Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 301

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 7A
Chunk 301
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, for the fiscal years ended December 31, 2024 and 2023:

SUMMARY COMPENSATION TABLE

      Stock 

      All Other 

      Name and Principal 

      Salary 

      Awards 

      Compensation 

      Total 

      Position 
      
      Year 
      
      ($) 

      ($) (1) 

      ($) (2) 

      ($) 

      Michael W. DePasquale 
      
      2024 

     285,000

     24,000

     491

     309,491

      Chief Executive Officer 
      
      2023 

     271,250

     19,250

     1,027

     291,527

      Cecilia C. Welch 
      
      2024 

     199,500

     22,500

     222,000

      Chief Financial Officer 
      
      2023 

     189,875

     16,500

     1,320

     207,695

      James D. Sullivan 
      
      2024 

     223,250

     22,500

     79,429
      
      (3) 

     325,179

      Chief Legal Officer 
      
      2023 

     212,479

     16,500

     6,433
      
      (4) 

     235,412

      (1) 
      The aggregate grant date fair value of the restricted shares is calculated by the multiplying the quantity of shares issued by the closing trading price of the shares on the date of issuance calculated under FASB ASC 718. 

      (2) 
      Consists of life insurance premiums paid by the Company except as otherwise noted. 

      (3) 
      Consists of $78,632 of sales commissions and $797 of life insurance premiums paid by the Company. 

     (4)
     Consists of $5,102 of sales commissions and $1,331 of life insurance premiums paid by the Company.

Narrative Disclosure to Summary Compensation Table

Compensation for our executives is comprised of three main components: base salary, annual performance-based cash bonus, and long-term equity awards. We do not target a specific weighting of these three components or use a prescribed formula to establish pay levels. Rather, the board of directors and compensation committee considers changes in the business, external market factors and our