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5. Approve the frequency with which we will hold an advisory vote on the compensation of our Named Executive Officers, in an advisory vote; 6. Transact any other business properly brought before the meeting. |
| | Our board of directors recommends a vote “FOR” the election of Andrew A. Levy, Richard S. McGowan and | | |
Name | | | Age | | | Position | |
Richard S. McGowan(1) | | | 68 | | | Chair of the Board | |
Robert A. Crisafulli(2) | | | 68 | | | Director | |
Andrew A. Levy | | | 75 | | | Director | |
Walter M. Schenker(2) | | | 75 | | | Director | |
Fee Category | | | Fees | | |||
Quarterly Retainer | | | | $ | 6,000 | | |
Audit Committee Chair – Annual Retainer | | | | $ | 5,000 | | |
Chair – Annual Retainer | | | | $ | 12,000 | | |
Fee Category | Fees | |||
Quarterly Retainer | $ | 6,000 | ||
In-person Meeting Fee (Quarterly) | $ | 2,500 | ||
Telephonic Meeting Fee | $ | 500 | ||
Audit & Compensation Committee Chairs - Annual Retainer | $ | 8,000 | ||
Non-executive Chairman – Annual Retainer | $ | 12,000 |
Name | | | Fees Earned(1) | | | Option Awards(2) | | | Stock Awards(3) | | | Totals | | ||||||||||||
Andrew Levy | | | | $ | 39,000 | | | | | | — | | | | | $ | 43,750 | | | | | $ | 82,750 | | |
Robert A. Crisafulli | | | | $ | 29,000 | | | | | | — | | | | | $ | 43,750 | | | | | $ | 72,750 | | |
Richard S. McGowan | | | | $ | 51,000 | | | | | | — | | | | | $ | 43,750 | | | | | $ | 94,750 | | |
Walter M. Schenker | | | | $ | 24,000 | | | | | | — | | | | | $ | 43,750 | | | | | $ | 67,750 | | |
Name | Fees Earned | Option Awards (1) | Total ($) | |||||||||
Leonard M. Anthony | $ | 41,500 | $ | 5,480 | $ | 46,980 | ||||||
Philip A. Dur | $ | 46,500 | $ | 6,147 | $ | 52,647 | ||||||
Michael R. Holly | $ | 41,500 | $ | 8,397 | $ | 49,897 | ||||||
Andrew A. Levy | $ | 34,500 | -- | $ | 34,500 | |||||||
Louis A. Winoski | $ | 32,000 | $ | 8,397 | $ | 40,397 |
Name | | | Shares of common stock | | | Percentage | | ||||||
Andrew A. Levy(1) | | | | | 2,003,100 | | | | | | 5.81% | | |
Alexander Shen(2) | | | | | 1,821,879 | | | | | | 5.05% | | |
Walter M. Schenker(3) | | | | | 1,527,073 | | | | | | 4.44% | | |
Thomas Sammons(4) | | | | | 537,189 | | | | | | 1.54% | | |
Richard S. McGowan(5) | | | | | 430,064 | | | | | | 1.25% | | |
Robert Crisafulli(5) | | | | | 200,000 | | | | | | * | | |
All executive officers and directors as a group (six individuals)(6) | | | | | 6,519,305 | | | | | | 17.61% | | |
Name and Address | Shares | Percentage | |||
Andrew A. Levy 46 Baldwin Farms North Greenwich, CT 06831 | 1,572,100 | 8.32 | % | ||
Howard Weingrow 805 Third Avenue New York, NY 10022 (1) | 1,250,000 | 6.61 | % | ||
Robert Lifton 805 Third Avenue New York, NY 10022 (2) | 1,250,000 | 6.61 | % | ||
James G. Reindl 347 E. Hillendale Road Kennett Square, Pennsylvania 19348 | 1,006,500 | 5.32 | % | ||
Stanoff Corporation 805 Third Avenue New York, NY 10022 | 1,100,000 | 5.82 | % | ||
Barron Partners, LP 730 Fifth Avenue New York, NY 10019 (4) | 926,324 | 4.85 | % | ||
James S. Molinaro (5) | 765,000 | 3.89 | % | ||
Richard F. Fitzgerald (6) | 283,334 | 1.48 | % | ||
Michael Holly (7) | 162,500 | * | % | ||
Louis A. Winoski (8) | 227,500 | 1.19 | % | ||
Stanley A. Youtt (3) | — | * | % | ||
Philip A. Dur (9) | 50,000 | * | % | ||
Leonard M. Anthony (10) | 60,000 | * | % | ||
Robert Francis | — | * | % | ||
Robert G. Isaman | — | * | % | ||
All officers and directors as a group (seven individuals) (11) | 3,120,434 | 15.41 | % |
Name and Position | | | Fiscal Year | | | Salary | | | Bonus | | | Option Awards(1) | | | Stock Awards(2) | | | All Other Compensation | | | Total ($) | | |||||||||||||||||||||
Alexander Shen, Chief Executive Officer | | | | | 2022 | | | | | $ | 300,000 | | | | | $ | 35,000 | | | | | | — | | | | | $ | 17,000 | | | | | $ | 4,742 | | | | | $ | 356,742 | | |
| | | 2021 | | | | | $ | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 5,500 | | | | | $ | 305,500 | | | ||
Thomas Sammons, Chief Financial Officer | | | | | 2022 | | | | | $ | 230,193 | | | | | $ | 35,000 | | | | | | — | | | | | $ | 17,000 | | | | | $ | 411 | | | | | $ | 282,604 | | |
| | | 2021 | | | | | $ | 210,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 335 | | | | | $ | 210,335 | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price | | | Option Expiration Date | | | Equity incentive plan awards: Number of shares that have not vested | | | | Equity incentive plan awards: Market or payout value of unearned shares that have not vested ($) | | |||||||||||||||
Alexander Shen(1) | | | | | 770,000 | | | | | | — | | | | | $ | 0.08 | | | | August 11, 2025 | | | | | | | | | | | | | | |
Alexander Shen(2) | | | | | 1,000,000 | | | | | | — | | | | | $ | 0.50 | | | | December 26, 2026 | | | | | | | | | | | | | | |
Thomas Sammons(3) | | | | | 500,000 | | | | | | — | | | | | $ | 0.17 | | | | January 20, 2026 | | | | | | | | | | | | | | |
Alexander Shen(4) | | | | | | | | | | | | | | | | | | | | | | | | | | 10,000 | | | | | | $ | 16,700 | | |
Thomas Sammons(4) | | | | | | | | | | | | | | | | | | | | | | | | | | 10,000 | | | | | | $ | 16,700 | | |
Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price | Option Expiration Date | |||||||||
James Molinaro (1) | 333,333 | 666,667 | $ | 0.70 | Aug. 4, 2020 | ||||||||
-- | 250,000 | $ | 1.96 | April 18, 2021 | |||||||||
Richard Fitzgerald(1)(2) | 150,000 | -- | $ | 0.49 | Mar. 22, 2019 | ||||||||
50,000 | 100,000 | $ | 0.70 | Aug. 4, 2020 | |||||||||
-- | 100,000 | $ | 1.96 | April 18, 2021 | |||||||||
Robert Francis | -- | -- | -- | ||||||||||
Stanley Youtt | -- | -- | -- |
Plan Category | Number of securities to be issued upon exercise of outstanding options and warrants | Weighted-average exercise price of outstanding options and warrants | Number of securities remaining available for future issuance under equity compensation plans | |||
Equity compensation plans approved by security holders | 2,415,666 | $ | 1.040 | 403,840 | ||
Equity compensation plan not approved by security holders | 100,000 | $ | 1.65 | N/A |
| | Our board of directors recommends a vote “FOR” the ratification of the selection of our independent registered public accounting firm for the fiscal year ending March 31, | | |
| | | March 31, 2022 | | | March 31, 2021 | | ||||||
Audit Fees | | | | | 468,574.26 | | | | | $ | 260,870 | | |
Audit related fees | | | | | 1,377.29 | | | | | | — | | |
Tax fees | | | | | — | | | | | | — | | |
All other fees | | | | | 31,058.37 | | | | | | 51,500 | | |
Total | | | | | 501,009.92 | | | | | $ | 312,370 | | |
Year ended March 31, | ||||||||
2012 | 2011 | |||||||
Audit fees | $ | 264,000 | $ | 91,555 | ||||
Audit related fees | 16,500 | 7,000 | ||||||
Tax fees | 94,000 | 9,287 | ||||||
All other fees | -- | -- | ||||||
Total | $ | 374,500 | $ | 107,842 |
| | Our board of directors recommends a vote “FOR” Proposal Three to approve an amendment to our Certificate of Incorporation to effect a reverse stock split of our Common Stock at an exchange ratio time prior to discretion of our board of directors. | | |
| | Our board of directors recommends a vote “FOR” the resolution approving the compensation of our named executive officers, as follows: | | |
| | RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the compensation tables and narrative discussion, is hereby approved. | | |
| | Our board of directors recommends a vote for a frequency of once every year for Proposal No. 5. | | |