Company: CPSH
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001437749-25-008032
Chunk: 19

Company: CPS TECHNOLOGIES CORP/DE/
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 19
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 expressing an opinion as to their conformity with generally accepted accounting principles.

The Audit Committee has reviewed and discussed the Company’s audited financial statements for the fiscal year ended December 28, 2024 with management. Furthermore, the Audit Committee has discussed with PKF O’Connor Davies LLP, the Company’s independent registered public accounting firm for the fiscal year ended December 28, 2024, the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and the Commission. The Audit Committee has received and reviewed the written disclosures and letter from PKF O’Connor Davies LLP required by applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant’s communications with the Audit Committee concerning independence, and has discussed with PKF O’Connor Davies LLP such firm’s independence and any relationships that may impact its objectivity and independence.

Based upon the reviews and discussions referred to above, the Audit Committee recommended to the Board that the audited financial statements for the fiscal year ended December 28, 2024 be included in the Company’s Annual Report on Form 10-K for filing with the Securities and Exchange Commission.

Audit Committee

Ralph M. Norwood (Chair)

Francis J. Hughes, Jr.

I. James Cavoli

Daniel C. Snow, Ph.D.

COMPENSATION DISCUSSION AND ANALYSIS

As noted above, a critical role of the Compensation Committee, comprised solely of non-employee, “independent” directors, is to assist the Board with discharging its responsibilities relating to the compensation of CPS’s employees, officers and directors, and the development and administration of the Company’s compensation and benefit programs.

The Compensation Committee operates under a written charter, which is available at https://cpstechnologysolutions.com/investor-overview/. As set forth in the charter, the committee’s authority and responsibilities with respect to compensation include:

| ● | For executives, to assist with the development of an executive compensation program supportive of the achievement of the Company’s strategic goals and objectives, to review and approve the goals and objectives relevant to the compensation of the Chief Executive Officer of the Company, including an annual evaluation of the Chief Executive Officer’s performance and the establishment of the Chief Executive Officer’s compensation and other material terms of employment, and to review other senior management team member compensation; |

| ● | For directors, to annually evaluate the appropriate level and form of compensation for members of the Board and its committees, and to recommend changes to the Board when appropriate; and |

| ● | For employees