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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 12/18/23 Optex Systems Holdings Inc. 10-K 10/01/23 77:8M M2 Compliance LLC/FA |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 1.74M
2: EX-10.11 Material Contract HTML 45K
3: EX-10.12 Material Contract HTML 47K
4: EX-10.13_1 Material Contract HTML 56K
5: EX-10.13_2 Material Contract HTML 50K
6: EX-10.14 Material Contract HTML 37K
7: EX-10.15 Material Contract HTML 45K
8: EX-23.1 Consent of Expert or Counsel HTML 20K
13: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 36K
Awarded Compensation
9: EX-31.1 Certification -- §302 - SOA'02 HTML 25K
10: EX-31.2 Certification -- §302 - SOA'02 HTML 25K
11: EX-32.1 Certification -- §906 - SOA'02 HTML 22K
12: EX-32.2 Certification -- §906 - SOA'02 HTML 22K
19: R1 Cover HTML 93K
20: R2 Consolidated Balance Sheets HTML 134K
21: R3 Consolidated Balance Sheets (Parenthetical) HTML 30K
22: R4 Consolidated Statements of Income HTML 83K
23: R5 Consolidated Statements of Cash Flows HTML 111K
24: R6 Consolidated Statement of Stockholders' Equity HTML 86K
25: R7 Consolidated Statement of Stockholders' Equity HTML 23K
(Parenthetical)
26: R8 Organization and Operations HTML 26K
27: R9 Summary of Significant Accounting Policies HTML 115K
28: R10 Recent Accounting Pronouncements HTML 33K
29: R11 Segment Reporting HTML 113K
30: R12 Property and Equipment HTML 42K
31: R13 Accrued Expenses HTML 29K
32: R14 Commitments and Contingencies HTML 64K
33: R15 Debt Financing HTML 52K
34: R16 Stock Based Compensation HTML 152K
35: R17 Defined Contribution Plan HTML 29K
36: R18 Stockholders? Equity HTML 70K
37: R19 Income Taxes HTML 69K
38: R20 Subsequent Events HTML 26K
39: R21 Summary of Significant Accounting Policies HTML 167K
(Policies)
40: R22 Summary of Significant Accounting Policies HTML 44K
(Tables)
41: R23 Segment Reporting (Tables) HTML 91K
42: R24 Property and Equipment (Tables) HTML 35K
43: R25 Accrued Expenses (Tables) HTML 28K
44: R26 Commitments and Contingencies (Tables) HTML 50K
45: R27 Stock Based Compensation (Tables) HTML 113K
46: R28 Stockholders? Equity (Tables) HTML 51K
47: R29 Income Taxes (Tables) HTML 62K
48: R30 Organization and Operations (Details Narrative) HTML 24K
49: R31 Schedule of Inventory (Details) HTML 33K
50: R32 Schedule of Warranty Reserves (Details) HTML 31K
51: R33 Summary of Significant Accounting Policies HTML 156K
(Details Narrative)
52: R34 Schedule of Segment Reporting Information HTML 77K
(Details)
53: R35 Segment Reporting (Details Narrative) HTML 63K
54: R36 Schedule of Property and Equipment (Details) HTML 46K
55: R37 Property and Equipment (Details Narrative) HTML 31K
56: R38 Schedule of Accrued Liabilities (Details) HTML 32K
57: R39 Schedule of Non-cancellable Operating Leases HTML 71K
Minimum Payments (Details)
58: R40 Schedule of Non-cancellable Operating Leases HTML 31K
Minimum Payments (Details) (Parenthetical)
59: R41 Commitments and Contingencies (Details Narrative) HTML 53K
60: R42 Debt Financing (Details Narrative) HTML 74K
61: R43 Schedule of Aggregate Non-vested Restricted Stock HTML 63K
and Restricted Stock Units Granted and Performance
Shares (Details)
62: R44 Schedule of Assumptions and Results for the Monte HTML 75K
Carlo Simulation (Details)
63: R45 Schedule of Unrecognized Compensation Costs HTML 41K
(Details)
64: R46 Stock Based Compensation (Details Narrative) HTML 187K
65: R47 Defined Contribution Plan (Details Narrative) HTML 25K
66: R48 Summary of Purchases Under Plan (Details) HTML 31K
67: R49 Stockholders? Equity (Details Narrative) HTML 67K
68: R50 Schedule of Income Tax Provision (Details) HTML 35K
69: R51 Schedule of Effective Income Tax Rate HTML 47K
Reconciliation (Details)
70: R52 Schedule of Deferred Income Taxes (Details) HTML 50K
71: R53 Income Taxes (Details Narrative) HTML 48K
72: R54 Subsequent Events (Details Narrative) HTML 37K
75: XML IDEA XML File -- Filing Summary XML 121K
73: XML XBRL Instance -- form10-k_htm XML 1.69M
74: EXCEL IDEA Workbook of Financial Report Info XLSX 125K
15: EX-101.CAL XBRL Calculations -- opxs-20231001_cal XML 174K
16: EX-101.DEF XBRL Definitions -- opxs-20231001_def XML 544K
17: EX-101.LAB XBRL Labels -- opxs-20231001_lab XML 1.08M
18: EX-101.PRE XBRL Presentations -- opxs-20231001_pre XML 813K
14: EX-101.SCH XBRL Schema -- opxs-20231001 XSD 152K
76: JSON XBRL Instance as JSON Data -- MetaLinks 422± 605K
77: ZIP XBRL Zipped Folder -- 0001493152-23-045259-xbrl Zip 533K
Exhibit 97.1
OPTEX SYSTEMS HOLDINGS, INC.
CLAWBACK POLICY
(Adopted November 16, 2023)
I. Overview. The Board of Directors (the “Board”) of Optex Systems Holdings, Inc. (the “Company”) has adopted this Clawback Policy (the “Policy”) to provide for the recovery of erroneously awarded executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws. This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Rule 10D-1 thereunder (“Rule 10D-1”) and the applicable Nasdaq listing rules (the “Nasdaq Rules”).
II. Administration. This Policy shall be administered by the Compensation Committee of the Board (if composed entirely of independent directors, or in the absence of such a committee, a majority of independent directors serving on the Board) (the “Committee”). Any determinations made by the Committee shall be final and binding on all affected individuals.
III. Covered Executives. This Policy applies to the Company’s current and former executive officers as defined in Rule 10D-1 from time to time, which at the Effective Date (as defined below) include the Company’s president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company, and also applies to such other senior executives who may from time to time be deemed subject to the Policy by the Committee (the “Covered Executives”).
IV. Recovery of Erroneously Awarded Compensation; Accounting Restatement. In the event the Company is required to prepare an accounting restatement due to the Company’s material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (a “Big R” restatement), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (a “little r” restatement), the Committee shall determine the amount of any excess Incentive-based Compensation (as defined below) received (a) during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement (and if the Company changes its fiscal year, any transition period of less than nine months within or immediately following those three completed fiscal years) (b) by a person (i) on or after the effective date of the applicable Nasdaq listing rule, (ii) after beginning service as a Covered Executive, (iii) who served as a Covered Executive at any time during the performance period for the Incentive-based Compensation award, (c) while the Company has a class of securities listed on a national securities exchange or a national securities association.
The date on which the Company is required to prepare an accounting restatement is the earlier to occur of: (i) the date on which the Board, a committee of the Board, or any of the Company’s officers authorized to take such action if Board action is not required, conclude or reasonably should have concluded that the Company is required to prepare such an accounting restatement or (ii) the date a court, regulator, or legally authorized body directs the Company to prepare such an accounting restatement.
The date on which Incentive-based Compensation is deemed received is the Company’s first fiscal period during which the performance measure specified in the Incentive-based Compensation award is attained, even if the payment or grant of the income-based compensation occurs after the end of that period.
V. Incentive-based Compensation. For purposes of this Policy, “Incentive-based Compensation” means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of any financial reporting measure, and includes, without limitation, any such compensation granted under the Company’s short-term incentive compensation programs, executive employment agreements, 2023 Equity Incentive Plan and any other compensation arrangements, programs or plans that the Company may adopt from time to time in the future. For these purposes, a “financial reporting measure” is a measure determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and all other measures that are derived wholly or in part from such measures, including non-GAAP financial measures, stock price or total shareholder return. For the avoidance of doubt, a financial reporting measure need not be presented in the Company’s financial statements or included in a filing with the Securities and Exchange Commission (“SEC”).
VI. Excess Incentive-based Compensation: Amount Subject to Recovery. The amount to be recovered shall be the excess of the Incentive-based Compensation paid to the Covered Executive based on the erroneous data over the Incentive-based Compensation that would have been paid to the Covered Executive had it been based on the restated results, computed without regard to any taxes paid, all as determined by the Committee.
If the Committee cannot determine the amount of excess Incentive-based Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.
VII. Method of Recovery. The Company will recover the amounts of erroneously awarded Incentive-based Compensation reasonably promptly, as determined in compliance with the applicable Nasdaq Rules. The Committee will determine, in its sole discretion, the method for recovering Incentive-based Compensation hereunder which may include, without limitation:
(a) requiring reimbursement of cash Incentive-based Compensation previously paid;
(b) seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;
(c) offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;
(d) cancelling outstanding vested or unvested equity awards; and/or
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(e) taking any other remedial and recovery action permitted by law, as determined by the Committee.
To the extent that any Covered Executive fails to repay any erroneously awarded Incentive-based Compensation to the Company when due, the Company shall take all actions reasonable and appropriate to recover such any erroneously awarded Incentive-based Compensation from the Covered Executive. The applicable Covered Executive shall be required to reimburse the Company for any and all expenses reasonably incurred (including legal fees) by the Company in recovering such erroneously awarded Incentive-based Compensation in accordance with the immediately preceding sentence.
VIII. Prohibition of Indemnification and Waiver. The Company shall not indemnify any Covered Executive against (a) the loss of any erroneously awarded Incentive-based Compensation or (b) any claims relating to the Company’s enforcement of its rights under this Policy. Further, the Company shall not enter into any agreement that exempts any Incentive-based Compensation that is granted, paid or awarded to a Covered Executive from the application of this Policy or that waives the Company’s right to recovery hereunder, and this Policy shall supersede any such agreement (whether entered into before, on or after the Effective Date of this Policy).
IX. Disclosure Requirements. The Company shall file all disclosures with respect to this Policy required by applicable SEC filings and rules.
X. Interpretation. The Committee is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy and for the Company’s compliance with Nasdaq Rules, Section 10D of the Exchange Act, Rule 10D-1 thereunder and any other applicable law, regulation, rule or interpretation of the SEC or Nasdaq promulgated or issued in connection therewith.
XI. Effective Date. This Policy shall be effective as of the date it is adopted by the Board (the “Effective Date”).
XII. Amendment; Termination. The Committee may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary. The Committee may terminate this Policy at any time. Notwithstanding anything to the contrary in this Section XII, no amendment or termination of the Policy shall be effective if such amendment or termination would (after taking into account any action taken by the Company contemporaneously with such amendment or termination) cause the Company to violate any federal securities laws, SEC rule or Nasdaq rule.
XIII. Other Recovery Rights. The Board intends that this Policy will be applied to the fullest extent required by applicable law and the Nasdaq Rules. Any employment agreement, equity award agreement, compensatory plan or similar agreement or arrangement entered into with a Covered Executive shall be deemed to include, as a condition to the grant of any benefit thereunder, an agreement by such Covered Executive to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company. However, to the extent that the Covered Executive has already reimbursed the Company for any erroneously awarded Incentive-based Compensation received under any duplicative recovery obligations established by the Company or applicable law, it shall be appropriate for any such reimbursed amount to be credited to the amount of erroneously awarded Incentive-based Compensation that is subject to recovery under this Policy.
XIV. Impracticability. The Committee shall recover any excess Incentive-based Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Committee, in accordance with Rule 10D-1 of the Exchange Act and the applicable Nasdaq listing rule.
XV. Successors. This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.
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ATTESTATION AND ACKNOWLEDGEMENT OF CLAWBACK POLICY
By my signature below, I acknowledge and agree:
| 1) | that I have reviewed the attached Clawback Policy of Optex Systems Holdings, Inc. (this “Policy”), |
| 2) | that, in the event of any inconsistency between this Policy and the terms of any employment agreement to which I am a party, the terms of any compensation plan, program, agreement or arrangement under which any compensation has been granted, awarded, earned or paid, or any other contractual arrangement, the terms of this Policy shall govern, and |
| 3) | to abide by all of the terms of this Policy both during and after my employment with Optex Systems Holdings, Inc., including, without limitation, by promptly repaying or returning any erroneously awarded Incentive-based Compensation to the Company as determined in accordance with this Policy. |
| Signature: | |||
| Printed Name: | |||
| Date: |
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 12/18/23 | None on these Dates | ||
| 11/16/23 | ||||
| For Period end: | 10/1/23 | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/24/23 Optex Systems Holdings Inc. 8-K:1,2,9 3/22/23 11:455K M2 Compliance LLC/FA 1/17/23 Optex Systems Holdings Inc. DEF 14A 1/17/23 1:762K M2 Compliance LLC/FA 11/28/22 Optex Systems Holdings Inc. 8-K:1,2,5,911/21/22 12:393K M2 Compliance LLC/FA 12/20/21 Optex Systems Holdings Inc. 10-K 10/03/21 82:25M M2 Compliance LLC/FA 7/10/17 Optex Systems Holdings Inc. 8-K:1,9 7/03/17 2:14M S2 Filings LLC/FA 11/23/16 Optex Systems Holdings Inc. 8-K:1,9 11/17/16 4:3.3M S2 Filings LLC/FA 8/10/16 Optex Systems Holdings Inc. 8-K:5,8,9 8/04/16 2:76K S2 Filings LLC/FA 7/23/15 Optex Systems Holdings Inc. S-1/A 4:965K S2 Filings LLC/FA 6/14/10 Optex Systems Holdings Inc. S-1/A 18:21M Toppan Merrill/FA 5/19/09 Optex Systems Holdings Inc. S-1 6:2.7M Toppan Merrill/FA 4/03/09 Optex Systems Holdings Inc. 8-K:1,2,3,4 3/30/09 11:11M Toppan Merrill/FA |