Company: BTBDW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001477932-25-002248
Chunk: 420

Company: BT Brands, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 420
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 for any liability arising out of their actions in that capacity regardless of whether we would otherwise be permitted to indemnify them under Wyoming law. We have entered and expect to continue to enter into agreements to indemnify our directors, executive officers, and other employees as determined by our board of directors. With specified exceptions, these agreements provide for indemnification for related expenses, including, among other things, attorneys’ fees, judgments, fines, and settlement amounts incurred by any of these individuals in any action or proceeding. We believe these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain directors’ and officers’ liability insurance.

The limitation of liability and indemnification provisions included in our articles of incorporation and bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit our stockholders and us. Further, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and damage.

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Item 11. Executive Compensation. 

Summary Compensation TableT

The following Summary Compensation Table sets forth all compensation earned in all capacities during the 2024 and 2023 fiscal years by our principal executive officer and principal financial officer (the named executive officers). No other officer or employee of the Company received total compensation for either 2022 or 2024, as determined in accordance with Item 402 of Regulation S-K, which exceeded $100,000:

Name and Principal Position Year Salary ($)  Stock Awards($) OptionAwards($)  Non-Qualified Deferred Compensation Earnings($) All OtherCompensation($) Total($) Gary Copperud, Chief Executive Officer 2024 $250,000           $250,000   2023 $250,000    $127,840      $377,840                      Kenneth W. Brimmer, Chief Operating and Financial Officer 2024 $150,000            $150,000   2023 $150,000    $95,880      $245,880 

Officer Compensation

In fiscal 2024, the Company paid Mr. Copperud a salary of $250,000 to serve as our Chief Executive Officer, which included compensation payable under an Employment Agreement that we entered