GENCOR INDUSTRIES INC
For the period ended Sep 30, 2024. Filed Jun 27, 2025.
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FY2024 · Filed Jun 27, 2025
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Item 11. EXECUTIVE COMPENSATION
Executive Officer Compensation
The following table presents summary information regarding the total compensation awarded to, earned by and paid to our named executive officers for the fiscal years ended September 30, 2024 and 2023.
Summary Compensation Table for Fiscal Years 2023 and 2024
| Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Stock Awards($) | All OtherCompensation($) | Total ($) |
|---|---|---|---|---|---|---|
| Marc G. Elliott, President | 2024 | $950,000 | 0 | 0 | $9,319 | $959,319 |
| 2023 | $950,000 | 0 | 0 | $9,319 | $959,319 | |
| E.J. Elliott, Executive Chairman | 2024 | $600,000 | 0 | 0 | $7,000 | $607,000 |
| 2023 | $600,000 | 0 | 0 | $7,000 | $607,000 | |
| Dennis B. Hunt, SVP Sales | 2024 | $500,000 | 0 | 0 | $8,220 | $508,220 |
| 2023 | $447,500 | $100,000 | 0 | $9,783 | $557,283 |
The amounts reported under All Other Compensation represent employer contributions to the Company’s 401(k) Plan on behalf of the Executive Officers and personal use of a company vehicle.
Employment Agreements
The named executive officers do not have employment agreements. Employment may terminate at any time without severance.
Recovery of Executive Compensation
We have adopted a Clawback Policy which permits us to recover all or a portion of any performance-based compensation that was received by a covered executive on or after October 2, 2023, including equity awards, if our financial statements are restated as a result of errors, omissions, or fraud. The amount which may be recovered will be the amount by which the affected compensation exceeded the amount that would have been payable had the financial statements been initially filed as restated.
Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information
We do not currently, and during the fiscal year ended September 30, 2024, we did not, grant stock options or similar awards having option-like features (“similar awards”). Accordingly, we have no specific policy or practice on the timing of grants of such awards in relation to the disclosure of material non-public information. In the event we decide to grant new awards of stock options or similar equity awards in the future, we anticipate that our policy will be not to grant stock options or similar awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our Common Stock and anticipate that our Board of Directors would grant any stock options or similar awards on a predetermined schedule without taking into account material nonpublic information in determining either the time or terms of such awards. We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation.
Compensation of Directors
The following table provides information regarding compensation paid to each of our non-employee directors for the fiscal year ended September 30, 2024.
Director Compensation Table
Fiscal year ended September 30, 2024
| Name | Fees Earned orPaid in Cash | Option Awards | Total |
|---|---|---|---|
| John G. Coburn | $24,000 | $0 | $24,000 |
| Walter A. Ketcham, Jr. | $24,000 | $0 | $24,000 |
| Thomas Vecchiolla | $24,000 | $0 | $24,000 |
Directors’ fees are paid to non-employee directors at the rate of $1,500 per month, plus $1,000 per Board of Directors meeting attended and $500 per committee meeting attended. Total fees paid to all non-employee directors in fiscal 2024 were $72,000.
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