NEXTNRG, INC.
For the period ended Dec 31, 2025. Filed Apr 16, 2026.
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.
FY2025 · Filed Apr 16, 2026
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 Compensation Objectives and Practices
We designed our executive officer compensation program to attract, motivate and retain key executives who drive our success. We strive to have pay reflect our performance and align with the interests of long-term stockholders, which we achieve with compensation that:
| ● | Provides executives with competitive compensation that maintains a balance between cash and stock compensation, encouraging our executive officers to act as owners with an equity stake in our company; |
|---|---|
| ● | Ties a significant portion of total compensation to achievement of the Company’s business goals such as revenue, and Adjusted EBITDA targets; |
| ● | Enhances retention by having equity compensation subject to multi-year vesting; and |
| ● | Does not encourage unnecessary and excessive risk taking. |
We evaluate both performance and compensation to ensure the Company maintains its ability to attract and retain superior employees in key positions and compensation provided to key employees remains competitive relative to the compensation paid to similarly situated executives of other companies our size.
Elements of Executive Compensation
Our compensation for senior executive officers generally consists of the following elements: base salary; performance-based incentive compensation determined primarily by reference to objective financial operating criteria; long-term equity compensation in the form of stock options and restricted stock; and employee benefits that are generally available to all our employees.
Base Salary
The Company provides named executive officers and other employees with base salary to compensate them for services rendered during the fiscal year. It is our policy to set base salary levels taking into account a number of factors, such as annual revenue, the nature of the mobile fueling business, the structure of other comparable companies’ compensation programs and the availability of compensation information. When setting base salary levels, in a manner consistent with the objectives outlined above, the Board considers our performance, the individual’s breadth of knowledge and performance and levels of responsibility. In determining salaries, we did not engage compensation consultants.
Annual Performance-Based Incentive Compensation
Our performance-based incentive compensation program is designed to compensate executives when financial performance goals are achieved. Executives have the opportunity to earn annual cash compensation equal to a percentage of their base salary.
Long-Term Incentive Compensation – Equity Compensation
Our executive officers are eligible for stock awards. We believe that stock awards give executives a significant, long-term interest in our success, help retain key executives in a competitive market, and align executive interests with stockholder interests and long-term performance of the Company. We have granted options as well as restricted stock under our 2023 Equity Incentive Plan . Stock awards also provide each individual with an added incentive to manage the Company from the perspective of an owner with an equity stake in the business. Moreover, the vesting schedule (which is generally three years for employees and one year for non-employee directors, although this may vary at the discretion of the Compensation Committee) encourages a long-term commitment to the Company by our executive officers and other participants. Each year the Compensation Committee reviews the number of shares owned by, or subject to options held by, each executive officer, and additional awards are considered based upon the executive’s past performance, as well as anticipated future performance, of the executive officer. The Compensation Committee continues to believe that equity compensation should be an important element of the Company’s compensation package.
Typically, we have awarded stock options and restricted stock to executives upon joining the Company and thereafter grants may be at the discretion of the Board, a role that will be assumed by our compensation committee on a going forward basis. Generally, options are priced at the closing price of the Company’s common stock on the date of each grant, or, in the case of new employees, on such a later date as the employee joins the Company. We also have granted restricted stock to members of the Board of Directors and executive officers from time to time.
We do not have a formal written policy relating to the timing of equity awards. We encourage, but we do not require, that our executive officers own stock in the Company.
Retirement and Other Benefits
All eligible employees in the United States are automatically enrolled in our 401(k) plan.
Perquisites and Other Personal Benefits
Section 162(m) of the Internal Revenue Code limits the Company deduction for federal income tax purposes to no more than $1 million of compensation paid to each of the named executive officers in a taxable year.
2025 Summary Compensation Table
The following table shows information concerning compensation of our named executive officers during the years ended December 31, 2025 and 2024, respectively:
| Executive Name · Year · Salary · Bonus · Option Awards · Stock Awards (1) · All Other Compensation (2) · Total | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Michael D. Farkas | 2025 | $ | - | $ | - | $ | - | $ | - | $10,164 | $10,164 | ||
| Chief Executive Officer (3) | 2024 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | |
| Arif Sarwat | 2025 | $218,364 | $ | - | $ | - | $ | - | $ | - | $218,364 | ||
| Chief Technology Officer (4) | 2024 | $203,747 | $ | - | $ | - | $ | - | $ | - | $203,747 | ||
| Joel Kleiner | 2025 | $228,080 | $ | - | $901,332 | $ | - | $34,228 | $1,163,640 | ||||
| Chief Financial Officer (5) | 2024 | $107,945 | $ | - | $ | - | $ | - | $15,084 | $123,029 | |||
| Yehuda Levy | 2025 | ||||||||||||
| Former Interim Chief Executive Officer (6) | 2024 | 196,154 | - | - | - | 46,465 | 242,619 | ||||||
| 1 | Represents the aggregate grant date fair value of stock options, accounted for in accordance with ASC 718. The assumptions made in the valuations of these option awards are included in the accompanying consolidated financial statements. |
| 2 | During the year ended December 31, 2025 and 2024, the Company paid medical, dental, and vision benefits as well as made matching 401(k) contributions on behalf of the named executives herein. |
| 3 | Mr. Farkas became the Company’s Chief Executive Officer and Executive Chairman on February of 2025. |
| 4 | Mr. Sarwat became the Company’s Chief Technology Officer on February of 2025. |
| 5 | Mr. Kleiner became the Company’s Chief Financial Officer on February of 2025. |
| 6 | Mr. Levy ceased to be the Company’s Interim Chief Executive Officer on February 13, 2025. |
Outstanding Equity Awards at 2025 Fiscal Year-End
The following table shows information concerning compensation of our named executive officers during the years ended December 31, 2025 and 2024, respectively:
| Option Awards · Stock Awards | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Name · Grant Date · Equity Incentive Plan Awards: Number of securities underlying unexercised unearned options (#) · Option Exercise Price ($) · Option Expiration Date · Number of shares of stock that have not vested · Market value of shares of stock that have not vested ($) · Equity incentive plan awards: number of unearned Shares (#) · Equity incentive plan awards: market or payout value of unearned shares ($) | ||||||||||
| Joel Kleiner (1) | April 9, 2025 | $722,290 | $2.60 | Various | - | $ | - | - | $ | - |
| 1 | The Company granted 1,143,000 options. At December 31, 2025, 285,750 shares were fully vested. The balance of 857,250 shares are expected to vest over the next 3 years. |
EQUITY COMPENSATION PLAN INFORMATION
The following table contains summary information as of December 31, 2025 concerning the Company’s 2022 Equity Incentive Plan and 2023 Equity Incentive Plan. All of the Plans were approved by the stockholders.
| Equity Compensation Plans Approved by Security Holders | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of shares remaining available for future issuance under equity compensation plan |
|---|---|---|---|
| 2023 Equity Incentive Plan | 4,307,000 | 2.60 | 2,101,451 |
2025 Director Compensation Table
The following table provides the total compensation for each person who served as a non-employee member of our Board of Directors during the fiscal year ended December 31, 2025, including all compensation awarded to, earned by or paid to each person who served as a non-employee director for some portion or all of fiscal year 2025.
| Name · Fees earned or Paid in Cash ($) · Stock Awards ($) · Option Awards ($) · Non-equity incentive plan Compensation ($) · Nonqualified deferred compensation earnings ($) · All other compensation ($) · Total ($) | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Daniel Arbour | $ | - | $385,000 | $ | - | $ | - | $ | - | $ | - | $385,000 |
| Bennett Kurtz | $18,000 | $385,000 | $ | - | $ | - | $ | - | $ | - | $403,000 | |
| Jack Leibler | $14,000 | $385,000 | $ | - | $ | - | $ | - | $ | - | $399,000 | |
| Sean Oppen | $17,500 | $385,000 | $ | - | $ | - | $ | - | $ | - | $402,500 | |
| $49,500 | $1,540,000 | $ | - | $ | - | $ | - | $ | - | $1,589,500 | ||
| 1 | Represents amounts accrued that remained unpaid as of December 31, 2025. |
| 2 | These stock awards had a grant date fair value of $385,000 each, payable in common stock. All awards were fully vested on the grant date. The valuation of these awards was determined at the annual board meeting. |
| As it pertains to stock based awards, the members shall not sell any shares of the Company’s common stock they receive for six-months (6) from receipt of such shares. The agreement also provides that the Company will reimburse the director’s reasonable documented expenses relating to the director’s attendance at meetings of the board and reasonable out of pocket expenses incurred in connection with the performance of the director’s duties as a member of the board. We do not provide any deferred compensation, health or other personal benefits to our directors. We reimburse each director for reasonable out-of-pocket expenses incurred to attend Board and Committee meetings. |
Additionally, members are paid for their participation on various committees as follows:
| Name | Committee | Position | Compensation |
|---|---|---|---|
| Bennett Kurtz | Audit | Chairman | $10,000 |
| Jack Leibler | Audit | Member | $5,000 |
| Sean Oppen | Audit | Member | $5,000 |
| Sean Oppen | Compensation | Chairman | $7,500 |
| Bennett Kurtz | Compensation | Member | $3,000 |
| Jack Leibler | Compensation | Member | $3,000 |
| Jack Leibler | Nominating/Governance | Chairman | $6,000 |
| Sean Oppen | Nominating/Governance | Member | $5,000 |
| Bennett Kurtz | Nominating/Governance | Member | $5,000 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.