BAB, Inc. Announces Annual Meeting of Shareholders on June 21, 2024

TL;DR

<b>BAB, Inc. will hold its Annual Shareholder Meeting on June 21, 2024, to elect directors, ratify auditors, and vote on executive compensation.</b>

AI Summary

BAB, INC. (BABB) filed a Proxy Statement (DEF 14A) with the SEC on May 7, 2024. Annual Shareholder Meeting scheduled for June 21, 2024, at 11:00 a.m. in Deerfield, IL. Proposals include election of four Board of Directors members. Shareholders will vote on ratifying Sassetti LLC as the independent registered public accounting firm for the year ending November 30, 2024. Advisory vote on Named Executive Officers' compensation is on the agenda. Shareholders will also advise on the frequency of future executive compensation votes.

Why It Matters

For investors and stakeholders tracking BAB, INC., this filing contains several important signals. Shareholders have the opportunity to directly influence the company's governance by electing directors and providing advisory input on executive compensation. The ratification of the independent auditor is a critical step in ensuring financial transparency and accountability for the fiscal year ending November 30, 2024.

Risk Assessment

Risk Level: low — BAB, INC. shows low risk based on this filing. The filing is a routine proxy statement with no immediate financial or operational changes indicated, suggesting low risk.

Analyst Insight

Shareholders should review the proxy materials carefully to make informed decisions on director elections and executive compensation.

Key Numbers

• 4 — Directors to be elected (To serve for a one-year term expiring at the next Meeting.)
• 11:00 a.m. — Meeting Time (Time of the Annual Meeting of Shareholders.)
• 2024-06-21 — Meeting Date (Date of the Annual Meeting of Shareholders.)

Key Players & Entities

• BAB, Inc. (company) — Registrant and filer of the proxy statement.
• Sassetti LLC (company) — Proposed independent registered public accounting firm.
• Michael W. Evans (person) — President and Chief Executive Officer of BAB, Inc.
• June 21, 2024 (date) — Date of the Annual Meeting of Shareholders.
• November 30, 2024 (date) — Fiscal year end for which the auditor is appointed.

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The company must adhere to all SEC rules and regulations regarding proxy solicitations and shareholder meetings.
• Shareholder Participation [low — operational]: Ensuring adequate shareholder participation in voting is crucial for the legitimacy of the meeting's outcomes.

Industry Context

BAB, Inc. operates in the retail eating places sector. Annual meetings are standard for publicly traded companies to address governance and shareholder interests.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, governing proxy solicitations.

What Investors Should Do

1. Review the proxy statement for details on director nominees and their qualifications.
2. Understand the proposals related to executive compensation and cast an informed advisory vote.
3. Ensure your vote is submitted by the deadline, either online, by phone, or by mail.

Key Dates

• 2024-06-21: Annual Meeting of Shareholders — Election of directors, ratification of auditor, advisory votes on executive compensation.

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC. (Provides detailed information to shareholders regarding company matters to be voted on at the annual meeting.)

Named Executive Officers

The top executive compensation recipients of a company. (Shareholders are asked to provide an advisory vote on their compensation.)

Year-Over-Year Comparison

This is a definitive proxy statement (DEF 14A) filed on May 7, 2024, for the annual meeting scheduled for June 21, 2024. No prior filing details for this specific meeting are available in this snippet.

Key Financial Figures

• $0.001 — nding 7,263,508 shares of Common Stock, $0.001 par value, which is the only outstandin
• $60,000 — services provided by Sassetti LLC were $60,000 and $53,500, respectively. For fiscal y
• $53,500 — ovided by Sassetti LLC were $60,000 and $53,500, respectively. For fiscal years ending
• $11,000 — services provided by Sassetti LLC were $11,000 and $10,600, respectively. The Board o
• $10,600 — ovided by Sassetti LLC were $11,000 and $10,600, respectively. The Board of Directors
• $1,500 — e Company is paid an annual retainer of $1,500 and $400 for every Board of Directors a
• $400 — s paid an annual retainer of $1,500 and $400 for every Board of Directors and Compen
• $100,000 — ary and bonus compensation of more than $100,000 during fiscal years 2023 and 2022 (the
• $9,584 — 401(k) matching funds: 2023 M. Evans $9,584; M. Murtaugh $5,994; G. Conn $5,513 20
• $5,994 — nds: 2023 M. Evans $9,584; M. Murtaugh $5,994; G. Conn $5,513 2022 M. Evans $9,210;
• $5,513 — ans $9,584; M. Murtaugh $5,994; G. Conn $5,513 2022 M. Evans $9,210; M. Murtaugh $5,3
• $9,210 — h $5,994; G. Conn $5,513 2022 M. Evans $9,210; M. Murtaugh $5,312; G. Conn $4,569 Th
• $5,312 — ,513 2022 M. Evans $9,210; M. Murtaugh $5,312; G. Conn $4,569 The following tables s
• $4,569 — ans $9,210; M. Murtaugh $5,312; G. Conn $4,569 The following tables set forth any sto
• $100 — to non-PEO's Value of Initial Fixed $100 Investment Based on Total Shareholde

Filing Documents

• babs20240430_def14a.htm (DEF 14A) — 239KB
• graph1.jpg (GRAPHIC) — 26KB
• mkm01.jpg (GRAPHIC) — 7KB
• mwe01.jpg (GRAPHIC) — 6KB
• proxy01_page1.jpg (GRAPHIC) — 146KB
• proxy01_page2.jpg (GRAPHIC) — 118KB
• 0001437749-24-015034.txt (&nbsp;) — 658KB

Executive Compensation

Executive Compensation 8 Pay Versus Performance Table 10 Proposal 3 - To provide, on an Advisory Basis, Approval on the Compensation of the Company's Named Executive Officers 11 Proposal 4 - To provide, on an Advisory Basis, a Recommendation to Select a Frequency of Future Advisory Votes on Executive Compensation 12 Indemnification of Directors and Officers 13 Section 16(a) Beneficial Ownership Reporting Compliance 13 Certain Transactions 14 Audit Committee 15 Proposal For Fiscal 2024 Annual Meeting 16 Available Information 16 Appendix I BAB, Inc. 500 Lake Cook Road, Suite 475 Deerfield, IL 60015 (847) 948-7520 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JUNE 21, 2024 GENERAL INFORMATION This proxy statement is furnished to shareholders by the Board of Directors of BAB, Inc. (the "Company") for solicitation of proxies for use at the Meeting of Shareholders at 11:00 a.m. on Friday, June 21, 2024 in the Conference Center located at 540 Lake Cook Road (within the Corporate 500 Centre complex), Deerfield, IL 60015, and all adjournments thereof for the purposes set forth. The Board of Directors is not currently aware of any other matters that may or could properly come before the Meeting. Shareholders may revoke proxies before exercise by submitting a later dated proxy or by voting in person at the Meeting. Unless a shareholder gives contrary instructions on the proxy card, proxies will be voted at the Meeting (i) for the election of the nominees named herein and on the proxy card to the Board of Directors; (ii) for the appointment of Sassetti LLC as independent registered public accounting firm of the Company; (iii) to provide, on an advisory basis, approval on the compensation of the Company's Named Executive Officers; (iv) to provide, on an advisory basis, a recommendation to select a three year frequency of future advisory votes on executive compensation and (v) in the discretion of the proxy holder as to other matters whi

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION The following table sets forth the cash compensation by executive officers that received annual salary and bonus compensation of more than $100,000 during fiscal years 2023 and 2022 (the "Named Executive Officers"). The Company has no employment agreements with any of its executive officers. Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Options Awards ($) Nonequity Incentive Plan Compensation (S) Non-qualified deferred Compensation earnings (S) All other compensation ($) Total ($) Michael W. Evans 2023 216,202 23,400 - - - - 9,584 249,186 President and CEO 2022 215,243 15,000 - - - - 9,210 239,453 Michael K. Murtaugh 2023 155,657 15,600 - - - - 5,994 177,251 Vice President and General Counsel 2022 154,967 10,000 - - - - 5,312 170,279 Geraldine Conn 2023 119,832 18,000 - - - - 5,513 143,345 Chief Financial Officer 2022 114,216 - - - - - 4,569 118,785 In fiscal 2023 and fiscal 2022 bonuses were earned and a portion was paid and a portion was waived by Mr Evans and Mr. Murtaugh. Bonuses for Executive Officers that are Directors are determined using measurable financial criteria approved by the Compensation Committee including, but not limited to, company profitability levels and performance in system-wide same store sales. A bonus for the Chief Financial Officer is at the discretion of the Chief Executive Officer. All other compensation includes the Company 401(k) matching funds. (1) 401(k) matching funds: 2023 M. Evans $9,584; M. Murtaugh $5,994; G. Conn $5,513 2022 M. Evans $9,210; M. Murtaugh $5,312; G. Conn $4,569 The following tables set forth any stock or stock options awarded to executive officers that are exercisable and not yet exercised or unexercisable as of November 30, 2023: OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END Name Nu

View Full Filing

View this DEF 14A filing on SEC EDGAR