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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table

Pay Versus Performance

 

Under the recently adopted Item 402(v) of Regulation S-K, we must disclose pay-versus performance information for the most recently completed three fiscal years. The following table sets forth the required pay-versus performance disclosures in the form of the “total compensation” as reported in the Company’s “Summary Compensation Table” for the PEO (current and former) and as an average for the other named executive officers.

 

 

  

Summary

Compensation Table

Total for PEO (a)

    

Compensation Actually
Paid to PEO (a)(c)

    

Average

   

Average

    

Value of Initial Fixed

$100 Investment Based

On:

    

 

    

 

  
Year  

Paul A.

Novelly

    

Tom

McKinlay

    

Paul A.

Novelly

    

Tom

McKinlay

    

  Summary Compensation

Table Total

for Non-PEO

NEOs (b)

       Compensation Actually
Paid to
Non-PEO
NEOs (b)(c)		    

Total
Shareholder

Return (1)

    

Peer
Group
Total
Shareholder
Return (2)

     Net Income    

Adjusted

EBITDA (3)

  
                                                             

2023

     -     $ 699,000       -     $ 699,000     $ 481,000     $ 481,000     $ 87.11     $ 147.44     $ 37,382,000     $ 34,983,000  

2022

   $ 34,000     $ 486,000     $ 34,000     $ 486,000     $ 380,000     $ 380,000     $ 118.17     $ 140.82     $ 15,211,000     $ 27,763,000  

2021

     -       -       -       -     $ 304,000     $ 304,000     $ 107.61     $ 145.65     $ 26,255,000     $ 24,080,000  

 

 

(a)

Mr. McKinlay was appointed as chief executive officer on July 31, 2022 upon Mr. Novelly’s retirement. In 2023, the compensation committee approved an adjustment to Mr. McKinlay’s base salary to $400 per annum and that resulted in a lump sum payment in February 2023 of $56 (based on a deemed retroactive adjustment to August 2022). This lump sum payment was included in Mr. McKinlay’s compensation for 2023 as reported in the 2023 Annual Report.
 

(b)

Non-PEO NEOs in 2023 included Rose M. Sparks, Charles Lyon and Kyle Gaither.

Non-PEO NEOs in 2022 included Rose M. Sparks and Charles Lyon.

Non-PEO NEOs in 2021 included Rose M. Sparks, Tom McKinlay and Charles Lyon.
 

(c)

No stock awards or stock options were granted to our PEOs or Non-PEO NEOs in 2023 or 2022.

 

 

(1)

Total stockholder return as calculated based on a fixed investment of one hundred dollars measured from the market close on December 31, 2020 (the last trading day of 2020) through and including the end of the fiscal year for each year reported in the table.
 

(2)

Our peer group used for the total stockholder return calculation is Archer-Daniels-Midland Co., Arkema SA, Albemarle Corp., Alto Ingredients Inc., Aemetis Inc., Bunge Global SA, Cabot Corp., Chemours Co., Celanese Corp., Darling Ingredients Inc., Dow Inc., Eastman Chemical Co., Gevo Inc., Green Plains Inc., Hudson Technologies Inc., Huntsman Corp., Kronos Worldwide Inc., Lanxess Ag, Lyondellbasell Industries NV, Olin Corp., Rex American Resources Corp., Stepan Co., Solvay SA and Westlake Corp.
 

(3)

Our Company-selected measure, which is the measure we believe represents the most important financial performance measure not otherwise presented in the table above that we use to link compensation actually paid to our named executive officers for 2023 to our Company’s performance, is Adjusted EBITDA (a non-GAAP financial measure). For a reconciliation of Adjusted EBITDA to net income (the relevant GAAP measure), please see the Company’s Annual Report on Form 10-K; provided, that for purposes of the above table, the Company restated previously reported Adjusted EBITDA per interpretive guidance to exclude unrealized (non-cash) gains and losses on derivative instruments.

 

 

    
PEO Total Compensation Amount $ 699,000 $ 486,000  
PEO Actually Paid Compensation Amount 699,000 486,000  
Non-PEO NEO Average Total Compensation Amount 481,000 380,000 $ 304,000
Non-PEO NEO Average Compensation Actually Paid Amount $ 481,000 380,000 304,000
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between Compensation Actually Paid and Performance Measures

 

The charts below illustrate, for the past three fiscal years, the relationship between compensation actually paid to the PEOs and the average other NEOs and the financial metrics disclosed in the Pay versus Performance Table.

 

g01.jpg

    
Compensation Actually Paid vs. Net Income

 

g02.jpg

    
Compensation Actually Paid vs. Company Selected Measure

 

g03.jpg

 

 

    
Tabular List, Table

Tabular List of Company Performance Measures

 

The following lists the measures we believe are most important in linking compensation actually paid to Company performance during 2023.

 

 

(a)

Adjusted EBITDA
 

(b)

Gross Profit
 

(c)

Net Income
   
Total Shareholder Return Amount $ 87.11 118.17 107.61
Peer Group Total Shareholder Return Amount 147.44 140.82 145.65
Net Income (Loss) $ 37,382,000 $ 15,211,000 $ 26,255,000
Company Selected Measure Amount 34,983,000 27,763,000 24,080,000
Measure:: 1      
Pay vs Performance Disclosure      
Name Adjusted EBITDA    
Measure:: 2      
Pay vs Performance Disclosure      
Name Gross Profit    
Measure:: 3      
Pay vs Performance Disclosure      
Name Net Income    
Former PEO [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount   $ 34,000  
PEO Actually Paid Compensation Amount   $ 34,000