# EDGAR Filing Document

**Accession Number:** 0001104186
**File Stem:** 0001104186-25-000010
**Filing Date:** 2025-8
**Character Count:** 15967
**Document Hash:** 04c826430bb752dc63765da2f52317dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104186-25-000010.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001104186-25-000010

**CONFORMED SUBMISSION TYPE**: N-PX

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASTERS CAPITAL MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001104186

**ORGANIZATION NAME:**
- **EIN:** 582440923
- **STATE OF INCORPORATION:** GA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-PX
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05511
- **FILM NUMBER:** 251280908

**BUSINESS ADDRESS:**
- **STREET 1:** 3060 PEACHTREE ROAD NW
- **STREET 2:** SUITE 1425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305
- **BUSINESS PHONE:** 4043642021

**MAIL ADDRESS:**
- **STREET 1:** 3060 PEACHTREE ROAD NW
- **STREET 2:** SUITE 1425
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30305

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

## N-PX: Filer Information

**Filer CIK:** 0001104186

**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:** MASTERS CAPITAL MANAGEMENT LLC

**Address:** 3060 PEACHTREE ROAD NW, ATLANTA, GA 30305

**Telephone number:** 404-364-2021

**Name of agent for service:** —

**Agent Address:** —, —, — —

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

**SEC File Number:** 028-05511

**CRD Number (if any):** —

**Other SEC File Number (if any):** —

**LEI (if any):** 54930021ZMJS835N2V95

**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   |
|:---|:---|:---|:---|:---|---:|---:|:---|---:|:---|:---|
| Asensus Surgical, Inc.       |  | 8/07/2024      | To approve, in a non-binding advisory vote, certain compensation that may be paid or become payable to our named executive officers in connection with the merger.             | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | FOR         |                                  2000000 | FOR                         |  |
| Bluebird Bio, Inc.           |  | 11/06/2024     | The approval, on a non-binding, advisory basis, of the compensation of our named executive officers.                                                                           | SECTION 14A SAY-ON-PAY VOTES |         844724 |                0 | FOR         |                                   844724 | FOR                         |  |
| Telos Corporation            |  | 5/08/2025      | ADVISORY VOTE ON EXECUTIVE COMPENSATION: To approve, on an advisory basis, the compensation of the Company's named executive officers or "say-on-pay".                         | SECTION 14A SAY-ON-PAY VOTES |        2700000 |                0 | FOR         |                                  2700000 | FOR                         |  |
| Angel Oak Mortgage REIT, Inc |  | 5/14/2025      | To approve, on a non-binding advisory basis, a resolution regarding the compensation of the Company's named executive officers.                                                | SECTION 14A SAY-ON-PAY VOTES |        1100000 |                0 | FOR         |                                  1100000 | FOR                         |  |
| Floteck Industries, Inc      |  | 5/16/2025      | Advisory vote to approve named executive officer compensation.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |         500000 |                0 | FOR         |                                   500000 | FOR                         |  |
| BORR Drilling Ltd            |  | 5/20/2025      | To approve director fees payable to the Company's Board of Directors of a total amount of fees not to exceed US$1,400,000 for the year ending December 31, 2025.               | SECTION 14A SAY-ON-PAY VOTES |        1960100 |                0 | FOR         |                                  1960100 | FOR                         |  |
| Neuronetics, Inc             |  | 5/22/2025      | Approval, on a non-binding, advisory basis, of the compensation of our named executive officers.                                                                               | SECTION 14A SAY-ON-PAY VOTES |        1000000 |                0 | FOR         |                                  1000000 | FOR                         |  |
| Green Plains, Inc.           |  | 6/06/2025      | To cast an advisory vote to approve the Company's executive compensation.                                                                                                      | SECTION 14A SAY-ON-PAY VOTES |         500000 |                0 | FOR         |                                   500000 | FOR                         |  |
| Tetra Technologies, Inc.     |  | 6/12/2025      | Advisory vote to approve executive compensation.                                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | FOR         |                                  2000000 | FOR                         |  |
| Enovix Corporation           |  | 6/12/2025      | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | FOR         |                                  2000000 | FOR                         |  |
| NCR Voyix                    |  | 6/06/2025      | To approve, on a non-binding and advisory basis, th compensation of the named executive officers as more particularly described in the proxy materials                         | SECTION 14A SAY-ON-PAY VOTES |        1000000 |                0 | FOR         |                                  1000000 | FOR                         |  |
| Ferroglobe PLC               |  | 6/26/2025      | Directors' Remuneration: THAT the directors' remuneration policy (the "Remuneration Policy"), as set out on pages 43 to 57 of the U.K. Annual Report and Accounts be approved. | SECTION 14A SAY-ON-PAY VOTES |        2000000 |                0 | FOR         |                                  2000000 | FOR                         |  |
| VF Corporation               |  | 7/23/2024      | Advisory vote to approve named executive officer compensation.                                                                                                                 | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Coherent Corp.               |  | 11/14/2024     | Non-binding advisory vote to approve compensation paid to named executive officers in fiscal year 2024.                                                                        | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Dow, Inc.                    |  | 4/10/2025      | Advisory Resolution to Approve Executive Compensation                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Fluor Corporation            |  | 4/30/2025      | An advisory vote to approve the company's executive compensation                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Eastman Chemical Company     |  | 5/01/2025      | Advisory Approval of Executive Compensation as Disclosed in Proxy Statement                                                                                                    | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| United Parcel Service        |  | 5/08/2025      | To approve on an advisory basis named executive officer compensation                                                                                                           | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Alcoa Corporation            |  | 5/08/2025      | Approval, on an advisory basis, of the Company's 2024 named executive officer compensation                                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Vale, S.A.                   |  | 4/30/2025      | Setting the global annual compensation of management and fiscal council members for the year 2025                                                                              | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Vale, S.A.                   |  | 4/30/2025      | Approval of the Global Long-Term Share-Based Incentive Plan.                                                                                                                   | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Barclays PLC                 |  | 5/07/2025      | To approve the proposed new Directors' Remuneration Policy (DRP)                                                                                                               | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Intel                        |  | 5/06/2025      | Advisory vote on executive compensation (Say-On-Pay).                                                                                                                          | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Mirion Technologies, Inc     |  | 5/15/2025      | Approve, on an advisory basis, the compensation of our named executive officers as disclosed in the accompanying proxy statement.                                              | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Cleveland-Cliffs Inc         |  | 5/15/2025      | Approval, on an advisory basis, of Cleveland-Cliffs Inc.'s named executive officers' compensation.                                                                             | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Nov Inc.                     |  | 5/20/2025      | To approve, on an advisory basis, the compensation of our named executive officers.                                                                                            | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Senseonics Holdings, Inc.    |  | 5/21/2025      | Advisory approval of the compensation of our named executive officers.                                                                                                         | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Transocean, Ltd              |  | 5/30/2025      | Advisory Vote to Approve Named Executive Officer Compensation for Fiscal Year 2025                                                                                             | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Denali Therapeutics, Inc     |  | 6/03/2025      | Advisory vote on executive compensation.                                                                                                                                       | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| AST Spacemobile, Inc.        |  | 6/06/2025      | To approve a non-binding advisory vote on the compensation paid to the Company's named executive officers.                                                                     | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Delta Air Lines, Inc.        |  | 6/19/2025      | To approve, on an advisory basis, the compensation of Delta's named executive officers.                                                                                        | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Delta Air Lines, Inc.        |  | 6/19/2025      | To approve the amendment and restatement of Delta's Performance Compensation Plan.                                                                                             | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |
| Archer Aviation, Inc.        |  | 6/27/2025      | Approval, on a non-binding advisory basis, of the compensation of our named executive officers.                                                                                | SECTION 14A SAY-ON-PAY VOTES |              0 |                0 | WITHHOLD    |                                        0 | FOR                         |  |

## N-PX: Signature Block

**Reporting Person:** MASTERS CAPITAL MANAGEMENT LLC

**By (Signature):** Tim Foster

**By (Printed Signature):** Tim Foster

**By (Title):** Chief Compliance Officer

**Date:** 08/29/2025