ITEM 11
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EXECUTIVE COMPENSATION
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Summary Compensation Table
The following
Summary Compensation Table sets forth information concerning compensation for services rendered in all capacities to the Company and its subsidiaries for Fiscal 2020 and for the fiscal year ended March 31, 2019 (Fiscal 2019) which
was awarded to, earned by or paid to the Companys named executive officers at any time during Fiscal 2020.
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Name and Principal Position
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Fiscal Year
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Salary ($)
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Bonus ($)(1)
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All Other
Compensation ($)
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Total ($)
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Duncan Hon
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2020
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$
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561,600
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$
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$2,307
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$
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563,907
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Chief Executive Officer
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2019
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$
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545,000
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$
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$
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$
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545,000
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Michael Binney
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2020
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$
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156,000
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$60,000
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$2,307
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$
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218,307
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Chief Financial Officer
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2019
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$
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150,808
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$
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$2,307
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$
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153,115
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(1)
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Represents bonus paid during the fiscal year.
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Employment Agreements
During Fiscal
2020, the Company had employment agreements with certain of its named executive officers, each of which is described below.
Duncan
Hon. Duncan Hon, the Companys Chief Executive Officer, entered into an employment agreement, effective April 1, 2011, with Emerson Radio Macao Commercial Offshore Limited, a wholly owned subsidiary of the Company. Such agreement set
forth the terms and conditions pursuant to which Mr. Hon would serve as the Companys Deputy Chief Executive Officer and, subsequently, as Chief Executive Officer. The agreement provided for an annual base salary of 2,925,000 Hong Kong
Dollars (HKD), which was increased to $540,000 in February 2017 and to $561,600 in January 2019, which increase was consistent with increases for the majority of the Companys employees in January 2019, and an annual discretionary
bonus payable at any time as recommended by the Board. The contract extended until the earlier of the retirement of Mr. Hon on the first day of the following month immediately after his 60th birthday, or the termination of the agreement by
either the Company or Mr. Hon upon the delivery from one to the other of one month prior written notice. In June 2016, a supplementary agreement was made to change the earlier of the retirement of Mr. Hon to the first day of the following
month immediately after his 65th birthday. In connection with the Companys dissolution of its Macao subsidiary in 2019, Mr. Hon entered into a new employment agreement, effective as of April 1, 2019, with Emerson Radio (Hong Kong)
Limited, a wholly owned subsidiary of the Company, on substantially the same terms as his previous employment agreement.
Michael
Binney. Michael Binney, the Companys Executive Vice President and Chief Financial Officer, entered into an employment agreement, effective March 9, 2017, with Emerson Radio (Hong Kong) Limited, a wholly owned subsidiary of the
Company. The agreement provides for an annual base salary of $150,000, which was increased to $156,000 in January 2019, which increase was consistent with increases for the majority of the Companys employees in January 2019, and an annual
discretionary bonus payable at any time as recommended by the Board. The contract extends until the earlier of the retirement of Mr. Binney and the first day of the following month immediately after his 65th birthday, or the termination of the
agreement by either the Company or Mr. Binney upon the delivery from one to the other of one month prior written notice. In October 2019, the Board granted to Mr. Binney an aggregate cash retention bonus of $60,000, which will be earned in
three equal installments of $20,000 on each of the first three anniversaries of the retention bonus agreement, effective October 7, 2019, subject to repayment requirements in certain conditions.
Outstanding Equity Awards at Fiscal Year End
None of the Companys named executive officers held any outstanding equity awards at March 31, 2020.
Compensation of Directors
During Fiscal
2020, the Companys directors who were not employees (Outside Directors) were compensated for serving on the Board and on its various committees during the period. The Company does not compensate directors who are employees of the
Company for their services as directors.
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