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DEF 14A
MIND Technology, Inc.
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"><b>Pay Versus Performance e</b></p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The following tables and related disclosures provide information about (i) the “total compensation” of our principal executive officer (“PEO”), and the average of the “total compensation” of our other Named Executive Officers as presented in the Summary Compensation Table for the applicable year, (ii) the “Compensation Actually Paid” to our PEO and the average “Compensation Actually Paid” to our other Named Executive Officers, as calculated pursuant to Item 402(v) of Regulation S-K under the Exchange Act, (iii) certain financial performance measures, and (iv) the relationship of the “compensation actually paid” of the PEO and, on average, our other Named Executive Officers, to those financial performance measures.</p>
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"> </p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">This disclosure has been prepared in accordance with Item 402(v) of Regulation S-K and does not necessarily reflect value actually realized by the executives or how our Compensation Committee evaluates compensation decisions in light of company or individual performance.</p>
<p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;"> </p>
<div>
<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%;">
<tbody><tr>
<td style="width: 84px; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;"><b>Year</b></td>
<td style="width: 279px; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Summary compensation table total for PEO (1)</b></td>
<td style="width: 16%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Compensation actually paid to PEO (2)(3)</b></td>
<td style="width: 16%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Average summary compensation table total for non-PEO Named Executive Officers (1)</b></td>
<td style="width: 16%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Average compensation actually paid to non-PEO Named Executive Officers (1)(2)(3)</b></td>
<td style="width: 16%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Value of Initial Fixed $100 investment based on Total Shareholder Return (4)</b></td>
<td style="width: 15%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Net income (loss) attributable to common stockholders (in thousands)</b></td>
</tr>
<tr>
<td style="width: 84px; text-align: center;">2024</td>
<td style="width: 279px; text-align: center;">$298,434</td>
<td style="width: 16%; text-align: center;">$289,664</td>
<td style="width: 16%; text-align: center;">$267,234</td>
<td style="width: 16%; text-align: center;">$262,033</td>
<td style="width: 16%; text-align: center;">$28.04</td>
<td style="width: 15%; text-align: center;">($3,514)</td>
</tr>
<tr>
<td style="width: 84px; text-align: center;">2023</td>
<td style="width: 279px; text-align: center;">$347,201</td>
<td style="width: 16%; text-align: center;">$303,703</td>
<td style="width: 16%; text-align: center;">$301,047</td>
<td style="width: 16%; text-align: center;">$228,144</td>
<td style="width: 16%; text-align: center;">$30.84</td>
<td style="width: 15%; text-align: center;">($12,620)</td>
</tr>
<tr>
<td style="width: 84px; text-align: center;">2022</td>
<td style="width: 279px; text-align: center;">$347,824</td>
<td style="width: 16%; text-align: center;">$297,714</td>
<td style="width: 16%; text-align: center;">$349,998</td>
<td style="width: 16%; text-align: center;">$239,838</td>
<td style="width: 16%; text-align: center;">$64.49</td>
<td style="width: 15%; text-align: center;">($17,986)</td>
</tr>
</tbody></table>
</div>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">
<tbody><tr>
<td style="width:37pt;"> </td>
<td style="vertical-align:top;width:18pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(1)</p>
</td>
<td style="vertical-align:top;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Company’s principal executive officer (“PEO”) for fiscal 2024, 2023 and 2022 was Robert P. Capps. The non-PEO Named Executive Officer for fiscal 2024 was Mark A. Cox. The non-PEO Named Executive Officers for fiscal 2023 and 2022 was Mark A. Cox and Dennis P. Morris<span style="text-decoration: underline; ">.</span></p>
</td>
</tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">
<tbody><tr>
<td style="width:37pt;"> </td>
<td style="vertical-align:top;width:18pt;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(2)</p>
</td>
<td style="vertical-align:top;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The amounts shown as Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually realized or received by the Company’s Named Executive Officers. These amounts reflect total compensation as set forth in the Summary Compensation Table for each year, adjusted as described in footnote 3 below and averaged for the non-PEO Named Executive Officers.</p>
</td>
</tr>
</tbody></table>
<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman;font-size:10pt;">
<tbody><tr>
<td style="width:37pt;"> </td>
<td style="vertical-align: top; width: 25px;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">(3)</p>
</td>
<td style="vertical-align: top; width: 1673px;">
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Compensation Actually Paid reflects the exclusions and inclusions for the PEO and, on average, the non-PEO Named Executive Officers set forth below. Amounts excluded, which are set forth in the “Minus Stock Awards from Summary Compensation Table” columns below, represent the Stock Awards reported in the “Stock Awards” column of the Summary Compensation Table for each applicable year. Amounts added back to determine Compensation Actually Paid are made up of the following components which are set forth in the table below, as applicable: (i) the fair value as of the end of the fiscal year of outstanding and unvested equity awards granted in that year; (ii) the change in fair value during the year of equity awards granted in prior years that remained outstanding and unvested at the end of the year; (iii) the fair value as of the vesting date of equity awards that were granted and vested in that year; and (iv) the change in fair value during the year through the vesting date of equity awards granted in prior years that vested during that year. The fair value at the end of the prior year of awards granted in any prior year that failed to meet applicable vesting conditions during the covered year are subtracted. The dollar value of any dividends or other earnings paid on stock awards in a covered fiscal year prior to the vesting date that are not otherwise included in the total compensation for the covered fiscal year are added. Equity values are calculated in accordance with ASC Topic 718.</p>
</td>
</tr>
</tbody></table>
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349998
239838
64.49
-17986000
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<div>
<table cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%; margin-left: 0pt; margin-right: 0pt;">
<tbody><tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="width: 5%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Year</b></td>
<td style="width: 13%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Summary compensation table total for PEO</b></td>
<td style="width: 14%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Minus stock awards from summary compensation table</b></td>
<td style="width: 14%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Plus year-end equity value of unvested awards granted during year</b></td>
<td style="width: 14%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Plus change in the value of unvested awards granted in prior years</b></td>
<td style="width: 14%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Plus value of awards granted and vested during year</b></td>
<td style="width: 13%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Plus change in value of prior year awards vested during year</b></td>
<td style="width: 13%; text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Compensation actually paid to PEO</b></td>
</tr>
<tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="text-align: center; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">2024</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$298,434</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$0</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$0</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">($5,577)</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$0</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">($3,193)</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$289,664</td>
</tr>
<tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="text-align: center; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">2023</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$347,201</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$48,767</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$38,933</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">($21,375)</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$0</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">($12,289)</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$303,703</td>
</tr>
<tr style="font-family: "Times New Roman", Times, serif; font-size: 10pt;">
<td style="text-align: center; width: 5%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">2022</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$347,824</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$72,487</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$41,231</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">($6,301)</td>
<td style="text-align: center; width: 14%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">$0</td>
<td style="text-align: center; width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt;">($12,553)</td>
<td style="width: 13%; font-family: "Times New Roman", Times, serif; font-size: 10pt; text-align: center;">$297,714</td>
</tr>
</tbody></table>
</div>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
298434
0
0
-5577
0
-3193
289664
347201
48767
38933
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0
-12289
303703
347824
72487
41231
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0
-12553
297714
<div>
<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%;">
<tbody><tr>
<td style="width: 5%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Year</b></td>
<td style="width: 13%; text-align: center; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);"><b>Average summary compensation table total for non-PEO named executive officers</b></td>
<td style="width: 14%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;"><b>Minus stock awards from summary compensation table</b></td>
<td style="width: 14%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;">P<b>lus year-end equity value of unvested awards granted during year</b></td>
<td style="width: 14%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;"><b>Plus change in the value of unvested awards granted in prior years</b></td>
<td style="width: 14%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;"><b>Plus value of awards granted and vested during year</b></td>
<td style="width: 13%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;"><b>Plus change in value of prior year awards vested during year</b></td>
<td style="width: 13%; text-align: center; border-bottom: 1px solid rgb(0, 0, 0); vertical-align: bottom;"><b>Average compensation actually paid to non-PEO named executive officers</b></td>
</tr>
<tr>
<td style="width: 5%; text-align: center;">2024</td>
<td style="width: 13%; text-align: center;">$267,234</td>
<td style="width: 14%; text-align: center;">$0</td>
<td style="width: 14%; text-align: center;">$0</td>
<td style="width: 14%; text-align: center;">($3,314)</td>
<td style="width: 14%; text-align: center;">$0</td>
<td style="width: 13%; text-align: center;">($1,887)</td>
<td style="width: 13%; text-align: center;">$262,033</td>
</tr>
<tr>
<td style="width: 5%; text-align: center;">2023</td>
<td style="width: 13%; text-align: center;">$301,047</td>
<td style="width: 14%; text-align: center;">$29,260</td>
<td style="width: 14%; text-align: center;">$23,360</td>
<td style="width: 14%; text-align: center;">($12,215)</td>
<td style="width: 14%; text-align: center;">$0</td>
<td style="width: 13%; text-align: center;">($54,788)</td>
<td style="width: 13%; text-align: center;">$228,144</td>
</tr>
<tr>
<td style="width: 5%; text-align: center;">2022</td>
<td style="width: 13%; text-align: center;">$349,998</td>
<td style="width: 14%; text-align: center;">$51,777</td>
<td style="width: 14%; text-align: center;">$27,260</td>
<td style="width: 14%; text-align: center;">($56,213)</td>
<td style="width: 14%; text-align: center;">$0</td>
<td style="width: 13%; text-align: center;">($29,430)</td>
<td style="width: 13%; text-align: center;">$239,838</td>
</tr>
</tbody></table>
</div>
<p style="margin: 0pt; font-family: "Times New Roman"; font-size: 10pt;"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: "Times New Roman", Times, serif; width: 100%;">
<tbody><tr>
<td style="width: 3%;"> </td>
<td style="width: 28px;">(4)</td>
<td style="width: 1669px;">Total Shareholder Return illustrates the value, as of the last day of the indicated fiscal year, of an investment of $100 in Company common stock on January 31, 2021.</td>
</tr>
</tbody></table>
<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
267234
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262033
301047
29260
23360
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