Filing Analysis
Lakeland Industries reported the results of its 2026 Annual Meeting of Stockholders held on June 16, 2026. Key outcomes include the election of Class I directors, ratification of RSM US LLP as the auditor, and approval of a new 2026 Equity Incentive Plan.
📋 Key Facts
- Stockholders approved the 2026 Equity Incentive Plan (Proposal 4) with 6,607,351 votes in favor.
- RSM US LLP was ratified as the independent registered public accounting firm for the fiscal year ending January 31, 2027.
- Class I directors Ronald Herring, Melissa Kidd, and Lee D. Rudow were elected to three-year terms expiring in 2029.
- Executive compensation was approved on an advisory basis with 6,064,126 votes in favor.
Lakeland Industries, Inc. filed an 8-K to announce its financial results for the first quarter ended April 30, 2026. The filing includes a press release and supplemental slides for an earnings call held on June 9, 2026.
📋 Key Facts
- Financial results reported for the first quarter ended April 30, 2026.
- Earnings call conducted on June 9, 2026, at 4:30 p.m. ET.
- Press release (Exhibit 99.1) and supplemental slides (Exhibit 99.2) were furnished with the report.
Lakeland Industries, Inc. announced its financial results for the fourth quarter and fiscal year ended January 31, 2026. The filing includes a press release and supplemental presentation materials for the scheduled earnings call.
📋 Key Facts
- Announced Q4 and FY2026 financial results on April 16, 2026
- Fiscal year ended January 31, 2026
- Provided supplemental slides (Exhibit 99.2) for the earnings call
- Earnings call held at 4:30 p.m. ET on the date of filing
Lakeland Industries sold its high-visibility and high-performance workwear business line to National Safety Apparel, LLC for $14.0 million. The transaction closed on March 27, 2026, and includes a five-year non-compete agreement and various ancillary service contracts.
🚩 Red Flags
- Five-year non-compete agreement restricts the company from re-entering the high-visibility and arc-rated garment markets.
- 10% of the purchase price ($1.4 million) is held in escrow, delaying full realization of proceeds.
📋 Key Facts
- Aggregate purchase price of $14.0 million for the high-visibility and high-performance workwear business.
- Transaction closed on March 27, 2026.
- Escrow amounts include $400,000 for post-closing inventory adjustments and $1.0 million for indemnification obligations.
- Lakeland is subject to a five-year restrictive covenant (non-compete) regarding the sold business activities.
- Ancillary agreements include a transition services agreement, a contract manufacturing agreement, and a supply agreement.
Lakeland Industries announced the appointment of Lee D. Rudow to its Board of Directors, effective April 9, 2026. Mr. Rudow, the outgoing CEO of Transcat, Inc., will serve as an independent Class I director, increasing the board size to eight.
📋 Key Facts
- Lee D. Rudow appointed as Class I director effective April 9, 2026
- Board size increased from seven to eight members
- Mr. Rudow is the retiring CEO of Transcat, Inc. (effective March 28, 2026)
- Appointment includes standard non-employee director compensation
- No related-party transactions or conflicts of interest reported
This 8-K/A is an amendment to a previous filing regarding the appointment of J. Calven Swinea as Interim Chief Financial Officer. It specifically discloses the approved base salary for Mr. Swinea, which was previously unavailable at the time of the original report.
🚩 Red Flags
- Interim CFO appointment (suggests recent departure of permanent CFO or unexpected vacancy).
📋 Key Facts
- J. Calven Swinea appointed as Interim CFO effective January 1, 2026.
- Compensation Committee approved a base salary of $360,000 for Mr. Swinea on February 12, 2026.
- The salary adjustment is retroactive to February 1, 2026.
Lakeland Industries, Inc. announced the appointment of J. Calven Swinea as permanent Chief Financial Officer, effective February 17, 2026. Swinea previously served in an interim capacity.
📋 Key Facts
- J. Calven Swinea appointed as permanent CFO effective immediately (February 17, 2026).
- Swinea was the Company's current Interim Chief Financial Officer prior to this appointment.
Lakeland Industries, Inc. filed an 8-K to furnish a shareholder letter issued on January 26, 2026. The filing does not contain specific financial results or material event disclosures within the text itself, but rather incorporates an external communication via Exhibit 99.1.
📋 Key Facts
- The company issued a formal letter to shareholders on January 26, 2026.
- The filing is made pursuant to Item 7.01 (Regulation FD Disclosure).
- Information provided is 'furnished' rather than 'filed', limiting liability under Section 18 of the Exchange Act.
Lakeland Industries, Inc. announced a Separation Agreement with former CFO Roger D. Shannon following his termination effective December 31, 2025. The agreement includes severance payments consisting of base salary, potential pro-rated bonuses, and continued equity vesting.
🚩 Red Flags
- Departure of a key C-suite executive (CFO) can signal internal friction or transition in financial management strategy.
📋 Key Facts
- Roger D. Shannon's employment as CFO was terminated effective December 31, 2025.
- Severance includes four months of base salary payable in bi-weekly installments.
- Potential pro-rated short-term incentive annual cash bonus for FY26 based on performance measures.
- Unvested equity awards scheduled to vest before April 30, 2026, will continue to vest.
- Includes COBRA continuation payments for up to six months.
Lakeland Industries announced the departure of its CFO, Roger D. Shannon, effective December 31, 2025, and the suspension of its quarterly cash dividend. The company has appointed J. Calven Swinea as Interim CFO.
🚩 Red Flags
- Suspension of quarterly cash dividends (indicates potential liquidity or cash flow concerns).
- Sudden departure of the Chief Financial Officer (CFO) via mutual agreement.
- Appointment of an 'Interim' officer suggests a transition period rather than a planned succession.
📋 Key Facts
- CFO Roger D. Shannon to terminate employment on December 31, 2025, via mutual agreement.
- J. Calven Swinea (VP, Finance) appointed as Interim CFO effective January 1, 2026.
- The Board has suspended the Company's quarterly cash dividend on common stock.
- Company to conduct a comprehensive search for a permanent successor CFO.
Lakeland Industries, Inc. announced a quarterly dividend declaration of $0.03 per share. The dividend is payable on November 24, 2025, to shareholders of record as of November 17, 2025.
📋 Key Facts
- Dividend amount: $0.03 per share
- Record date: November 17, 2025
- Payment date: November 24, 2025
Lakeland Industries, Inc. announced the completed acquisition of two U.S.-based PPE service providers: Arizona PPE Recon, Inc. and California PPE Recon, Inc. These acquisitions aim to expand the company's footprint in the firefighting garment decontamination and repair market.
📋 Key Facts
- Acquisition of Arizona PPE Recon, Inc., a UL-certified independent services provider (ISP) in the Arizona market.
- Acquisition of California PPE Recon, Inc., a UL-certified ISP in the California firefighting services market.
- The acquisitions focus on advanced decontamination, inspection, and repairs for firefighting garments.
- Filing date: September 15, 2025.
Lakeland Industries, Inc. held an earnings call on September 9, 2025, to present preliminary financial results for the quarter ended July 31, 2025, and provide updates on general corporate developments.
📋 Key Facts
- Earnings call held on September 9, 2025.
- The call covered preliminary financial results for the fiscal quarter ending July 31, 2025.
- The company provided updates to stockholders regarding general corporate developments.
- A transcript of the earnings call was provided as Exhibit 99.1.
Lakeland Industries, Inc. filed an 8-K to announce its second quarter financial results for the period ended July 31, 2025. The filing includes a press release and supplemental presentation slides used during the earnings call.
📋 Key Facts
- Reported date of event: September 9, 2025
- Reporting period: Second Quarter ended July 31, 2025
- Included Exhibit 99.1: Press release regarding financial results
- Included Exhibit 99.2: Supplemental slides for the Q2 FY2026 earnings call
Lakeland Industries, Inc. announced a quarterly dividend declaration of $0.03 per share. The dividend is payable on August 22, 2025, to shareholders of record as of August 15, 2025.
📋 Key Facts
- Dividend amount: $0.03 per share
- Record date: August 15, 2025
- Payment date: August 22, 2025
- Filing date: August 1, 2025
Lakeland Industries, Inc. held its 2025 Annual Meeting of Stockholders on June 12, 2025. The meeting resulted in the election of three Class III directors and the ratification of RSM US LLP as the independent auditor.
📋 Key Facts
- Annual Meeting held on June 12, 2025.
- Thomas J. McAteer, James M. Jenkins, and Nikki L. Hamblin were elected to Class III directors for three-year terms expiring in 2028.
- Stockholders ratified RSM US LLP as the independent registered public accounting firm for the fiscal year ending January 31, 2026.
- Advisory (non-binding) 'Say on Pay' proposal regarding executive compensation was approved with 6,313,903 votes in favor.
Lakeland Industries, Inc. filed an 8-K to announce its financial results for the first quarter ended April 30, 2025. The filing includes a press release and supplemental presentation slides used during the earnings call.
📋 Key Facts
- Reported date: June 9, 2025
- Period covered: First quarter ended April 30, 2025
- Includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Supplemental Slides)
- Earnings call scheduled for June 9, 2025, at 4:30 p.m. ET
The Company's Compensation Committee granted performance-based restricted stock units (PSUs) to several executive officers on May 1, 2025. These awards are tied to specific long-term revenue and EBITDA targets over a four-to-six-year period.
🚩 Red Flags
- None identified in this filing.
📋 Key Facts
- Grant date: May 1, 2025
- Performance metrics include Total Revenue target of $258.7 million, Fire Services revenue target of $161.8 million, and Adjusted EBITDA target of $47.1 million.
- Measurement period: First measurement on January 31, 2029; final measurement on January 31, 2031.
- Threshold for vesting is 80% of the target performance level.
- CEO Jim Jenkins was granted a target of 63,960 PSUs.
- CFO Roger Shannon was granted a target of 48,197 PSUs.
- Officers can earn up to 120% of the target number of PSUs based on performance.
Lakeland Industries, Inc. announced a quarterly dividend declaration of $0.03 per share. The dividend is payable on May 22, 2025, to shareholders of record as of May 15, 2025.
📋 Key Facts
- Dividend amount: $0.03 per share
- Record date: May 15, 2025
- Payment date: May 22, 2025
- Filing date: May 1, 2025
Lakeland Industries, Inc. filed an 8-K to announce its financial results for the fourth quarter and full fiscal year ended January 31, 2025. The filing includes a press release and supplemental presentation slides for their earnings call.
📋 Key Facts
- Reporting period: Fourth quarter and year ended January 31, 2025.
- Filing date: April 9, 2025.
- The company issued a press release (Exhibit 99.1) regarding financial results.
- Supplemental slides for the earnings call were provided (Exhibit 99.2).
- Earnings call scheduled for April 9, 2025, at 4:30 p.m. ET.
Lakeland Industries, Inc. filed an 8-K to disclose a letter to shareholders issued by President and CEO Jim Jenkins on February 11, 2025.
📋 Key Facts
- The filing consists of a shareholder letter from Jim Jenkins (President, CEO, and Executive Chairman).
- The communication is filed under Item 7.01 (Regulation FD Disclosure) and is not considered 'filed' for purposes of Section 18 of the Exchange Act.
- Date of report: February 11, 2025.
Lakeland Industries, Inc. announced the declaration of a quarterly dividend of $0.03 per share. The dividend is payable on February 24, 2025, to shareholders of record as of February 17, 2025.
📋 Key Facts
- Dividend amount: $0.03 per share
- Record date: February 17, 2025
- Payment date: February 24, 2025
Lakeland Industries, Inc. completed a public offering of 1,820,000 shares of common stock at $22.00 per share. The company expects net proceeds of approximately $42.8 million from the transaction.
🚩 Red Flags
- Equity dilution for existing shareholders due to the issuance of new common stock.
📋 Key Facts
- Offered 1,820,000 shares of common stock at a public price of $22.00 per share.
- Underwriters purchased shares at $20.68 per share.
- The underwriters' option to purchase an additional 273,000 shares was exercised in full on January 23, 2025.
- Estimated net proceeds are approximately $42.8 million after discounts and expenses.
- The offering was conducted via a shelf registration statement (Form S-3) effective July 23, 2024.
- The transaction closed on January 24, 2025.
Lakeland Industries, Inc. has acquired Veridian Limited, a manufacturer of firefighter protective gear, for $25 million in an all-cash transaction funded via its revolving credit facility. Simultaneously, the company amended its existing loan agreement with Bank of America to increase liquidity and extend the facility's maturity.
🚩 Red Flags
- Increased leverage: The $25M acquisition was fully funded via debt (revolving credit facility).
- New restrictive covenant: Introduction of a springing Asset Coverage Ratio covenant.
- Indemnification risks: Seller is liable for pre-closing tax, environmental, and product liability matters.
📋 Key Facts
- Acquired 100% of Veridian Limited shares for $25 million on December 16, 2024.
- Transaction includes a $2.5 million holdback for seller indemnification.
- Funding was provided through the company's existing revolving credit facility.
- Amended Loan Agreement (Amendment No. 5) increases revolving credit availability from $40M to $60M through Jan 31, 2026.
- Credit facility maturity extended to December 12, 2029.
- Modified Funded Debt to EBITDA ratio covenant: max 3.5x (stepping down to 3.25x and 3.0x in 2026/2027).
- Introduced a springing Asset Coverage Ratio covenant of at least 1.10x if debt-to-EBITDA exceeds 3.25x.
Lakeland Industries, Inc. filed an 8-K to announce its third quarter financial results for the period ended October 31, 2024. The filing includes a press release and supplemental presentation slides used during the earnings call.
📋 Key Facts
- Reported financial results for Q3 FY2025 (ended Oct 31, 2024) on December 5, 2024.
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Supplemental Slides).
- Earnings call was scheduled for December 5, 2024, at 4:30 p.m. ET.
Lakeland Industries announced the termination of employment agreements for its COO and CFO, transitioning both to at-will status. The company also adopted a new Amended and Restated Executive Severance and Change in Control Plan.
🚩 Red Flags
- Transition of key executives (COO and CFO) from contract-based to at-will employment can sometimes signal internal restructuring or friction, though here it is framed as a policy change.
- Implementation of significant severance multipliers (1.5x - 2x) in the new plan increases potential cash outflows during M&A activity.
📋 Key Facts
- On October 31, 2024, COO Hui (Helena) An terminated her employment agreement; she remains with the company on an at-will basis.
- CFO Roger Shannon received notice of non-renewal of his employment agreement, effective February 1, 2025; he will transition to at-will status thereafter.
- The Company is moving toward operating without formal employment agreements for its executive officers.
- Both An and Shannon were granted 5,000 time-based RSUs vesting on October 31, 2025, subject to continued employment.
- A new Severance and Change in Control Plan was adopted, providing severance multipliers of 2x for the CEO and 1.5x for other executive officers in the event of a Change in Control.
Lakeland Industries, Inc. announced a quarterly dividend declaration of $0.03 per share. The dividend is payable on November 22, 2024, to shareholders of record as of November 15, 2024.
📋 Key Facts
- Dividend amount: $0.03 per share
- Record date: November 15, 2024
- Payment date: November 22, 2024
Lakeland Industries, Inc. filed an 8-K to disclose that management will use a new investor presentation during meetings with institutional investors on October 29 and 30, 2024.
📋 Key Facts
- CEO James M. Jenkins and CFO Roger D. Shannon to meet with institutional investors in Chicago and Milwaukee.
- The meeting dates are scheduled for October 29 and 30, 2024.
- An investor presentation was posted to the company's website under the Investor Relations tab.
- The presentation covers current and long-term operations, performance, and industry conditions.
Lakeland Industries, Inc. dismissed its independent auditor, Deloitte & Touche LLP, effective October 11, 2024, and appointed RSM US LLP as its successor. While the company reports no current disagreements with Deloitte, the dismissal follows a previously reported material weakness in internal controls over financial reporting related to foreign subsidiary currency translation.
🚩 Red Flags
- Auditor change (dismissal of a Big Four firm)
- History of material weakness in internal controls over financial reporting (remediated but noted as a reportable event)
📋 Key Facts
- Deloitte & Touche LLP was dismissed effective October 11, 2024.
- RSM US LLP has been engaged as the successor independent auditor for the quarter ending October 31, 2024.
- The company reported no disagreements with Deloitte on accounting principles or auditing scope during the two most recent fiscal years.
- A material weakness regarding foreign subsidiary currency translation was previously identified in the fiscal year ended January 31, 2023, but was reportedly remediated as of January 31, 2024.
Lakeland Industries, Inc. announced the engagement of MZ Group to lead a strategic investor relations and shareholder communications program.
📋 Key Facts
- Company engaged MZ Group on October 16, 2024.
- The engagement is focused on strategic investor relations and shareholder communications.
- The announcement was made via press release (Exhibit 99.1).
Lakeland Industries, Inc. filed an 8-K to announce its second quarter financial results for the period ended July 31, 2024. The filing includes a press release and supplemental presentation slides for the upcoming earnings call.
📋 Key Facts
- Company announced Q2 FY2025 financial results on September 4, 2024.
- The reporting period ended July 31, 2024.
- An earnings call is scheduled for Wednesday, September 5, 2024, at 12:00 p.m. ET.
- Exhibits include a press release (99.1) and supplemental slides (99.2).
Lakeland Industries, Inc. announced that its Board of Directors has declared a quarterly cash dividend. The dividend is set at $0.03 per share.
📋 Key Facts
- Dividend amount: $0.03 per share.
- Record date: August 15, 2024.
- Payment date: August 22, 2024.
Lakeland Industries, Inc. announced the filing of a shelf registration statement on Form S-3 with the SEC via a press release issued on July 12, 2024.
📋 Key Facts
- The company filed a shelf registration statement on Form S-3.
- The announcement was made via a press release dated July 12, 2024.
- The filing is intended to allow the company to offer securities in the future.
Lakeland Industries, Inc. announced the successful completion of its acquisition of the LHD Group (comprising fire and rescue businesses in Germany, Australia, and Hong Kong) from Kantaras Investments Pte. Ltd.
📋 Key Facts
- Acquisition completed on July 1, 2024.
- The transaction involves the acquisition of all shares of LHD Group Deutschland GmbH, LHD Group Australia Pty Ltd, and LHD Group Hong Kong Ltd.
- The entities acquired constitute the 'fire and rescue business' of Kantaras Investments Pte. Ltd.
- The original Share Sale and Purchase Agreement was previously announced on April 2, 2024.
Lakeland Industries, Inc. reported the results of its 2024 Annual Meeting of Stockholders held on June 13, 2024. Key outcomes included the approval of an Employee Stock Purchase Plan (ESPP) and an amendment to increase authorized shares under the 2017 Equity Incentive Plan.
📋 Key Facts
- Stockholders approved the adoption of the Lakeland Industries, Inc. Employee Stock Purchase Plan (ESPP).
- Stockholders approved an amendment to the 2017 Equity Incentive Plan to increase authorized shares from 840,000 to 1,240,000.
- Deloitte & Touche LLP was ratified as the independent registered public accounting firm for the fiscal year ending January 31, 2025.
- Class II director nominees Martin G. Glavin and Jeffrey T. Schlarbaum were elected to three-year terms expiring in 2027.
- Say-on-pay advisory votes: Compensation was approved on an advisory basis; stockholders voted for a one-year frequency for future say-on-pay votes.
Lakeland Industries, Inc. filed an 8-K to announce its financial results for the first quarter ended April 30, 2024. The filing includes a press release and supplemental presentation slides for the upcoming earnings call.
📋 Key Facts
- Reporting period: First quarter ended April 30, 2024.
- Announcement date of results: June 4, 2024.
- Earnings call scheduled for June 5, 2024, at 12:00 p.m. ET.
- Exhibits include a press release (99.1) and supplemental slides (99.2).
Lakeland Industries, Inc. announced the appointment of James M. Jenkins as President and Chief Executive Officer, effective June 1, 2024. Mr. Jenkins, who is currently serving as Acting CEO and Executive Chairman, will transition from his interim role to the permanent position.
🚩 Red Flags
- Mention of an upcoming 'change in control plan' which may indicate potential M&A activity or restructuring.
📋 Key Facts
- James M. Jenkins appointed President and CEO effective June 1, 2024.
- Mr. Jenkins will continue to serve as Executive Chairman.
- Annual base salary set at $525,000 with a target cash bonus of 100% of base salary.
- Long-term incentive plan (LTIP) includes time-based and performance-based RSUs totaling 100% of base salary annually.
- One-time equity grant: 25,000 time-based RSUs vesting in three years.
- One-time equity grant: 20,000 stock options vesting in three years.
- The company intends to enter into a change in control plan involving Mr. Jenkins.
Lakeland Industries, Inc. announced the declaration of a quarterly dividend of $0.03 per share.
📋 Key Facts
- Dividend amount: $0.03 per share.
- Record date: May 15, 2024.
- Payment date: May 22, 2024.
Lakeland Industries, Inc. announced its participation in the Planet MicroCap Conference scheduled for May 1-2, 2024. The company will host one-on-one meetings with investors and has released a presentation regarding its current and long-term operations.
📋 Key Facts
- Company to present/host one-on-one investor meetings at the Planet MicroCap Conference on May 1-2, 2024.
- Management will use specific materials (Exhibit 99.2) during these meetings addressing current and long-term operations.
- The presentation will be available on the company's website under 'Investor Relations' as of April 30, 2024.
Lakeland Industries, Inc. filed an 8-K to announce its financial results for the fourth quarter and full fiscal year ended January 31, 2024. The filing includes a press release and supplemental presentation slides for the earnings call.
📋 Key Facts
- Reporting period: Fourth quarter and year ended January 31, 2024.
- Earnings call scheduled for April 11, 2024, at 12:00 p.m. ET.
- The filing includes Exhibit 99.1 (Press Release) and Exhibit 99.2 (Supplemental Slides).
Lakeland Industries announced the acquisition of LHD Group's fire and rescue business for approximately $16.7 million, funded via its credit facility. Simultaneously, the company amended its existing Bank of America credit agreement to extend maturity to 2029 and increase revolving availability.
🚩 Red Flags
- The acquisition is debt-funded via the credit facility, increasing leverage.
- Introduction of a springing Asset Coverage Ratio covenant provides additional downside protection for the lender if leverage exceeds 3.0x.
📋 Key Facts
- Acquisition of LHD Group (firefighter turnout gear/services) for EUR 15,400,000 (~$16.7 million USD).
- Transaction funded through the Company's existing credit facility.
- Credit facility expiration extended to March 28, 2029.
- Revolving credit facility availability increased to $40.0 million (with a potential $10.0 million accordion feature).
- Removed borrowing base component from the credit facility.
- Modified Funded Debt to EBITDA Ratio covenant: max 3.5x (stepping down to 3.25x in 2025 and 3.0x in 2026).
- New springing Asset Coverage Ratio covenant of at least 1.10x if Total Leverage Ratio exceeds 3.00x.
- Increased Permitted Acquisition limit to $17.5 million per occurrence and $35.0 million aggregate.
Lakeland Industries, Inc., through its subsidiary Lakeland Global Safety, Ltd., entered into an agreement to acquire Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L. from Minerva Manufacture de chaussures S.A. The acquisition is aimed at expanding the company's footprint in professional footwear for firefighting, military, police, and rescue markets.
📋 Key Facts
- Acquisition of all shares of Jolly Scarpe S.p.A. and Jolly Scarpe Romania S.R.L.
- Purchase price is CHF 8,000,000 (approximately USD $9.3 million).
- Transaction funded through the Company’s existing line of credit.
- Target company (Jolly) specializes in professional footwear for emergency services and military markets.
Lakeland Industries announced a leadership reshuffle effective February 1, 2024, involving the appointment of Executive Chairman James M. Jenkins as Acting President and CEO, alongside Roger D. Shannon taking on the role of Secretary.
🚩 Red Flags
- Appointment of an 'Acting' CEO often suggests sudden leadership vacancy or transition instability.
📋 Key Facts
- James M. Jenkins appointed as Acting President and Chief Executive Officer, effective Feb 1, 2024.
- Roger D. Shannon (current CFO) appointed to the additional role of Company Secretary, effective Feb 1, 2024.
- The Board declared a quarterly dividend of $0.03 per share, payable on February 22, 2024.
- Record date for dividend is February 15, 2024.
Lakeland Industries, Inc. announced the appointment of Martin G. Glavin to its Board of Directors and Audit Committee, effective February 1, 2024.
📋 Key Facts
- Martin G. Glavin appointed as a Class II director on January 11, 2024.
- Effective date of appointment is February 1, 2024.
- Mr. Glavin will serve as a member of the Audit Committee.
- The Board has determined Mr. Glavin is independent per Nasdaq and Rule 10A-3 standards.
- Compensation includes standard annual retainer for non-employee directors, an additional audit committee retainer, equity awards, and expense reimbursement.