or retaliate against any employee who reports a complaint or concern, unless it is determined that the report was made with knowledge that it was false.
3.  The Audit Committee shall have the authority to engage independent counsel and other advisers, as it determines necessary to carry out its duties.
A-1
4.  The Company shall provide for appropriate funding, as determined by the Audit Committee, in its capacity as a committee of the board of directors, for payment of:
a.  Compensation to any independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company;
b.  Compensation to any advisers employed by the Audit Committee under paragraph (3); and
c.  Ordinary administrative expenses of the Audit Committee that are necessary or appropriate in carrying out its duties.
5.  The Audit Committee shall pre-approve all audit and permitted non-audit services to be provided by the independent auditor. The Audit Committee may delegate authority to pre-approve all auditing and permitted non-audit services in accordance with pre-approval policies and procedures established by the Audit Committee, provided that the Audit Committee is informed of each service so approved at the next meeting of the Audit Committee. These pre-approval requirements are subject to the exception for the de minimus provision of services set forth in Securities and Exchange Commission Regulation S-X, Section 2.01(c)(7) (i)(C).
6.  The Audit Committee shall meet with the independent auditor prior to the audit to review the planning and staffing of the audit and approve the proposed fee for the audit.
7.  The Audit Committee shall receive written periodic reports from the independent auditor delineating all relationships between the independent auditor and the Company. This report shall be consistent with Independence Standards Board Standard No. 1 regarding the auditor’s independence. The Audit Committee shall actively engage in dialogue with the independent auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the auditor, and if determined by the Audit Committee, recommend that the Board take appropriate action to insure the independence of the auditor.
8.  The Audit Committee shall receive the report of the independent auditor, prior to the filing of the independent auditor’s audit report with the Securities and Exchange Commission, with respect to:
a.  All critical accounting policies and practices to be used;
b.  All alternative treatments within generally accepted accounting principles for policies and practices related to material items that have been discussed with management of the Company, including:
i.  Ramifications of the use of such alternative disclosures and treatments; and
ii.  The treatment preferred by the independent auditor; and
c.  Other material written communications between the independent auditor and the management of the Company, such as any management letter or schedule of unadjusted differences.
A-2
9.  The Audit Committee shall receive any report by the Company’s Chief Financial Officer and/or Acting Chief Executive Officer concerning:
a.  any significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting of the Company which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial data;
b.  and any fraud regarding company business, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.
10.  The Audit Committee shall discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards No. 61 relating to the conduct of the audit, including:
a.  Any difficulties encountered in the course of the audit work, including any restrictions on the scope of activities or access to required information;
b.  Significant financial reporting issues and judgments; and
c.  Any major changes to the Company’s auditing and accounting principles and practices.
11.  Obtain from the independent auditor assurance that Section 10A of the Securities Exchange Act of 1934 has not been implicated.
12.  Review the Company’s annual audited financial statements and the report thereon with the independent auditor and management prior to the publication of such statements.
13.  Review periodically with management the Company’s major financial risk exposures and the steps management has taken to monitor and control those exposures.
14.  Adopt the report (to be prepared by the Company’s legal counsel) required by the rules of the Securities and Exchange Commission to be included in the Company’s annual proxy statement, which shall include a statement of whether the Audit Committee recommends to the Board of Directors that the audited financial statements be included in the Company’s annual report on Form 10-K.
15.  Review and reassess the adequacy of this Charter annually and submit it to the Board for approval.
The Audit Committee shall meet at least two times a year and make an oral report to the Board following each meeting.
While the Audit Committee has the responsibility and authority set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company’s financial statements are complete and accurate and are in accordance with generally accepted accounting principles. This is the responsibility of management and the independent auditor.
A-3
ADMISSION TICKET
VALUE LINE, INC.
Annual Meeting of Shareholders
September 15, 2011
9:30 a.m. Local Time
Day Pitney LLP,
7 Times Square,
NewAmericasNew York, NY 10036
If10019If you attend the Annual Meeting of Shareholders,
please bring this Admission Ticket as well
aswellas a form of government issued photo identification.

▄


VALUEidentification.VALUE LINE, INC.
220 EAST 42ND STREET
NEW YORK,INC.485 LEXINGTON AVENUENew York, NY 10017
THIS10017THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS
The undersigned hereby authorizes and directs Howard A. Brecher and Stephen R. Anastasio and each of them, with full power of substitution, to vote the stock of the undersigned at the Annual Meeting of Shareholders of VALUE LINE, INC. on September 15, 2011,16, 2014, or at any adjournments thereof as hereinafter specified and, in their discretion, to vote according to their best judgment upon such other matters as may properly come before the meeting or any adjournments thereof.
(Continued (Continued and to be signed on the reverse side)
▄
 14475
▄
ANNUAL MEETING OF SHAREHOLDERS OF
VALUE LINE, INC.
September 15, 2011
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS
FOR THE ANNUAL SHAREHOLDERS’ MEETING TO BE HELD ON September 15, 2011:
Copies of this Proxy Statement, the form of the Proxy and our 2011 Annual Report to Shareholders are available online at http://www.shareholdermaterial.com/ValueLine (hosted by TriState Financial Press).
Please sign, date and mail
your proxy card in the
envelope provided as soon
as possible.
”Please detach along perforated line and mail in the envelope provided. ”
▄20630400000000000000     8091511
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE x
1. ELECTION OF DIRECTORS:FORAGAINST ABSTAIN
2.ADVISORY VOTE ON EXECUTIVE COMPENSATION
o
o
o
NOMINEES:
o
FOR ALL NOMINEES
¢  S.R. Anastasio
¢  M. Bernstein
1 year2 years3 years ABSTAIN
o

o
WITHHOLD AUTHORITY
FOR ALL NOMINEES

FOR ALL EXCEPT
(See instructions below)
¢  H.A. Brecher
¢  S. Davis
¢  A. Fiore
3.ADVISORY VOTE ON THE FREQUENCY OF FUTURE SHAREHOLDER ADVISORY VOTES ON EXECUTIVE COMPENSATION
o
o
o
o
¢  W.E. Reed
THIS PROXY WILL BE VOTED AS DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS GIVEN, THIS PROXY WILL BE VOTED “FOR” THE ELECTION OF NOMINEES AS DIRECTORS.
INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark “FOR ALL EXCEPT” and fill in the circle next to each nominee you wish to withhold, as shown here:  ●
To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method.
o
Signature of Shareholder Date: Signature of Shareholder Date:
Note:
Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorized person.
▄
▄