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Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | Total ($) | | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | Total ($) | | ||||||||||||||||||||||||
Jason T. Bear | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | ||||||||||||||||||||||
Brend D. Baird | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | ||||||||||||||||||||||
Edward C. Cosgrove | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | ||||||
Lucion P. Gygax | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | ||||||||||||||||||||||
Karen L. Howard | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | ||||||||||||||||||||||
Christopher M. Marks | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | | ||||||
Even H. Wax | | | $ | 60,000 | | | | $ | 25,000 | | | | $ | 85,000 | | |
| What We Do: | | |||
| | | We pay for performance. A significant portion of executive pay is not guaranteed, but rather tied to key financial metrics that measure our performance and are disclosed to our shareholders. | | |
| | | We balance short-term and long-term incentives. Our incentive programs provide an appropriate balance of annual and long-term incentives. | | |
| | | We limit the maximum payout opportunity. We establish maximum amounts that may be earned under any award of performance-based compensation for our executives. | | |
| | | We maintain robust stock ownership guidelines. Our executive officers and directors are subject to robust stock ownership guidelines. | | |
| | | We recoup compensation under certain circumstances. We have adopted a policy, in accordance with applicable SEC rules and amendments to the NYSE American listing standards, that requires the reimbursement of cash and equity incentive compensation under certain circumstances. | | |
| | | We have an independent compensation committee. The Committee is comprised solely of independent directors. | |
| What We Don’t Do: | | |||
| | | No employment agreements, automatic salary increases or guaranteed bonuses: We do not have employment agreements with any of our executive officers, and we do not guarantee annual salary increases or bonuses. | | |
| | | We do not allow hedging or pledging. We have adopted a policy pursuant to which our executive officers and directors are expressly prohibited from pledging and hedging Company securities. | | |
| | | We do not provide excessive perquisites: Our executive officers are provided with limited perquisites and benefits. | | |
| | | We do not have tax gross-ups and do not have “single-trigger” provisions: We do not provide tax gross-ups on any severance, change in control or other payments. Change in control agreements require a “double-trigger”. | | |
| | | We do not provide pension arrangements or non-qualified deferred compensation arrangements: We do not provide a defined benefit pension program, supplemental executive retirement plan or other non-qualified deferred compensation program for any employees. | |
| Target Compensation Mix: Chief Executive Officer | | | Target Compensation Mix: Other Named Officers | |
| | | |
| | | | | | | | | 2023 Target Annual Cash Incentive | | |||||||||
Title | | | Base Salary ( $) | | | Percentage of Base Salary (%) | | | ($) | | |||||||||
Chief Executive Officer | | | | | 350,000 | | | | | | 40 | | | | | | 140,000 | | |
Chief Financial Officer(1) | | | | | 265,000 | | | | | | 30 | | | | | | 79,500 | | |
Chief Technical Officer | | | | | 235,000 | | | | | | 20 | | | | | | 47,000 | | |
| | | Target for the 2023-2025 LTIP Awards | | |||||||||||||||
Title | | | Percentage of Base Salary (%) | | | Performance-Based Shares | | | Service-Based Shares | | | Total Target LTIP Award | | ||||||
Chief Executive Officer | | | | | 40 | | | | $105,000 (9,131 Performance Shares) | | | $35,000 (3,043 shares of Restricted Stock) | | | | $ | 140,000 | | |
Chief Financial Officer | | | | | 30 | | | | $59,625 (5,185 Performance Shares) | | | $19,875 (1,728 shares of Restricted Stock) | | | | $ | 79,500 | | |
Chief Technical Officer | | | | | 20 | | | | $35,250 (3,065 Performance Shares) | | | $11,750 (1,022 shares of Restricted Stock) | | | | $ | 47,000 | | |
Name and Principal Position | | Year | | Salary | | Bonus | | All Other Compensation(1) | | Total | | | Year | | Salary | | Stock Awards(1) | | Nonequity Incentive Plan Compensation | | All Other Compensation(2) | | Total | | ||||||||||||||||||||||||||||||||||||||||||||
Lisa F. Bencel Chief Financial Officer | | | | | 2021 | | | | $ | 245,960 | | | | | — | | | | $ | 47,684 | | | | $ | 293,644 | | | |||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | $ | 245,960 | | | | $ | 40,000 | | | | $ | 47,128 | | | | $ | 333,088 | | | |||||||||||||||||||||||||||||||||||||||||||
James C. Takacs Chief Operating Officer | | | | | 2021 | | | | $ | 220,740 | | | | | — | | | | $ | 38,313 | | | | $ | 259,053 | | | |||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | $ | 220,740 | | | | $ | 25,000 | | | | $ | 65,688 | | | | $ | 311,428 | | | |||||||||||||||||||||||||||||||||||||||||||
Kenneth D. Trbovich Former Chief Executive Officer | | | | | 2021 | | | | $ | 632,289 | | | | | — | | | | $ | 221,211 | | | | $ | 853,500 | | | |||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | $ | 639,496 | | | | $ | 100,000 | | | | $ | 376,022 | | | | $ | 1,115,518 | | | |||||||||||||||||||||||||||||||||||||||||||
William F. Farrell, Jr. Chief Executive Officer | | | | | 2023 | | | | $ | 350,000 | | | | $ | 35,000 | | | | $ | 50,000 | | | | $ | 35,074 | | | | $ | 470,074 | | | ||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 235,577 | | | | $ | 235,012 | | | | | 96,274 | | | | $ | 23,480 | | | | $ | 590,343 | | | ||||||||||||||||||||||||||||||||||||||
Robert A. Fraass Chief Financial Officer | | | | 2023 | | | | $ | 173,269 | | | | $ | 39,875 | | | | $ | 50,000 | | | | $ | 9,288 | | | | $ | 272,432 | | | |||||||||||||||||||||||||||||||||||||
James C. Takacs Chief Technical Officer | | | | | 2023 | | | | $ | 235,053 | | | | $ | 11,750 | | | | $ | 20,000 | | | | $ | 22,936 | | | | $ | 289,739 | | | ||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 229,887 | | | | | — | | | | | — | | | | $ | 76,151 | | | | $ | 306,038 | | | ||||||||||||||||||||||||||||||||||||||
Lisa F. Bencel Former Chief Financial Officer | | | | | 2023 | | | | $ | 127,268 | | | | | — | | | | | — | | | | $ | 176,913 | | | | $ | 304,181 | | | ||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | $ | 251,258 | | | | | — | | | | | — | | | | $ | 59,850 | | | | $ | 311,108 | | |
Name | | | Number of Shares or Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Shares or Units or Other Rights That Have Not Vested(2) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Units or Other Rights That Have Not Vested(1) | | ||||||||||||
William F. Farrell, Jr. | | | | | 12,740(3) | | | | | $ | 159,250 | | | | | | 9,131 | | | | | $ | 114,138 | | |
Robert A. Fraass | | | | | 3,487(4) | | | | | $ | 43,588 | | | | | | 5,185 | | | | | $ | 64,813 | | |
James C. Takacs | | | | | 1,022(5) | | | | | $ | 12,775 | | | | | | 3,065 | | | | | $ | 38,313 | | |
Lisa F. Bencel | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | Summary Compensation Table Total for PEO(1)(2) | | | Compensation Actually Paid to PEO(2)(3) | | | Average Summary Compensation Table Total for Non-PEO NEOs(4) | | | Average Compensation Actually Paid to Non-PEO NEOs(3)(4) | | | Value of Initial Fixed $100 Investment Based on Total Shareholder Return(5) | | | Net Income (Loss) ($000’s omitted) | | ||||||||||||||||||||||||||||||||||||||||||
Year | | | William Farrell | | | James Takacs | | | Kenneth Trbovich | | | William Farrell | | | James Takacs | | | Kenneth Trbovich | | ||||||||||||||||||||||||||||||||||||||||||
2023 | | | | $ | 470,074 | | | | | | | | | | | | | | | | | $ | 501,336 | | | | | | | | | | | | | | | | | $ | 288,784 | | | | | $ | 290,363 | | | | | $ | 147 | | | | | $ | (10,787) | | |
2022 | | | | $ | 590,343 | | | | | $ | 306,038 | | | | | | — | | | | | $ | 580,498 | | | | | $ | 306,038 | | | | | | — | | | | | $ | 310,162 | | | | | $ | 310,162 | | | | | $ | 124 | | | | | $ | (2,117) | | |
2021 | | | | | — | | | | | $ | 319,053 | | | | | $ | 853,500 | | | | | | — | | | | | $ | 319,053 | | | | | $ | 853,500 | | | | | $ | 328,644 | | | | | $ | 328,644 | | | | | $ | 149 | | | | | $ | 4,055 | | |
| | | PEO | | | Average Other Named Executive Officers | | ||||||
Total Reported in 2023 Summary Compensation Table (“SCT”) | | | | $ | 470,074 | | | | | $ | 288,784 | | |
Less, Value of Stock Awards Reported in SCT | | | | | 35,000 | | | | | | 17,208 | | |
Plus, Year-End Value of Awards Granted in Fiscal Year that are Outstanding and Unvested | | | | | 38,043 | | | | | | 18,787 | | |
Plus (or Minus), Change in Fair Value of Prior Year Awards that are Outstanding and Unvested | | | | | 18,812 | | | | | | — | | |
Plus, Vesting Date Fair Value of Awards Granted this Year and that Vested this Year | | | | | — | | | | | | — | | |
Plus (or Minus), Change in Fair Value (from Prior Year-End) of Prior Year Awards that Vested this Year | | | | | 9,407 | | | | | | | | |
Minus, Prior Year-End Fair Value of Prior Year Awards that Failed to Vest this Year | | | | | — | | | | | | — | | |
Total Adjustments | | | | | 31,262 | | | | | | 1,579 | | |
Compensation Actually Paid for Fiscal Year 2023 | | | | $ | 501,336 | | | | | $ | 290,363 | | |
Name and Address of Beneficial Owner | | | Amount of Common Stock Beneficially Owned | | | Percent of Common Stock(1) | | ||||||
Servotronics, Inc. Employee Stock Ownership Trust 1110 Maple Street Elma, NY 14059 | | | | | | | | | | | | ||
Estate of Dr. Nicholas D. Trbovich Kenneth D. Trbovich Michael D. Trbovich 960 Porterville Road East Aurora, NY 14052 | | | | | | | | | | | | ||
Beaver Hollow Wellness, LLC 401 East Amherst Street Buffalo, NY 14215 | | | | | 461,907(4) | | | | | | 18.1% | | |
Brent D. Baird 25 Melbourne Place Buffalo, NY 14222 | | | | | | | | | | | | ||
Wax Asset Management, LLC Evan H. Wax 44 Cherry Lane Madison, CT 06443 | | | | | | | | | | | | ||
| | | | | | | | | | |
Name of Beneficial Owner | | Amount of Common Stock Beneficially Owned | | Percent of Common Stock(1) | | | Amount of Common Stock Beneficially Owned | | Percent of Common Stock(1) | | ||||||||||||||||
Lisa F. Bencel | | | | 8,549(2) | | | | | * | | | |||||||||||||||
Brent D. Baird | | | | 276,468 | | | | | 10.8% | | | |||||||||||||||
Edward C. Cosgrove, Esq. | | | | 9,153 | | | | | * | | | | | | 13,504 | | | | | * | | | ||||
William F. Farrell, Jr. | | | | 6,794 | | | | | * | | | | | | 23,937(2) | | | | | * | | | ||||
Lucion P. Gygax | | | | 9,153 | | | | | * | | | |||||||||||||||
Robert A. Fraass | | | | 5,061 | | | | | * | | | |||||||||||||||
Karen L. Howard | | | | 118 | | | | | * | | | | | | 4,469 | | | | | * | | | ||||
Harrison W. Kelly III | | | | 3,691 | | | | | * | | | |||||||||||||||
Christopher M. Marks | | | | 9,153 | | | | | * | | | | | | 13,504 | | | | | * | | | ||||
James C. Takacs | | | | 37,721(3) | | | | | 1.5% | | | | | | 40,898(3) | | | | | 1.6% | | | ||||
Kenneth D. Trbovich | | | | 502,598(4) | | | | | 20.2% | | | |||||||||||||||
Evan H. Wax | | | | 158,733(5) | | | | | 6.4% | | | | | | 183,858(4) | | | | | 7.2% | | | ||||
Servotronics, Inc. Employee Stock Ownership Trust | | | | 319,692(5) | | | | | 12.5% | | | |||||||||||||||
All directors, nominees and executive officers as a group | | | | 741,972 | | | | | 29.8% | | | | | | 863,448 | | | | | 33.9% | | |
| | 2021 | | 2020 | | | 2023 | | 2022 | | ||||||||||||||||
Audit Fees(1) | | | $ | 230,745 | | | | $ | 218,964 | | | | | $ | 256,800 | | | | $ | 283,668 | | | ||||
Tax Fees(2) | | | $ | 59,555 | | | | $ | 66,225 | | | | | | 49,460 | | | | | 46,500 | | | ||||
Total | | | $ | 290,300 | | | | $ | 285,189 | | | | | $ | 306,260 | | | | $ | 330,168 | | |
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