Company: OMTK
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001096906-25-000515
Chunk: 22

Company: Omnitek Engineering Corp
Filing Date: 2025-04-15
Form: 10-K
Item: Item 11
Chunk 22
---
ITEM 11.EXECUTIVE COMPENSATION 

Summary Compensation Table

The following table sets forth the compensation paid to our Chief Executive Officer and those executive officers that earned in excess of $100,000 during the periods ended December 31, 2024, and 2023, (collectively, the “Named Executive Officers”):

Name and Principal Position
Year Ended Dec. 31
 
Salary
($)
Stock Award(s)
($)
 
Option Awards
($)
Non-Equity Incentive Plan Compensation
 
All Other Compensation
($)
 
Total
($)

(a)
(b)
 
(c)
(e)
 
(f)
(g)
 
(i)
 
(j)

Werner Funk
2024
$
150,000
-
$
3,771
-
$
-
$
153,771

CEO, President, and Secretary
2023
$
150,000
-
$
1,795
-
$
-
$
151,795

Narrative Disclosure to Summary Compensation Table  

On April 18, 2022, in consideration of the services as director, the Corporation hereby grant to Werner Funk, a Non-Qualified Stock Option pursuant to the 2017 Long-Term Incentive Plan, to purchase 50,000 shares of common stock, at an exercise price of $0.05841 representing 110% of the closing price of the common stock of the Corporation as of April 15, 2022; Said Options shall vest and be exercisable immediately and shall be exercisable for a period of seven years from the date of grant.

On April 18, 2023, the Company granted to Werner Funk, President and CEO, a Non-qualified Stock Option pursuant to the 2017 Long-Term Incentive Plan, to purchase 50,000 shares of common stock at any exercise price of $0.0397, representing 110% of the closing price of the common stock of the Corporation as of such date. Said Options shall vest and be exercisable immediately and shall be exercisable for a period of seven years from the date of grant.

On May 3, 2024, the Company entered into new Employment Agreement with Mr. Funk. The term of the Employment Agreement shall be for a period of three (3) years which term would automatically renew for one additional year; Base Salary of $150,000 per year with such salary reviewed on an annual basis by the Board of Directors. In conjunction with and pursuant to the terms of the Employment