Nukkleus Inc
For the period ended Sep 30, 2023. Filed Jul 12, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Jul 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 11. Executive Compensation
Executive Officers’ Compensation
The following table sets forth information concerning all cash and non-cash compensation awarded to, earned by or paid to our Chief Executive Officer and Chief Operation Officer during the fiscal years ended September 30, 2023 and 2022. No other executive officer received compensation in excess of $100,000 during the fiscal years ended September 30, 2023 and 2022.
Summary Compensation Table
| Name and principal position | Fiscal year | Salary | Bonus | Stock awards | Option awards | Nonequity incentive plan compensation | Nonqualified deferred compensation earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|---|
| (a) | (b) | (c) | (d) | (e) | (f) | (g) | (h) | (i) | (j) |
| $ · $ · $ · $ · $ · $ · $ · $ | |||||||||
| Emil Assentato | 2023 | 20,000 | - | - | - | - | - | - | 20,000 |
| CEO | 2022 | 20,000 | - | - | - | - | - | - | 20,000 |
| Jamal “Jamie” Khurshid | 2023 | 257,171 | - | - | 276,258 | - | - | - | 533,429 |
| COO | 2022 | 246,868 | - | - | 207,193 | - | - | - | 454,061 |
Employment Agreements
On September 23, 2021, the Company entered into a Consultancy Agreement with Jamal “Jamie” Khurshid, the Company’s COO. Pursuant to the agreement, Mr. Khurshid is employed as Chief Operating Officer of the Company unless terminated pursuant to the terms of the agreement. During the term of the agreement, Mr. Khurshid is entitled to two hundred and fifteen thousand Euro (€215,000) annually.
In 2022, the Company entered into an amendment with Jamal “Jamie” Khurshid, pursuant to which the Company agreed to grant Jamal “Jamie” Khurshid stock options to acquire 85,714 shares of common stock at an exercise price of $3.15 per share.
Option Exercises and Stock Vested
There were no options exercised by our executive officers or stock vested to our executive officers during the year ended September 30, 2023.
Outstanding Equity Awards
The following table sets forth information with respect to the outstanding equity awards of our principal executive officers and principal financial officer during the year ended September 30, 2023, and each person who served as an executive officer of the Company as of September 30, 2023:
| Outstanding Equity Awards | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Option Awards · Stock Awards | |||||||||
| Name and principal position | Number of securities underlying unexercised options Exercisable (#) | Number of securities underlying unexercised options Unexercisable (#) | Equity incentive plan awards: Number of securities underlying unexercised options (#) | Options exercise price ($) | Option expiration Date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) | Equity incentive plan awards: Number of unearned shares, units or other rights that have not vested (#) | Equity incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($) |
| Emil Assentato, CEO | - | - | - | - | - | - | - | - | - |
| Jamal “Jamie” Khurshid, COO | 57,143 | 28,571 | 85,714 | 3.15 | 1/1/2027 | - | - | - | - |
No Pension Benefits
The Company does not maintain any plan that provides for payments or other benefits to its executive officers at, following or in connection with retirement and including, without limitation, any tax-qualified defined benefit plans or supplemental executive retirement plans.
No Nonqualified Deferred Compensation
The Company does not maintain any defined contribution or other plan that provides for the deferral of compensation on a basis that is not tax-qualified.
Director Compensation
| Name | Fees Earned or Paid in Cash $ | Stock Awards $ | Option Awards $ | Non-equity Incentive Plan Compensation $ | Change in Pension Value and Non-Qualified Deferred Compensation Earnings | All Other Compensation $ | Total $ |
|---|---|---|---|---|---|---|---|
| Emil Assentato | 20,000 | - | - | - | - | - | 20,000 |
| Craig Marshak (1) | 20,000 | - | - | - | - | - | 20,000 |
| Jamal “Jamie” Khurshid (2) | 257,171 | - | 276,258 | - | - | - | 533,429 |
| Nicholas Gregory | 20,000 | - | - | - | - | - | 20,000 |
| Brian Schwieger | 20,000 | - | - | - | - | - | 20,000 |
| Daniel Marcus | 20,000 | - | - | - | - | - | 20,000 |
| (1) | Mr. Marshak resigned as a director on October 27, 2023. |
| (2) | Mr. Khurshid’s 2023 compensation consisted of cash of $257,171 and options valued at $276,258. |
Agreement with Craig Marshak
On August 1, 2016, Mr. Craig Marshak entered into a letter agreement with us pursuant to which he was appointed as our director in consideration of an annual fee of $20,000. On October 27, 2023, Mr. Marshak resigned as a director of the Company.
Agreement with Emil Assentato
On August 1, 2016, Mr. Emil Assentato entered into a letter agreement with us pursuant to which he was appointed as our director in consideration of an annual fee of $20,000.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.