Company: APT
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001437749-25-013635
Chunk: 29

Company: ALPHA PRO TECH LTD
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 29
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 145,000 |     |           | 126,900(7) |     |           | - |     |                 |     - |     |       |   546,900 |

| (1) | The amounts reported in this column reflect the dollar amount of base salary earned for the year, taking into account any salary increases which became effective during the year. |

| (2) | The amounts reported in this column reflect annual cash incentive compensation for each officer, based on performance in the respective year, and determined by the Compensation Committee in February of the following year and paid soon after. In the case of Mr. Hoffman, the bonus is based on a contractual incentive award as discussed earlier in this Proxy Statement and below under “Hoffman Employment Agreement.” |

| (3) | The amount reported in this column reflects the grant date fair value of restricted stock units (“RSUs”), calculated in accordance with FASB ASC 718, Compensation – Stock Compensation. |

| (4) | There were no stock options granted in 2024 or 2023. |

| (5) | For Mr. Hoffman, this amount for 2024 includes $2,692 in car insurance premiums paid by the Company and $6,334 in personal use of a corporate condominium. For Mr. Montgomery, the amounts reported in this column represent matching contributions made by the Company under the Company’s 401(k) Plan. For Ms. McDonald, this amount for 2024 includes $1,370 in car insurance premiums paid by the Company and $4,298 in personal use of a corporate condominium. |

| (6) | The RSUs vest on the first anniversary of the grant date. |

| (7) | The RSUs vest on the third anniversary of the grant date. |

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Hoffman Employment Agreement

On August 31, 2016, the Company entered into an employment agreement (the “Hoffman Employment Agreement”) with Lloyd Hoffman. The term of the Hoffman Employment Agreement is for a period commencing on August 31, 2016, and continuing through January 1, 2021, and thereafter automatically renewing for successive periods of one year unless either party provides the requisite notice not to renew. The parties entered into a first amendment to the Hoffman Employment Agreement, effective October 24, 2017, which amendment set forth the terms of Mr. Hoffman’s contractual bonus.

Pursuant to the Hoffman Employment Agreement, Mr.