# EDGAR Filing Document

**Accession Number:** 0001550509
**File Stem:** 0001754960-25-000614
**Filing Date:** 2025-8
**Character Count:** 18550
**Document Hash:** d39bb5b4a403f562f6dca3d59c7b089c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001754960-25-000614.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001754960-25-000614

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250815

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clayton Partners LLC
- **CENTRAL INDEX KEY:** 0001550509

**ORGANIZATION NAME:**
- **EIN:** 331060884
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21188
- **FILM NUMBER:** 251222126

**BUSINESS ADDRESS:**
- **STREET 1:** 3160 COLLEGE AVENUE, SUITE 203
- **CITY:** BERKELEY
- **STATE:** CA
- **ZIP:** 94705
- **BUSINESS PHONE:** 415-296-5070

**MAIL ADDRESS:**
- **STREET 1:** 3160 COLLEGE AVENUE, SUITE 203
- **CITY:** BERKELEY
- **STATE:** CA
- **ZIP:** 94705

## FORM N-PX
### ANNUAL REPORT OF PROXY VOTING RECORD

## N-PX: Filer Information

**Filer CIK:** 0001550509

**Date of Report:** 06/30/2025

**Are you a Registered Management Investment Company or an Institutional Manager?:** Institutional Manager

**Is this a LIVE or TEST Filing?:** LIVE

**Is this an electronic copy of an official filing submitted in paper format?:** [ ]

### Submission Contact Information
_Not provided in this filing._

### Notification Information
**Notify via Filing Website only?:** [ ]

## N-PX: Cover Page

**Name of reporting person:** Clayton Partners LLC

**Address:** 3160 COLLEGE AVENUE, SUITE 203, BERKELEY, CA 94705

**Telephone number:** 844-844-3453

**Name of agent for service:** —

**Agent Address:** —, —, — —

**Reporting Period:** Report for the year ended 06/30/2025

**SEC File Number:** 028-21188

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** —

**Report Type (check only one):**

Institutional Manager.

- [x] Institutional Manager Voting Report

- [ ] Institutional Manager Notice Report

- [ ] Institutional Manager Combination Report

Registered Management Investment Company.

- [ ] Fund Voting Report

- [ ] Fund Notice Report

**Do you wish to provide explanatory information pursuant to Special Instruction B.4?:**

- [x] No

- [ ] Yes

**Additional information:** —

## N-PX: Summary - Included Managers

**Number of Included Institutional Managers:** 0

**Included Institutional Managers:** —

## FORM N-PX PROXY VOTING RECORD

| NAME OF ISSUER                     | CUSIP   | MEETING DATE   | VOTE DESCRIPTION                                                                                                                                               | VOTE CATEGORY                |   SHARES VOTED |   SHARES ON LOAN | HOW VOTED   |   SHARES VOTED FOR OR AGAINST MANAGEMENT | FOR OR AGAINST MANAGEMENT   | OTHER INFO   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| FLEX LTD.                          |  | 08/08/2024     | To approve, by non-binding advisory vote, the resolution approving executive officer compensation                                                              | SECTION 14A SAY-ON-PAY VOTES |         185242 |           185242 | FOR         |                                   185242 | FOR                         |  |
| SPRUCE POWER HOLDING CORP.         |  | 08/12/2024     | To approve, by non-binding advisory vote, the resolution approving executive officer compensation                                                              | SECTION 14A SAY-ON-PAY VOTES |         416900 |           416900 | FOR         |                                   416900 | FOR                         |  |
| NEXTRACKER INC.                    |  | 08/19/2024     | To approve, on an advisory vote, the resolution approving executive officer compensation                                                                       | SECTION 14A SAY-ON-PAY VOTES |          58862 |            58862 | FOR         |                                    58862 | FOR                         |  |
| NETWORK-1 TECHNOLOGIES, INC.       |  | 09/17/2024     | To approve, by non-binding advisory vote, the resolution approving executive officer compensation                                                              | SECTION 14A SAY-ON-PAY VOTES |        1540532 |          1540532 | AGAINST     |                                  1540532 | FOR                         |  |
| NETWORK-1 TECHNOLOGIES, INC.       |  | 09/17/2024     | Advisory vote on say on pay frequency                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |        1540532 |          1540532 | FOR         |                                  1540532 | FOR                         |  |
| FEDEX CORPORATION                  |  | 09/23/2024     | Advisory vote to approve named executive officer compensation                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |          10037 |            10037 | FOR         |                                    10037 | FOR                         |  |
| ALGOMA STEEL GROUP INC.            |  | 09/24/2024     | The advisory resolution on the company's approach to executive compensation as disclosed in the company's management information circular dated August 1, 2024 | SECTION 14A SAY-ON-PAY VOTES |          10482 |            10482 | FOR         |                                    10482 | FOR                         |  |
| GREAT ELM GROUP, INC.              |  | 12/04/2024     | To approve, on an advisory vote, the resolution approving executive officer compensation                                                                       | SECTION 14A SAY-ON-PAY VOTES |         467845 |           467845 | FOR         |                                   467845 | FOR                         |  |
| GREAT ELM GROUP, INC.              |  | 12/04/2024     | Approval, on an advisory basis, of the frequency of future stockholder advisory votes on the compensation of the corporation's named executive officers        | SECTION 14A SAY-ON-PAY VOTES |         467845 |           467845 | FOR         |                                   467845 | FOR                         |  |
| APPLE INC.                         |  | 02/25/2025     | To approve, on an advisory vote, the resolution approving executive officer compensation                                                                       | SECTION 14A SAY-ON-PAY VOTES |             30 |               30 | FOR         |                                       30 | FOR                         |  |
| JOHNSON CONTROLS INTERNATIONAL PLC |  | 03/12/2025     | To approve, by non-binding advisory vote, the resolution approving executive officer compensation                                                              | SECTION 14A SAY-ON-PAY VOTES |           1666 |             1666 | FOR         |                                     1666 | FOR                         |  |
| QUALCOMM INC.                      |  | 03/18/2025     | To approve, on an advisory vote, the resolution approving executive officer compensation                                                                       | SECTION 14A SAY-ON-PAY VOTES |             41 |               41 | FOR         |                                       41 | FOR                         |  |
| PORTLAND GENERAL ELECTRIC CO       |  | 04/18/2025     | To approve, by non-binding advisory vote, the resolution approving executive officer compensation                                                              | SECTION 14A SAY-ON-PAY VOTES |           2265 |             2265 | FOR         |                                     2265 | FOR                         |  |
| L3HARRIS TECHNOLOGIES, INC.        |  | 04/18/2025     | To approve, on an advisory vote, the resolution approving executive officer compensation                                                                       | SECTION 14A SAY-ON-PAY VOTES |          11942 |            11942 | FOR         |                                    11942 | FOR                         |  |
| APTIV PLC                          |  | 04/23/2025     | To approve, by advisory vote, executive compensation                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |           1527 |             1527 | FOR         |                                     1527 | FOR                         |  |
| TRANSALTA CORPORATION              |  | 04/24/2025     | Advisory vote to accept the company's approacah to execution compensation                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         500430 |           500430 | FOR         |                                   500430 | FOR                         |  |
| WELLS FARGO  COMPANY               |  | 04/29/2025     | Advisory vote to approve executive compensation                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |          55077 |            55077 | FOR         |                                    55077 | FOR                         |  |
| FLUOR CORPORATION                  |  | 04/30/2025     | An advisory vote to approve the company's executive compensation                                                                                               | SECTION 14A SAY-ON-PAY VOTES |          61947 |            61947 | FOR         |                                    61947 | FOR                         |  |
| EASTMAN CHEMICAL COMPANY           |  | 05/01/2025     | Advisory approval of executive compensation as disclosed in proxy statement                                                                                    | SECTION 14A SAY-ON-PAY VOTES |           1160 |             1160 | FOR         |                                     1160 | FOR                         |  |
| ENTERGY CORPORATION                |  | 05/02/2025     | Advisory vote to approve named executive officer compensation                                                                                                  | SECTION 14A SAY-ON-PAY VOTES |           1629 |             1629 | FOR         |                                     1629 | FOR                         |  |
| CALIFORNIA RESOURCES CORPORATION   |  | 05/02/2025     | To approve, by non-binding vote, named executive officer compensation                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         118643 |           118643 | FOR         |                                   118643 | FOR                         |  |
| BARRICK GOLD CORPORATION           |  | 05/06/2025     | Advisory resolution on approach to executive compensation                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         228211 |           228211 | FOR         |                                   228211 | FOR                         |  |
| DARLING INGREDIENTS INC.           |  | 05/07/2025     | Advisory vote to approve, on an advisory basis, executive compensation                                                                                         | SECTION 14A SAY-ON-PAY VOTES |           2947 |             2947 | AGAINST     |                                     2947 | FOR                         |  |
| ABBVIE INC.                        |  | 05/09/2025     | Say on Pay - An advisory vote on the approval of executive compensation                                                                                        | SECTION 14A SAY-ON-PAY VOTES |          17016 |            17016 | FOR         |                                    17016 | FOR                         |  |
| THE AES CORPORATION                |  | 05/09/2025     | Approval, on an advisory basis, of the company's executive compensation                                                                                        | SECTION 14A SAY-ON-PAY VOTES |         143041 |           143041 | FOR         |                                   143041 | FOR                         |  |
| THE AES CORPORATION                |  | 05/09/2025     | If properly presented, to vote on a non-binding stockholder proposal to amend the company policy on recoupment of incentive pay                                | SECTION 14A SAY-ON-PAY VOTES |         143041 |           143041 | AGAINST     |                                   143041 | FOR                         |  |
| FISERV, INC.                       |  | 05/14/2025     | To approve, on an advisory basis, the compensation of named executive officers of Fiserv, Inc.                                                                 | SECTION 14A SAY-ON-PAY VOTES |          12531 |            12531 | FOR         |                                    12531 | FOR                         |  |
| FISERV, INC.                       |  | 05/14/2025     | Shareholder proposal requesting amendments to the Fiserv, Inc.compensation recoupment policy                                                                   | SECTION 14A SAY-ON-PAY VOTES |          12531 |            12531 | AGAINST     |                                    12531 | FOR                         |  |
| FIRST SOLAR, INC.                  |  | 05/14/2025     | Advisory vote to approve the compensation of named executive officers                                                                                          | SECTION 14A SAY-ON-PAY VOTES |            574 |              574 | FOR         |                                      574 | FOR                         |  |
| MATTR CORP.                        |  | 05/15/2025     | On the approval of the advisory resolution with respect to the company's approach to executive compensation                                                    | SECTION 14A SAY-ON-PAY VOTES |         316081 |           316081 | FOR         |                                   316081 | FOR                         |  |
| ACACIA RESEARCH CORPORATION        |  | 05/15/2025     | To approve, on a non-binding, advisory basis, the compensation of our named executive officers, as disclosed in the accompanying proxy statement               | SECTION 14A SAY-ON-PAY VOTES |          49594 |            49594 | FOR         |                                    49594 | FOR                         |  |
| THE JOINT CORP.                    |  | 05/21/2025     | Approval, on an advisory basis, of the compensation of named executive officers                                                                                | SECTION 14A SAY-ON-PAY VOTES |         282160 |           282160 | FOR         |                                   282160 | FOR                         |  |
| NATIONAL HEALTH INVESTORS, INC.    |  | 05/21/2025     | The company's proposal to approve, on an advisory basis, of the compensation of the company's named executive officers                                         | SECTION 14A SAY-ON-PAY VOTES |          34826 |            34826 | FOR         |                                    34826 | FOR                         |  |
| EPSILON ENERGY LTD.                |  | 05/21/2025     | To approve, through a non-binding advisory vote, the compensation paid to the corporation's named executive officers for the year ended December 31, 2024      | SECTION 14A SAY-ON-PAY VOTES |         266801 |           266801 | FOR         |                                   266801 | FOR                         |  |
| BRISTOW GROUP INC.                 |  | 06/04/2025     | Advisory vote to approve the compensation of named executive officers                                                                                          | SECTION 14A SAY-ON-PAY VOTES |         379990 |           379990 | FOR         |                                   379990 | FOR                         |  |
| BRISTOW GROUP INC.                 |  | 06/04/2025     | Advisory vote to approve the frequency of future advisory votes to approve named executive officer compensation                                                | SECTION 14A SAY-ON-PAY VOTES |         379990 |           379990 | FOR         |                                   379990 | FOR                         |  |
| TWILIO INC.                        |  | 06/10/2025     | To approve, on an advisory basis, the compensation of named executive officers                                                                                 | SECTION 14A SAY-ON-PAY VOTES |          26706 |            26706 | FOR         |                                    26706 | FOR                         |  |
| SONIDA SENIOR LIVING, INC.         |  | 06/10/2025     | Proposal to approve the company's executive compensation                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |         203809 |           203809 | FOR         |                                   203809 | FOR                         |  |
| ALGOMA STEEL GROUP INC.            |  | 06/24/2025     | The advisory resolution on the company's approach to executive compensation as disclosed in the company's management information circular dated May 1, 2025    | SECTION 14A SAY-ON-PAY VOTES |          10715 |            10715 | FOR         |                                    10715 | FOR                         |  |
| SPRUCE POWER HOLDING CORP.         |  | 06/24/2025     | To approve, in an advisory and non-binding vote, the compensation of our named executive officers                                                              | SECTION 14A SAY-ON-PAY VOTES |           2000 |             2000 | FOR         |                                     2000 | FOR                         |  |
| NVIDIA CORPORATION                 |  | 06/25/2025     | Advisory approval of our executive compensation                                                                                                                | SECTION 14A SAY-ON-PAY VOTES |            230 |              230 | FOR         |                                      230 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** Clayton Partners LLC

**By (Signature):** Aryn Sands

**By (Printed Signature):** Aryn Sands

**By (Title):** Agent

**Date:** 08/14/2025