SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
300 Tice Boulevard, Suite 290
Woodcliff Lake, New Jersey 07677
Chairman of the Board and
Chief Executive Officer
TO BE HELD ON JUNE 11, 2025
| | | | By Order of the Board of Directors | |
| | | |
Brian J. Bertaux
Secretary |
|
| April 25, 2025 | | | | |
TO BE HELD ON JUNE 11, 2025
Suite 290
Woodcliff Lake, New Jersey 07677
Telephone No.: (845) 735-6000
Name
|
| |
Age
|
| |
Position
|
|
Vincent P. Abbatecola | | |
79
|
| | Director | |
Nicole Bulgarino | | |
52
|
| | Director | |
Brian F. Coleman | | |
63
|
| | Director, Chairman, President and Chief Executive Officer | |
Name
|
| |
Age
|
| |
Position
|
|
Kathleen L. Houghton | | |
52
|
| | Director and Senior Vice President — Sales and Marketing | |
Loan N. Mansy | | |
54
|
| | Director | |
Richard Parrillo | | |
72
|
| | Director | |
Eric A. Prouty | | |
55
|
| | Director | |
THE THREE NOMINEES FOR ELECTION TO THE BOARD OF DIRECTORS
DESCRIBED ABOVE
Vincent P. Abbatecola
Nicole Bulgarino
Richard Parrillo
Eric A. Prouty
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Brian F. Coleman, President,
Chief Executive Officer(3) |
| | | | 2024 | | | | | $ | 680,000 | | | | | | — | | | | | | — | | | | | $ | 290,000 | | | | | $ | 76,816(4) | | | | | $ | 1,046,816 | | |
| | | 2023 | | | | | $ | 678,408 | | | | | | — | | | | | $ | 119,000 | | | | | $ | 221,000 | | | | | $ | 76,816(4) | | | | | $ | 1,095,224 | | | ||
| | | 2022 | | | | | $ | 615,792 | | | | | | — | | | | | $ | 860,000 | | | | | $ | 1,017,778 | | | | | $ | 76,816(4) | | | | | $ | 2,570,386 | | | ||
Brian J. Bertaux, Chief Financial Officer and Secretary(5)
|
| | | | 2024 | | | | | $ | 163,731 | | | | | | — | | | | | | — | | | | | $ | 57,000 | | | | | | — | | | | | $ | 220,731 | | |
| | | 2023 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 2022 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Kathleen L. Houghton, Senior Vice President – Sales and Marketing(3)
|
| | | | 2024 | | | | | $ | 385,000 | | | | | | — | | | | | | — | | | | | $ | 145,000 | | | | | $ | 1,623(6) | | | | | $ | 531,623 | | |
| | | 2023 | | | | | $ | 357,535 | | | | | | — | | | | | $ | 56,000 | | | | | $ | 104,000 | | | | | $ | 1,623(6) | | | | | $ | 519,158 | | | ||
| | | 2022 | | | | | $ | 286,785 | | | | | | — | | | | | $ | 245,000 | | | | | $ | 310,000 | | | | | $ | 1,623(6) | | | | | $ | 843,408 | | | ||
Nat Krishnamurti, Former Chief Financial Officer and Secretary(7)
|
| | | | 2024 | | | | | $ | 220,154 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 161,117(6)(8) | | | | | $ | 381,271 | | |
| | | 2023 | | | | | $ | 357,444 | | | | | | — | | | | | $ | 43,750 | | | | | $ | 81,250 | | | | | $ | 2,800(6) | | | | | $ | 485,244 | | | ||
| | | 2022 | | | | | $ | 291,906 | | | | | | — | | | | | $ | 225,000 | | | | | $ | 235,000 | | | | | $ | 2,800(6) | | | | | $ | 754,706 | | |
| | | | | | | | |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards |
| |
All
Other Stock Awards: Number of Shares of Stock or Units (#) |
| |
All Other
Option Awards: Number of Securities Under-lying Options (#) |
| |
Exercise
or Base Price of Option Awards ($/sh) |
| |
Grant
Date Fair Value of Stock and Option Awards |
| | | | | |||||||||||||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Brian F. Coleman
|
| | | | 2/27/24 | | | | | | — | | | | | $ | 1,836,000 | | | | | | — | | | | | | — | | | | | | 20,067 | | | | | $ | 14.89 | | | | | $ | 119,000 | | | | | | | ||||||||
Brian Bertaux
|
| | | | 7/30/24 | | | | | | — | | | | | $ | 331,667(1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | ||||||
Kathleen L. Houghton
|
| | | | 2/27/24 | | | | | | — | | | | | $ | 859,000 | | | | | | — | | | | | | — | | | | | | 9,444 | | | | | $ | 14.89 | | | | | $ | 56,000 | | | | | | | ||||||||
Nat Krishnamurti
|
| | | | 2/27/24 | | | | | | — | | | | | $ | 796,000 | | | | | | — | | | | | | — | | | | | | 7,378 | | | | | $ | 14.89 | | | | | $ | 43,750 | | | | | | |
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Brian F. Coleman
|
| | | | 945,000 | | | | | | — | | | | | $ | 0.75 | | | | | | 12/19/2029 | | |
| | | 261,905 | | | | | | — | | | | | $ | 1.60 | | | | | | 3/12/2026 | | | ||
| | | 169,626 | | | | | | — | | | | | $ | 3.81 | | | | | | 2/24/2027 | | | ||
| | | 234,332 | | | | | | — | | | | | $ | 10.09 | | | | | | 3/1/2026 | | | ||
| | | 10,034 | | | | | | 10,033(1) | | | | | $ | 14.89 | | | | | | 2/27/2027 | | | ||
Brian J. Bertaux
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kathleen L. Houghton
|
| | | | 120,000 | | | | | | — | | | | | $ | 0.75 | | | | | | 12/19/2029 | | |
| | | 47,619 | | | | | | — | | | | | $ | 1.60 | | | | | | 3/12/2026 | | | ||
| | | 50,888 | | | | | | — | | | | | $ | 3.81 | | | | | | 2/24/2027 | | | ||
| | | 66,757 | | | | | | — | | | | | $ | 10.09 | | | | | | 3/1/2026 | | | ||
| | | 4,722 | | | | | | 4,722(1) | | | | | $ | 14.89 | | | | | | 2/27/2027 | | | ||
Nat Krishnamurti
|
| | | | 125,000 | | | | | | — | | | | | $ | 0.75 | | | | | | 8/1/2025 | | |
| | | 41,667 | | | | | | — | | | | | $ | 1.60 | | | | | | 8/1/2025 | | | ||
| | | 50,117 | | | | | | — | | | | | $ | 3.81 | | | | | | 8/1/2025 | | | ||
| | | 61,308 | | | | | | — | | | | | $ | 10.09 | | | | | | 8/1/2025 | | | ||
| | | 7,378 | | | | | | — | | | | | $ | 14.89 | | | | | | 8/1/2025 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment on 12/31/19 Based on | | | | | | | | | | | | | | |||||||||
Year | | | Summary Compensation Table Total for PEO (Brian F. Coleman) | | | Summary Compensation Table Total for PEO (Kevin J. Zugibe)(1) | | | Compensation Actually Paid to PEO ( Coleman | | | Compensation Actually Paid to PEO (Kevin J. Zugibe) | | | Average Summary Compensation Table Total for Non-PEO NEOs(2) | | | Average Compensation Actually Paid to Non-PEO NEOs(2) | | | Total Shareholder Return | | | Peer Group Total Shareholder Return(3) | | | Net Income (Loss) | | | | | ||||||||||||||||||||||||||||||
2020 | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | ( | | | | | $ | | | |||||||||
2021 | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||||
2022 | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||||
2023 | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||||||||
2024 | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | | | | $ | | |
Year | | | Summary Compensation Table Total for PEO (Brian F. Coleman) | | | Deduction of fair value of any stock option grants or stock awards during the year | | | (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year | | | (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year | | | (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date | | | (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value | | | (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year | | | (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year | | | Compensation Actually Paid to PEO (Brian F. Coleman) | | |||||||||||||||||||||||||||
2020 | | | | $ | | | | | $ | ( | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | | $ | | | ||||||||
2021 | | | | $ | | | | | $ | ( | | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | | ||||||||
2022 | | | | $ | | | | | $ | ( | | | | | $ | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | | ||||||||
2023 | | | | $ | | | | | $ | ( | | | | | $ | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | | ||||||||
2024 | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | |
Year | | | Summary Compensation Table Total for PEO (Kevin J. Zugibe) | | | Deduction of fair value of any stock option grants or stock awards during the year | | | (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year | | | (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year | | | (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date | | | (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value | | | (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year | | | (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year | | | Compensation Actually Paid to PEO (Kevin J. Zugibe) | | |||||||||||||||||||||||||||
2020 | | | | $ | | | | | | | | | | | | | | | | | | | | | | | | | $ | ( | | | | | | | | | | | | | | | $ | | |
Year | | | Average Summary Compensation Table Total for Non-PEO NEOs(2) | | | Deduction of fair value of any stock option grants or stock awards during the year | | | (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year | | | (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year | | | (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date | | | (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value | | | (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year | | | (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year | | | Average Compensation Actually Paid to Non-PEO NEOs | | |||||||||||||||||||||||||||
2020 | | | | $ | | | | | $ | ( | | | | | | | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | | $ | | | ||||||||
2021 | | | | $ | | | | | $ | ( | | | | | | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | | ||||||||
2022 | | | | $ | | | | | $ | ( | | | | | $ | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | | ||||||||
2023 | | | | $ | | | | | $ | ( | | | | | $ | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | | ||||||||
2024 | | | | $ | | | | | | | | | | $ | | | | | | | | | | $ | | | | | | | | | | | | | | | | | | | | $ | | |
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| | |
| | |
| | |
Name
|
| |
Fees earned
or paid in cash |
| |
Stock
Awards(1) |
| |
Option
Awards(2) |
| |
All Other
Compensation |
| |
Total
|
| |||||||||||||||
Vincent P. Abbatecola(3)
|
| | | $ | 72,500 | | | | | | — | | | | | $ | 87,500 | | | | | | — | | | | | $ | 160,000 | | |
Nicole Bulgarino(3)
|
| | | $ | 65,000 | | | | | $ | 35,000 | | | | | $ | 50,000 | | | | | | — | | | | | $ | 150,000 | | |
Loan N. Mansy(3)
|
| | | $ | 60,000 | | | | | $ | 50,000 | | | | | $ | 50,000 | | | | | | — | | | | | $ | 160,000 | | |
Richard Parrillo(3)
|
| | | $ | 85,000 | | | | | $ | 25,000 | | | | | $ | 50,000 | | | | | | — | | | | | $ | 160,000 | | |
Eric A. Prouty(3)
|
| | | $ | 75,000 | | | | | | — | | | | | $ | 75,000 | | | | | | — | | | | | $ | 150,000 | | |
Name of Beneficial Owner
|
| |
Amount and
Nature of Beneficial Ownership(1) |
| |
Percent of Class
|
| ||||||
Brian F. Coleman
|
| | | | 2,542,514(2) | | | | | | 5.6% | | |
Brian J. Bertaux
|
| | | | 0 | | | | | | — | | |
Kathleen L. Houghton
|
| | | | 335,871(3) | | | | | | * | | |
Nat Krishnamurti
|
| | | | 310,677(4) | | | | | | * | | |
Vincent P. Abbatecola
|
| | | | 217,939(5) | | | | | | * | | |
Nicole Bulgarino
|
| | | | 42,936(6) | | | | | | * | | |
Loan N. Mansy
|
| | | | 40,460(7) | | | | | | * | | |
Richard Parrillo
|
| | | | 285,665(8) | | | | | | * | | |
Eric A. Prouty
|
| | | | 245,585(9) | | | | | | * | | |
Ernest Lazarus
|
| | | | 3,959,915(10) | | | | | | 9.0% | | |
BlackRock, Inc.
|
| | | | 3,165,649(11) | | | | | | 7.2% | | |
Hartree Partners, LP
|
| | | | 3,000,000(12) | | | | | | 6.8% | | |
The Vanguard Group
|
| | | | 2,488,242(13) | | | | | | 5.7% | | |
All directors and executive officers as a group (Eight Persons)
|
| | | | 3,710,970(14) | | | | | | 8.0% | | |
THE APPROVAL OF THE NON-BINDING ADVISORY RESOLUTION ON THE
COMPANY’S NAMED EXECUTIVE OFFICER COMPENSATION
FUTURE NON-BINDING ADVISORY VOTES ON THE RESOLUTION APPROVING
NAMED EXECUTIVE OFFICER COMPENSATION
AS THE PREFERRED FREQUENCY FOR THE APPROVAL OF THE NON-
BINDING ADVISORY RESOLUTION ON THE COMPANY’S NAMED EXECUTIVE
OFFICER COMPENSATION
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
RATIFICATION OF THE APPOINTMENT OF BDO USA, P.C. AS OUR
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS FOR THE FISCAL
YEAR ENDING DECEMBER 31, 2025
300 Tice Boulevard
Suite 290
Woodcliff Lake, New Jersey 07677
Attention: Brian J. Bertaux, Secretary
Chairman of the Board
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