3D SYSTEMS CORP, DEF 14A filed on 4/4/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name 3D SYSTEMS CORPORATION
Entity Central Index Key 0000910638
v3.25.1
Pay vs Performance Disclosure - USD ($)
 4 Months Ended 8 Months Ended 12 Months Ended
Apr. 30, 2020
Dec. 31, 2020
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Pay Versus Performance
 
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation
S-K,
we are providing the following information about the relationship between executive Compensation Actually Paid (“CAP”) to our named executive officers (“NEOs”) and the Company’s financial performance. The Company does not use CAP as a basis for making compensation decisions, nor does it use the performance measures defined by the SEC for the Pay Versus Performance table to measure performance for incentive plan purposes. For further information concerning the Company’s variable
pay-for-performance
philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation Matters – Compensation Discussion and Analysis.”
Pay Versus Performance Table
 
 
    
 
Summary
Compensation
Table Total for
CEO & Former
CEO
(1)
   
Compensation
Actually Paid (“CAP”)
to CEO & Former CEO
(2)
                
Value of Initial Fixed $100
Investment Based On:
          
Year
  
CEO
    
Former
CEO
    
CEO
    
Former
CEO
    
Average
summary
compensation
table total for
non-CEO

named
executive
officers
(3)
 
Average
compensation
actually paid
to
non-CEO

named
executive
officers
(2)
   
Total
Shareholder
Return
(4)
 
Peer Group
Total
Shareholder
Return
(4)
 
Net
Income
(in millions)
  
Adjusted
EBITDA
(in millions)
(5)
(a)
  
(b)
(1)
    
(b)
(2)
    
(c)
(1)
    
(c)
(2)
    
(d)
  
(e)
    
(f)
  
(g)
  
(h)
  
(i)
                     
2024 
  
$
2,126,755
 
  
 
 
 
 
 
 
  
$
3,420,597
 
  
 
 
 
 
 
 
  
$  888,183
  
$
1,540,478
 
  
$ 37
  
$151
  
$(256.9)
  
$(66.4)
                     
2023 
  
$
6,535,630
 
  
 
 
 
 
 
 
  
$
2,603,992
 
  
 
 
 
 
 
 
  
$1,706,156
  
$
492,584
 
  
$ 62
  
$213
  
$(362.7)
  
$(26.3)
                     
2022 
  
$
5,687,163
 
  
 
 
 
 
 
 
  
$
(7,091,673
) 
  
 
 
 
 
 
 
  
$1,636,419
  
$
(1,319,015
) 
  
$ 86
  
$160
  
$(121.7)
  
$ (5.8)
                     
2021 
   $ 8,574,250    
 
 
 
 
 
 
   $ 15,609,540    
 
 
 
 
 
 
   $3,081,939   $ 5,899,487     $162   $227   $ 322.1    $ 56.1 
                     
2020 
   $ 5,917,360     $ 849,757     $ 8,175,388     $ (5,271,672 )    $1,248,601   $ 616,092     $121   $240   $(149.6)   $ 27.8 
 
(1)
Dr. Jeffrey Graves, who
joined
the Company in May 2020, was the Company’s principal executive officer (“CEO”) for 2020, 2021, 2022, 2023 and 2024. Mr. Vyomesh Joshi, who retired in May 2020, was the Company’s former principal executive officer (“Former CEO”) for 2020.
 
(2)
The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Jeffrey Creech, Phyllis Nordstrom, Reji Puthenveetil, and Joseph Zuiker; (ii) for 2023, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jeffrey Creech, and Phyllis Nordstrom; (iii) for 2022, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, and Wayne Pensky; (iv) for 2021, Andrew Johnson, Menno Ellis, Reji Puthenveetil, and Jagtar Narula; and (v) for 2020, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, Wayne Pensky, Todd Booth, Philip Schultz, and Herbert Koeck.
 
(3)
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported herein. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable NEO without restriction during the applicable year but rather are a valuation calculated under applicable SEC rules.
 
 
For purposes of the CAP calculation, there was no actuarial change in pension value or pension related adjustments to report. In addition, for purposes of the equity award adjustments shown below, there are no dividends or interest accrued to report.
 
(4)
TSR is determined based on the value of an initial fixed investment of $100. The peer group TSR represents TSR of the S&P SmallCap 600 Information Technology Index, which is the peer group used by the Company for purposes of Item 201(e) of Regulation
S-K.
 
(5)
Adjusted EBITDA is the financial measure from the tabular list of 2024 Most Important Measures shown that, in the Company’s assessment, represents for 2024 the most important performance measure used to link compensation actually paid to our CEO and other NEOs to the Company’s performance. The Company selected this measure as the most important because adjusted EBITDA accounted for 50% of target annual bonus award opportunities for our NEOs in 2024. Adjusted EBITDA is defined on page 36 and is a
non-GAAP
financial measure.
 
       
 
                              
Add Equity Award Adjustments
 
  
                 
 Year
  
Executives
  
Summary
 Compensation
Table (SCT)
Total for
Covered Year
    
Subtract Grant
 Date Fair Value 
of Awards as
Reported in
SCT for
Covered Year
    
 Add Covered 
Year-End

Value of
Awards
Granted in
Covered
Year and
Outstanding
and
Unvested as
of Covered
Year-End
    
 Change
in Value as of
Covered
Year-End
(as
Compared to
Prior Year-End)

of Equity
Awards
Granted Prior
to Covered
Year and
Outstanding
and Unvested
as of Covered
Year-End
    
Add, for
Awards Granted
and Vested
in the Covered
Year, Fair Value
as of Vesting
Date
    
Change
in Value as of
Vesting Date
(as Compared
to Prior
Year-End)
of
Equity
Awards
Granted
Prior to
Covered Year
that Vested
During
Covered
Year
    
Subtract
Prior
Year-End

Value of
Equity
Awards
that
Failed
to Meet
Vesting
Conditions
During
Covered
Year
  
                 
 2024
   CEO   $ 2,126,755     ($ 1,252,062 )    $ 1,581,813     ($ 843,813 )    $ —      ($ 696,219 )    $ —   
                 
 
 
   Other NEOs   $ 888,183     ($ 417,352 )    $ 2,117,339     ($ 529,335 )    $ —      ($ 590,763 )    $ —   
                 
 2023
   CEO   $ 6,535,630     ($ 5,268,229 )    $ 2,094,393     ($ 1,114,020 )    $ —      $ 356,218     $ —   
                 
 
 
   Other NEOs   $ 1,706,156     ($ 1,300,976 )    $ 532,787     ($ 273,623 )    $ —      ($ 65,805 )    ($ 105,956 ) 
                 
 2022
   CEO   $ 5,687,163     ($ 4,765,861 )    $ 1,882,109     ($ 7,695,443 )    $ —      ($ 2,199,640 )    $ —   
                 
 
 
   Other NEOs   $ 1,636,419     ($ 1,269,985 )    $ 456,106     ($ 1,221,213 )    $ 14,940     ($ 116,787 )    ($ 818,495 ) 
                 
 2021
   CEO   $ 8,574,250     ($ 6,378,719 )    $ 5,693,472     $ 5,445,859     $ —      $ 2,274,678     $ —   
                 
 
 
   Other NEOs   $ 3,081,939     ($ 2,302,472 )    $ 2,022,950     $ 1,973,281     $ —      $ 1,224,538     ($ 100,749 ) 
                 
 2020
   CEO   $ 5,917,360     ($ 4,928,697 )    $ 6,616,383     $ —      $ 570,343     $ —      $ —   
                 
 
 
   Former CEO   $ 849,757     $ —      $ —      $ 94,849     $ —      ($ 6,858 )    ($ 6,209,420 ) 
                 
 
 
   Other NEOs   $ 1,248,601     ($ 844,436 )    $ 772,676     $ 60,044     $ 28,603     ($ 7,240 )    ($ 642,155 ) 
        
Company Selected Measure Name     Adjusted EBITDA        
Named Executive Officers, Footnote     The names of each of the NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2024, Jeffrey Creech, Phyllis Nordstrom, Reji Puthenveetil, and Joseph Zuiker; (ii) for 2023, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jeffrey Creech, and Phyllis Nordstrom; (iii) for 2022, Michael Turner, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, and Wayne Pensky; (iv) for 2021, Andrew Johnson, Menno Ellis, Reji Puthenveetil, and Jagtar Narula; and (v) for 2020, Andrew Johnson, Menno Ellis, Reji Puthenveetil, Jagtar Narula, Wayne Pensky, Todd Booth, Philip Schultz, and Herbert Koeck.        
Peer Group Issuers, Footnote     TSR is determined based on the value of an initial fixed investment of $100. The peer group TSR represents TSR of the S&P SmallCap 600 Information Technology Index, which is the peer group used by the Company for purposes of Item 201(e) of Regulation
S-K.
        
Adjustment To PEO Compensation, Footnote    
(3)
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported herein. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable NEO without restriction during the applicable year but rather are a valuation calculated under applicable SEC rules.
 
 
For purposes of the CAP calculation, there was no actuarial change in pension value or pension related adjustments to report. In addition, for purposes of the equity award adjustments shown below, there are no dividends or interest accrued to report.
 
                              
Add Equity Award Adjustments
 
  
                 
 Year
  
Executives
  
Summary
 Compensation
Table (SCT)
Total for
Covered Year
    
Subtract Grant
 Date Fair Value 
of Awards as
Reported in
SCT for
Covered Year
    
 Add Covered 
Year-End

Value of
Awards
Granted in
Covered
Year and
Outstanding
and
Unvested as
of Covered
Year-End
    
 Change
in Value as of
Covered
Year-End
(as
Compared to
Prior Year-End)

of Equity
Awards
Granted Prior
to Covered
Year and
Outstanding
and Unvested
as of Covered
Year-End
    
Add, for
Awards Granted
and Vested
in the Covered
Year, Fair Value
as of Vesting
Date
    
Change
in Value as of
Vesting Date
(as Compared
to Prior
Year-End)
of
Equity
Awards
Granted
Prior to
Covered Year
that Vested
During
Covered
Year
    
Subtract
Prior
Year-End

Value of
Equity
Awards
that
Failed
to Meet
Vesting
Conditions
During
Covered
Year
  
                 
 2024
   CEO   $ 2,126,755     ($ 1,252,062 )    $ 1,581,813     ($ 843,813 )    $ —      ($ 696,219 )    $ —   
                 
 
 
   Other NEOs   $ 888,183     ($ 417,352 )    $ 2,117,339     ($ 529,335 )    $ —      ($ 590,763 )    $ —   
                 
 2023
   CEO   $ 6,535,630     ($ 5,268,229 )    $ 2,094,393     ($ 1,114,020 )    $ —      $ 356,218     $ —   
                 
 
 
   Other NEOs   $ 1,706,156     ($ 1,300,976 )    $ 532,787     ($ 273,623 )    $ —      ($ 65,805 )    ($ 105,956 ) 
                 
 2022
   CEO   $ 5,687,163     ($ 4,765,861 )    $ 1,882,109     ($ 7,695,443 )    $ —      ($ 2,199,640 )    $ —   
                 
 
 
   Other NEOs   $ 1,636,419     ($ 1,269,985 )    $ 456,106     ($ 1,221,213 )    $ 14,940     ($ 116,787 )    ($ 818,495 ) 
                 
 2021
   CEO   $ 8,574,250     ($ 6,378,719 )    $ 5,693,472     $ 5,445,859     $ —      $ 2,274,678     $ —   
                 
 
 
   Other NEOs   $ 3,081,939     ($ 2,302,472 )    $ 2,022,950     $ 1,973,281     $ —      $ 1,224,538     ($ 100,749 ) 
                 
 2020
   CEO   $ 5,917,360     ($ 4,928,697 )    $ 6,616,383     $ —      $ 570,343     $ —      $ —   
                 
 
 
   Former CEO   $ 849,757     $ —      $ —      $ 94,849     $ —      ($ 6,858 )    ($ 6,209,420 ) 
                 
 
 
   Other NEOs   $ 1,248,601     ($ 844,436 )    $ 772,676     $ 60,044     $ 28,603     ($ 7,240 )    ($ 642,155 ) 
        
Non-PEO NEO Average Total Compensation Amount     $ 888,183 $ 1,706,156 $ 1,636,419 $ 3,081,939 $ 1,248,601
Non-PEO NEO Average Compensation Actually Paid Amount     $ 1,540,478 492,584 (1,319,015) 5,899,487 616,092
Adjustment to Non-PEO NEO Compensation Footnote    
(3)
SEC rules require certain adjustments be made to the Summary Compensation Table totals to determine CAP as reported herein. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the applicable NEO without restriction during the applicable year but rather are a valuation calculated under applicable SEC rules.
 
 
For purposes of the CAP calculation, there was no actuarial change in pension value or pension related adjustments to report. In addition, for purposes of the equity award adjustments shown below, there are no dividends or interest accrued to report.
 
                              
Add Equity Award Adjustments
 
  
                 
 Year
  
Executives
  
Summary
 Compensation
Table (SCT)
Total for
Covered Year
    
Subtract Grant
 Date Fair Value 
of Awards as
Reported in
SCT for
Covered Year
    
 Add Covered 
Year-End

Value of
Awards
Granted in
Covered
Year and
Outstanding
and
Unvested as
of Covered
Year-End
    
 Change
in Value as of
Covered
Year-End
(as
Compared to
Prior Year-End)

of Equity
Awards
Granted Prior
to Covered
Year and
Outstanding
and Unvested
as of Covered
Year-End
    
Add, for
Awards Granted
and Vested
in the Covered
Year, Fair Value
as of Vesting
Date
    
Change
in Value as of
Vesting Date
(as Compared
to Prior
Year-End)
of
Equity
Awards
Granted
Prior to
Covered Year
that Vested
During
Covered
Year
    
Subtract
Prior
Year-End

Value of
Equity
Awards
that
Failed
to Meet
Vesting
Conditions
During
Covered
Year
  
                 
 2024
   CEO   $ 2,126,755     ($ 1,252,062 )    $ 1,581,813     ($ 843,813 )    $ —      ($ 696,219 )    $ —   
                 
 
 
   Other NEOs   $ 888,183     ($ 417,352 )    $ 2,117,339     ($ 529,335 )    $ —      ($ 590,763 )    $ —   
                 
 2023
   CEO   $ 6,535,630     ($ 5,268,229 )    $ 2,094,393     ($ 1,114,020 )    $ —      $ 356,218     $ —   
                 
 
 
   Other NEOs   $ 1,706,156     ($ 1,300,976 )    $ 532,787     ($ 273,623 )    $ —      ($ 65,805 )    ($ 105,956 ) 
                 
 2022
   CEO   $ 5,687,163     ($ 4,765,861 )    $ 1,882,109     ($ 7,695,443 )    $ —      ($ 2,199,640 )    $ —   
                 
 
 
   Other NEOs   $ 1,636,419     ($ 1,269,985 )    $ 456,106     ($ 1,221,213 )    $ 14,940     ($ 116,787 )    ($ 818,495 ) 
                 
 2021
   CEO   $ 8,574,250     ($ 6,378,719 )    $ 5,693,472     $ 5,445,859     $ —      $ 2,274,678     $ —   
                 
 
 
   Other NEOs   $ 3,081,939     ($ 2,302,472 )    $ 2,022,950     $ 1,973,281     $ —      $ 1,224,538     ($ 100,749 ) 
                 
 2020
   CEO   $ 5,917,360     ($ 4,928,697 )    $ 6,616,383     $ —      $ 570,343     $ —      $ —   
                 
 
 
   Former CEO   $ 849,757     $ —      $ —      $ 94,849     $ —      ($ 6,858 )    ($ 6,209,420 ) 
                 
 
 
   Other NEOs   $ 1,248,601     ($ 844,436 )    $ 772,676     $ 60,044     $ 28,603     ($ 7,240 )    ($ 642,155 ) 
        
Compensation Actually Paid vs. Total Shareholder Return     LOGO        
Compensation Actually Paid vs. Net Income     LOGO        
Compensation Actually Paid vs. Company Selected Measure     LOGO        
Total Shareholder Return Vs Peer Group     LOGO        
Tabular List, Table    
Financial Performance Measures
 
As described in greater detail in “Executive Compensation Matters – Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable
pay-for-performance
philosophy. The metrics that the Company uses for both our annual and long-term incentive awards are selected based on an objective of incentivizing our NEOs to increase the value of our enterprise for our stockholders. The most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs for the most recently completed fiscal year to the Company’s performance are as follows:
 
•
  
Revenue
 
•
  
Adjusted EBITDA
 
•
  
Relative TSR (the Company’s TSR as compared to the 3DPRNT Index)
       
Total Shareholder Return Amount     $ 37 62 86 162 121
Peer Group Total Shareholder Return Amount     151 213 160 227 240
Net Income (Loss)     $ (256,900,000) $ (362,700,000) $ (121,700,000) $ 322,100,000 $ (149,600,000)
Company Selected Measure Amount     (66,400,000) (26,300,000) (5,800,000) 56,100,000 27,800,000
Measure:: 1              
Pay vs Performance Disclosure              
Name     Revenue        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Adjusted EBITDA        
Non-GAAP Measure Description     The Company selected this measure as the most important because adjusted EBITDA accounted for 50% of target annual bonus award opportunities for our NEOs in 2024. Adjusted EBITDA is defined on page 36 and is a
non-GAAP
financial measure. 		       
Measure:: 3              
Pay vs Performance Disclosure              
Name     Relative TSR (the Company’s TSR as compared to the 3DPRNT Index)        
Dr. Jeffrey Graves [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 2,126,755 $ 6,535,630 $ 5,687,163 $ 8,574,250 $ 5,917,360
PEO Actually Paid Compensation Amount     $ 3,420,597 $ 2,603,992 $ (7,091,673) $ 15,609,540 8,175,388
PEO Name   Dr. Jeffrey Graves Dr. Jeffrey Graves Dr. Jeffrey Graves Dr. Jeffrey Graves Dr. Jeffrey Graves  
Mr. Vyomesh Joshi [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount             849,757
PEO Actually Paid Compensation Amount             (5,271,672)
PEO Name Mr. Vyomesh Joshi            
PEO | Dr. Jeffrey Graves [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ (1,252,062) $ (5,268,229) $ (4,765,861) $ (6,378,719) (4,928,697)
PEO | Dr. Jeffrey Graves [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,581,813 2,094,393 1,882,109 5,693,472 6,616,383
PEO | Dr. Jeffrey Graves [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (843,813) (1,114,020) (7,695,443) 5,445,859 0
PEO | Dr. Jeffrey Graves [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 0 0 570,343
PEO | Dr. Jeffrey Graves [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (696,219) 356,218 (2,199,640) 2,274,678 0
PEO | Dr. Jeffrey Graves [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 0 0 0
PEO | Mr. Vyomesh Joshi [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount             0
PEO | Mr. Vyomesh Joshi [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount             0
PEO | Mr. Vyomesh Joshi [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount             94,849
PEO | Mr. Vyomesh Joshi [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount             0
PEO | Mr. Vyomesh Joshi [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount             (6,858)
PEO | Mr. Vyomesh Joshi [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount             (6,209,420)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (417,352) (1,300,976) (1,269,985) (2,302,472) (844,436)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     2,117,339 532,787 456,106 2,022,950 772,676
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (529,335) (273,623) (1,221,213) 1,973,281 60,044
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 14,940 0 28,603
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (590,763) (65,805) (116,787) 1,224,538 (7,240)
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 0 $ (105,956) $ (818,495) $ (100,749) $ (642,155)
v3.25.1
Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2023-10-02
 12 Months Ended
Dec. 31, 2024
Erroneously Awarded Compensation Recovery  
Restatement Determination Date Oct. 02, 2023
Erroneous Compensation Analysis Under the terms of this policy, following an accounting restatement of the Company’s financial statements, due to material noncompliance with any financial reporting requirement under securities laws, the Board or an appropriate Board committee must clawback any “excess compensation” received by an executive officer (current or former) during the applicable look-back period regardless of whether the executive officer engaged in misconduct or was otherwise directly or indirectly responsible for the accounting restatement.
Aggregate Erroneous Compensation Not Yet Determined The Company will not indemnify any executive officer against the loss of any excess compensation as a result of the application of the clawback policy.
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Director Equity Awards
Pursuant to the
Non-Employee
Director Compensation Policy, our directors receive annual grants of immediately vested stock equal to $150,000 in total value under the 2015 Incentive Plan upon their
re-election
by stockholders to serve as directors. In addition, new directors, upon their election to the Board, receive an immediately vested restricted stock award equal to such number of shares having a value equal to $75,000 and a prorated annual award for the year in which he or she is elected to the Board. All shares of Common Stock issued to directors as compensation for their services as directors are fully vested when issued.
On May 14, 2024, the Board approved a
one-time
10% reduction in the annual grants of immediately vested stock to
non-employee
directors. Each
non-employee
director received an annual grant of immediately vested stock equal to $135,000 in total value under the 2015 Incentive Plan upon his or her
re-election
by stockholders to serve as directors at the 2024 Annual Meeting of Stockholders.
Award Timing Method On May 14, 2024, the Board approved a
one-time
10% reduction in the annual grants of immediately vested stock to
non-employee
directors. Each
non-employee
director received an annual grant of immediately vested stock equal to $135,000 in total value under the 2015 Incentive Plan upon his or her
re-election
by stockholders to serve as directors at the 2024 Annual Meeting of Stockholders.
Award Timing MNPI Considered false
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true