SOLITRON DEVICES INC
For the period ended Feb 28, 2025. Filed May 23, 2025.
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FY2025 · Filed May 23, 2025
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Item 11. Executive Compensation
Summary Compensation Table
The following table provides certain summary information concerning compensation paid by the Company, to or on behalf of the following named executive officer for the fiscal years ended February 28, 2025 and February 29, 2024.
| All Other | ||||||||
|---|---|---|---|---|---|---|---|---|
| Name and Principal Position · Year · Salary · Bonus · Stock Awards · Compensation · Total | ||||||||
| Tim Eriksen, CEO (1) | 2025 | $100,000 | $ | - | - | 16,986 | (2) | $116,986 |
| 2024 | 90,000 | - | - | - | 90,000 | |||
| Mark Matson, President, COO (3) | 2025 | 285,000 | - | - | 140,214 | (4) | 425,214 | |
| 2024 | 240,000 | - | - | 55,603 | (4) | 295,603 | ||
| Carolyn Campbell, CFO (5) | 2025 | 81,827 | - | - | 3,477 | (6) | 85,304 | |
| (1) | On February 19, 2024, the Company increased Mr. Eriksen’s base salary to $100,000 effective March 1, 2024. |
| (2) | Represents medical insurance premiums. |
| (3) | On February 19, 2024, the Company increased Mr. Matson’s base salary to $285,000 effective March 1, 2024. |
| (4) | Represents Life, Disability and Medical Insurance premiums, personal auto expenses, allocation of the company’s corporate housing, cell phone and a pay out of unused personal time off (PTO). For the year ended February 28, 2025, Life, Disability and Medical Insurance premiums were $12,880, housing allocation was $8,400, car expenses were $22,489, cell phone was $2,742 and the payout of unused PTO was $93,703. For the year ended February 29, 2024, Life, Disability and Medical Insurance premiums were $21,684, housing allocation was $8,400, car expenses were $23,072, and cell phone was $2,447. |
| (5) | The salary shown represents base salary received for the year ended February 28, 2025. |
| (6) | Represents medical and related health insurance premiums. |
Director Compensation
The following table sets forth information regarding the compensation of our non-employee directors for the fiscal year ended February 28, 2025.
| Fees earned or | |||||
|---|---|---|---|---|---|
| Name and Principal Position · Year · paid in cash · Stock Awards · Total | |||||
| David W. Pointer, Chairman | 2025 | $40,000 | $ | - | $40,000 |
| Dwight P. Aubrey, Director | 2025 | 28,000 | - | 28,000 | |
| John F. Chiste, Director | 2025 | 30,000 | - | 30,000 | |
| Charles Gillman, Director | 2025 | 24,000 | - | 24,000 | |
On February 19, 2024, the Company modified the compensation for directors, effective March 1, 2024. Chairman David Pointer’s annual cash compensation was increased to $40,000. Audit Committee Chairman John Chiste’s annual cash compensation was increased to $30,000. Compensation Committee Chairman Dwight Aubrey’s annual compensation was increased to $28,000. Nominating Committee Chairman Charles Gillman’s annual compensation was increased to $24,000. Payments for each quarter are paid in advance. All out-of-pocket expenses incurred by a director for attending Board or committee meetings are reimbursed by the Company. Mr. Eriksen does not receive any additional compensation as a director.
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