Cycurion, Inc.
For the period ended Dec 31, 2024. Filed Apr 17, 2025.
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FY2024 · Filed Apr 17, 2025
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Item 11. Executive Compensation
The following table sets forth certain compensation awarded to, earned by, or paid to the following “named executive officers,” which term is defined as follows:
| (a) | All individuals serving as one of our principal executive officers during our fiscal year ended December 31, 2024; and |
| (b) | Each of our two other most highly compensated executive officers who were serving at the end of our 2024 fiscal year. |
| Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Option Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|
| L. Kevin Kelly | 2024 | $24,681 | — | — | — | $24,681 |
| Chief Executive Officer | 2023 | $113,120 | — | — | — | $113,120 |
| Alvin McCoy, III | 2024 | $114,900 | — | — | — | $114,900 |
| Chief Financial Officer | 2023 | $114,900 | — | — | — | $114,900 |
| William Singleton, | 2024 | $179,262 | — | — | — | $179,262 |
| Cyber Security Lead | 2023 | $177,293 | — | — | — | $177,293 |
| Kathy Mostafa, | 2024 | $151,618 | — | — | — | $151,618 |
| Cyber Security Engineer | 2023 | $151,618 | — | — | — | $151,618 |
Outstanding Equity Awards at Fiscal Year-End
We did not have any option awards or unvested stock awards outstanding as of December 31, 2024.
Retirement or Similar Benefit Plans
There are no arrangements or plans in which we provide retirement or similar benefits for our directors or executive officers.
Resignation, Retirement, Other Termination, or Change in Control Arrangements
Other than as disclosed below, we have no contract, agreement, plan, or arrangement, whether written or unwritten, that provides for payments to our directors or executive officers at, following, or in connection with the resignation, retirement, or other termination of our directors or executive officers, or a change in control of our Company or a change in our directors’ or executive officers’ responsibilities following a change in control.
Executive Officer Compensation
Employment Agreement with L. Kevin Kelly
On December 1, 2024, Cycurion and L. Kevin Kelly, Chief Executive Officer, entered into an employment agreement on a two-year term, commencing on December 1, 2024 and ending on December 1, 2026. During the employment period, Cycurion shall pay Mr. Kelly an annual base salary of $325,000 per annum. During the employment period, Cycurion shall pay to the executive an equity compensation of $500,000 of Company stock in the first year of employment payable quarterly. Mr. Kelly is eligible for a performance bonus based on results generated by the executive and through the Company. Targeted performance is $325,000 for year-one, and the performance bonus will increase for subsequent years based on future financial and non-financial results.
Employment Agreement with Alvin McCoy III
On January 1, 2025, Cycurion and Alvin McCoy III, Chief Financial Officer, entered into an employment agreement on a two-year term, commencing on January 1, 2025 and ending on January 1, 2027. During the employment period, Cycurion shall pay Mr. McCoy III an annual base salary of $325,000 per annum. During the employment period, Cycurion shall pay to the executive an equity compensation of $500,000 of Company stock in the first year of employment payable quarterly. Mr. McCoy III is eligible for a performance bonus based on results generated by the executive and through the Company. Targeted performance is $325,000 for year-one, and the performance bonus will increase for subsequent years based on future financial and non-financial results.
For information on the resignation, termination and change of control arrangements, please see Exhibits 10.15 and 10.16 to this Annual Report.
Director Compensation
As of April 17, 2025, we have four non-employee, independent directors. For the fiscal year ended December 31, 2024, we did not pay or accrue any fees to our then-four non-employee directors, nor did we grant them any stock awards, option awards, non-equity incentive plan compensation, nonqualified deferred compensation, or any other compensation. No director has received compensation for their services as directors.
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