DEF 14A of Escalade Inc, Mar 27, 2026

DEF 14A of Escalade Inc

Filed Mar 27, 2026 · FY20250001437749-26-009992

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS The Board of Directors has five members. The nominees presented for election include current directors, Richard Baalmann, Jr., Katherine F. Franklin, Walter P. Glazer, Jr., Patrick J. Griffin and Edward E. Williams. Each individual elected as a director at the 2026 Annual Meeting will serve a one year term, expiring at the 2027 Annual Meeting or until their successors are elected and qualified. The Board of Directors unanimously recommends that Messrs. Baalmann, Glazer, Griffin, and Williams and Ms. Franklin be elected as directors. Director candidates are nominated by the independent members of the Board of Directors who serve on the Nominating and Corporate Governance Committee. In making nominations, the Nominating and Corporate Governance Committee obtains input from all members of the Board. As reflected in the Nominating and Corporate Governance Committee’s charter, the Board has determined that a potential candidate to be nominated to serve as a director should have the following primary attributes: high achievement expectations with regard to increasing stockholder value; uncompromising position on maintaining ethics; conservative attitude towards financial accounting and disclosure; and should be a stockholder of the Company to bring the perspective of a stockholder to the Board. The Board believes that the composition of the Board as a whole should reflect broad and diversified business experience with significant financial expertise and knowledge of the Company’s culture. In addition, Board composition should include members with significant understanding of consumer product sales, marketing, e-commerce, operational and manufacturing experience, public company and/or C-Suite knowledge, investment banking, accounting and finance, legal, compliance and risk management acumen. The Board further believes that gender, age, race, and ethnic diversity can enhance the overall perspectives of the Board and of management and can provide additional insights into the needs and desires of our shareholders and customers. Personal attributes, including personality, interest, values and alignment with the Company’s culture, also are important considerations in establishing a dynamic board of directors who can effectively provide strategic oversight and successful execution of the Company’s objectives. In designing and evaluating the composition of the Board when adding or replacing directors, the Board and the Nominating and Corporate Governance Committee consider all of these diverse factors and seek to fill gaps in the mix of priorities, insights and competencies necessary to construct a high quality, effective board of directors. The Board has a board diversity policy which provides that the initial list of candidates from which new management-supported director nominees are chosen by the Board and/or the Nominating and Corporate Governance Committee shall include, but need not be limited to, qualified women and minority candidates. The policy also provides that the Board and/or the Nominating and Corporate Governance Committee will request any third party search firm engaged to assist in preparing such an initial list of potential director nominees to likewise include such candidates. In conjunction with determining the director nominees for election at the 2026 Annual Meeting, neither the Board nor the Nominating and Corporate Governance Committee deemed it necessary to engage a third party search firm to assist in identifying suitable candidates. No fees were paid to any such search firm in connection with the nominees for directors named in this Proxy Statement. Although the Board and the Nominating and Corporate Governance Committee currently believe that the existing Board members and executive management of the Company have various networks of business contacts from which potential candidates can be identified, the Nominating and Corporate Governance Committee intends to explore additional ways to identify diverse candidates in the future if necessary, including the possible engagement of a third party search firm. Upon the Nominating and Corporate Governance Committee narrowing the pool of prospective qualified candidates to fill any openings or new positions on the Board, as many members of the Board as feasible will meet with such candidates to explore the ways in which such candidates can add value to the Board, to the Company, and to the Company’s shareholders and customers. The Board as a whole subsequently will evaluate the candidates using the criteria and principles outlined above. The Nominating and Corporate Governance Committee then will make the final determination of whether or not to nominate a candidate. Under the Company’s Bylaws, director nominations may be brought at an annual meeting of stockholders only by or at the direction of the Board of Directors or by a stockholder entitled to vote who has submitted a nomination in accordance with the requirements of the Company’s Bylaws as in effect from time to time. To be timely under the Bylaws as now in effect, a stockholder notice must be delivered to the Company’s Secretary at the principal executive offices in Evansville, Indiana not less than ninety (90) days prior to the first anniversary of the preceding year’s annual meeting of stockholders. Under this provision, nominations for this year’s Annual Meeting were due by February 5, 2026. The Company has received no nominations for this Annual Meeting. Information with respect to each of the nominees, each of whom is a current director standing for re-election, is set forth as follows: Richard F. Baalmann, Jr. Nominee, Age 66, Director since 2006 Business Experience: President of Bramm Inc., and related companies which operate ACE Hardware stores in the St. Louis, Missouri area (since 1988). Qualifications Relative to Service on the Company’s Board: Our Board concluded that Mr. Baalmann is qualified to serve as a board member because of his 30+ year career in retail marketing and his experience having served on the Board of Ace Hardware Corporation where he acted as Chairman of the Audit and Supply Committees. During 1999-2008, Mr. Baalmann also served on the Nominating and Corporate Governance, Executive and Compensation Committees for Ace Hardware Corporation, where he has gained experience in GAAP and SEC compliance compensation policies and company strategic planning. He is considered an audit committee financial expert under SEC rules. Mr. Baalmann serves on the Company’s Nominating and Corporate Governance Committee and Compensation Committee and also serves as Chairman of the Company’s Audit Committee.

  2. Katherine F. Franklin

    Katherine F. Franklin Nominee, Age 57, Director since 2020 Business Experience: Partner of Key and Kite LLC, providing consulting services since February 2024. Former CEO/Advisor of family entertainment start-up Hidden Pigeon Company (February 2023-January 2024). President, Franchise Development of Lightstorm Entertainment, Inc., a motion picture production company founded by Academy Award winners, director James Cameron and producer Jon Landau (June 2011-February 2023). Principal, Fox Franklin Consulting (2010-2011). Vice President, Global Studio Franchise Development, Disney Consumer Products (2006-2009). Various management roles with The Walt Disney Company (1998-2006). Project Manager/Associate Creative Director, The Jack Morton Company (1997). Qualifications Relative to Service on the Company’s Board: Our Board concluded that Ms. Franklin is qualified to serve as a board member because of her extensive experience in strategic planning for brand and product development, in leading cross-platform marketing of merchandise, games, food, beverages, and other retail products, in establishing digital and social media presence targeted to family audiences, and developing licensing and other long-term relationships with business partners. Her role with Lightstorm Entertainment included overseeing global brand strategy and management for the Avatar movie franchise. Ms. Franklin brings a wide range of leadership, marketing, public relations, and creative skills and insights to our Board. Ms. Franklin has an A.B. degree from Princeton University and a Master’s degree from Columbia University. Ms. Franklin serves on the Company’s Audit Committee and Compensation Committee and also serves as Chairman of the Company’s Nominating and Corporate Governance Committee.

  3. Walter P. Glazer, Jr

    Walter P. Glazer, Jr Business Experience: Former Chief Executive Officer and President (January 2022 – April 2025). Former Interim Chief Executive Officer and President (February 2021 – December 2021). Founder and Chief Executive Officer of Speedball Art Products Company, a manufacturer and worldwide distributor of fine art materials (1997-2021). Senior Vice President, Equity Research Group at Wheat First Securities (1996-1997). Equity Securities Analyst and Director of Research, J.J.B. Hilliard, W.L. Lyons (1986-1995). Property/Casualty Underwriter and Marketing Representative, Crum & Forster (1981-1984). Qualifications Relative to Service on the Company’s Board: Our Board concluded that Mr. Glazer is qualified to serve as a board member because of his background in securities analysis and his senior management experience in manufacturing, consumer products sales and marketing, strategic planning, and capital allocation. Mr. Glazer has an MBA from the Darden School of Business, University of Virginia and a BBA in Risk Management from the University of Georgia. Mr. Glazer is considered an audit committee expert under SEC rules. He currently serves as Chairman of the Company’s Board of Directors.

  4. Patrick J. Griffin

    Patrick J. Griffin Nominee, Age 56, Director since 2009 Business Experience: President and Chief Executive Officer (since March 2026) and formerly Interim President and Chief Executive Officer (since October 2025). Vice President, Corporate Development and Investor Relations for Escalade, Incorporated (August 2012 – October 2025). Previously served as President of Martin Yale Group (2009-2012), Vice President Sales and Marketing, Martin Yale International (2007-2009) and successive product management roles at Escalade Sports (2002-2006). Director of Strategic Services for Edmondson/Quest (2000-2002). Director of Business Development for, Webcentric, Inc. and successively Network Commerce (1999-2000). Strategic Planning Associate for Koch Industries, Inc. (1998-1999). Qualifications Relative to Service on the Company’s Board: Our Board concluded that Mr. Griffin is qualified to serve as a board member because of his history with the Company, his previous position as President of Martin Yale Group and his experience in product management, corporate development, investor relations and strategic planning. Mr. Griffin also holds a Master’s in Business Administration from the University of Michigan at Ann Arbor. Mr. Griffin’s board experience since 2007 included Stiga Sports AB, a Swedish sporting goods company and former 50% owned Escalade joint venture, through May 2018, Escalade International, Ltd. From 2007 through 2013 and Neoteric Industries, Inc. from 2009 through 2017. Since 2024, Mr. Griffin has served on the Regency Properties Board of Managers. Regency owns shopping centers throughout the United States. Since 2004, Mr. Griffin has also served as the Managing Partner of Water Street Partners which invests in the equity of public and private companies as well as real estate.

  5. Edward E. Williams

    Edward E. Williams Nominee, Age 66, Director since 2004 Business Experience: Founder and President of Ballast Tools, Incorporated, a manufacturer of railway track maintenance equipment with locations in U.S. and Canada with worldwide distribution (since 1985). Vice President of Good Earth Tools, Inc., a specialty manufacturer of tungsten carbide protected wear parts located in Crystal City, Missouri (since 1984). Founder and President of Ever Extruder, LLC, a manufacturer and distributor of high production food processing equipment (since 2007). Qualifications Relative to Service on the Company’s Board: Our Board concluded that Mr. Williams is qualified to serve as a board member because of his experience in entrepreneurial management, specifically in the manufacturing industry. In addition, Mr. Williams’ family owned one of the predecessor companies of Escalade, Incorporated, and Mr. Williams has a strong knowledge of the Company’s history. Mr. Williams brings a broad range of management, manufacturing, and sales skills to our Board. During his tenure on the Board, Mr. Williams has gained a good working knowledge of the Company that provides efficiency and continuity to our Board. He is considered an audit committee financial expert under SEC rules. Mr. Williams serves on the Company’s Audit Committee, serves as Chairman of the Company’s Compensation Committee and serves as Lead Independent Director of the Company’s Board of Directors. While there is no reason to believe that any of the persons nominated will, prior to the date of the meeting, refuse or be unable to accept the nomination, should any person nominated so refuse or become unable to accept, it is the intention of the persons named in the proxy to vote for such other person or persons as the directors recommend. The Board does not have a formal policy regarding director attendance at the Annual Meeting. Typically, the Board holds its annual organizational meeting directly following the Annual Meeting, which results in most directors being able to attend the Annual Meeting. All directors attended the 2025 Annual Meeting in person. With the exceptions of Messrs. Walter P. Glazer, Jr., the Company’s former Chief Executive Officer, and Patrick J. Griffin, the Company’s current Chief Executive Officer, the Board has determined that all of the above named nominees meet the independence standards of Rule 5605(a)(2) of the National Association of Securities Dealers listing standards. The Board of Directors unanimously recommends that you vote “FOR” Proposal 1 relating to the election of directors.

  6. Director Compensation

    Director Compensation During 2025, each non-employee director of Escalade, Incorporated received an annual retainer of $58,000. The Chairman of the Board received an additional annual fee of $60,000. The Company’s Lead Independent Director does not receive any additional compensation for serving in that role. Each member of the Audit Committee received an additional annual fee of $5,000, except for the Audit Committee Chairman who received $20,000. Each member of the Compensation Committee received an additional annual fee of $3,000, except for the Compensation Committee Chairman who received $15,000. Each member of the Nominating and Corporate Governance Committee received an additional annual fee of $3,000, except for the Nominating and Corporate Governance Committee Chairman, who received an additional annual fee of $15,000. Each non-employee board member received 4,500 restricted stock unit grants in 2025. The restricted stock units granted vest over two years (one-half one year from grant date and one-half two years from grant date), provided that the director is still with the Company. Directors are reimbursed for their reasonable out-of-pocket expenses incurred in connection with attendance at Board and committee meetings. Under the terms of the Escalade, Incorporated 2017 Incentive Plan, directors can elect to receive some or all of the fees earned in shares of the Company’s common stock. In 2025, there were 7,877 shares of common stock issued pursuant to the plan. Director Glazer received his fees in stock. Directors Baalmann, Franklin and Williams received their fees in cash.

  7. 2025 Director Compensation

    2025 Director Compensation The following table summarizes the compensation earned by or awarded to each non-employee director who served on the Board of Directors during 2025. Compensation paid for 2025 to Mr. Glazer, the Company’s former Chief Executive Officer and President, and to Mr. Griffin, the Company’s Interim President and Chief Executive Officer and former Vice President Corporate Development & Investor Relations, is set forth in the “Executive Compensation - Summary Compensation Table.” In addition to his compensation as the Company’s Chief Executive Officer and President, Mr. Glazer also received compensation for his service on the Board of Directors after his retirement from those positions on March 31, 2025, which is also set forth in the “Executive Compensation – Summary Compensation Table.” Mr. Griffin did not receive any compensation in 2025 for his service on the Board of Directors.

  8. 2025 Director Compensation

    | Name | Fees Earned or Paid in Cash ($)(1) | Stock Awards ($) (2)(3) | All Other Compensation ($) | Total ($) | | Walter P. Glazer, Jr. | 118,000 | 66,915 | 0 | 184,915 | | Edward E. Williams | 81,000 | 66,915 | 0 | 147,915 | | Richard F. Baalmann, Jr. | 84,000 | 66,915 | 0 | 150,915 | | Katherine F. Franklin | 81,000 | 66,915 | 0 | 147,915 |

  9. 2025 Director Compensation

    | (1) For Directors Williams, Baalmann, and Franklin, all fees were paid in cash. For Director Glazer, $118,000 was paid in shares of common stock. |

  10. 2025 Director Compensation

    | (2) The amount recorded in this column is the compensation cost of restricted stock units granted by the Company during the fiscal year under ASC Topic 718, Stock Compensation. The fair value of each grant is estimated on the date of grant using the closing price of the Company’s common stock on the date of grant. |

  11. 2025 Director Compensation

    | (3) As of December 31, 2025, independent directors Williams, Baalmann, and Franklin each had 6,650 unvested restricted stock units. Director Glazer had 78,916 unvested restricted stock units. |

  12. 2026 Director Compensation

    2026 Director Compensation In 2026, the Compensation Committee reviewed the compensation of the non-employee directors and recommended the annual retainer be increased to $60,000. At the board meeting following the 2026 Annual Stockholders’ Meeting, the Compensation Committee intends to award 4,635 restricted stock units to each non-employee board member for 2026. The restricted stock units will vest over two years (one-half one year from grant date and one-half two years from grant date), provided that the director is still with the Company. All other elements of compensation for the non-employee directors remain the same as in 2025.

  13. Compensation Philosophy

    | ● | Align all pay programs with the Company’s annual and long-term business strategies and objectives; and |

  14. Compensation Program; Mix of Pay Components

    | ● | Annual incentive cash bonuses; |

  15. Compensation Program; Mix of Pay Components

    | ● | Long-term equity incentives, recently in the form of restricted stock units; and |

  16. Annual Cash Incentive Bonus

    Annual Cash Incentive Bonus The Compensation Committee has established a profit incentive plan that provides for the payment of cash bonuses if certain performance targets are achieved. Under the plan, the Compensation Committee establishes target performance levels early in each fiscal year, subject to potential changes that the Committee may determine appropriate. The target bonuses for the Company’s named executives in fiscal year 2025 ranged from 90% to 100% of base salary. In conjunction with the completion of the Company’s annual audited financial statements, the bonus pool is finalized based on actual results achieved relative to the performance levels established by the Committee. Allocation of the bonus pool to individual executive officers is determined by the Compensation Committee based upon quantitative and qualitative assessments of the overall Company’s performance relative to the stated objectives, the Company’s strategic position, business performance, and the individual executive officer’s performance. The amount of the bonus pool allocated to the individuals participating in the profit incentive plan for fiscal year 2025 was based primarily upon their target percentages of Company revenues and profits. The Company’s claw back policy applies to all awards to officers under this plan. For 2025, the business results exceeded the minimum threshold for generating a bonus pool. The Compensation Committee evaluated financial, strategic and operational objectives and accomplishments for Mr. Glazer and approved a performance bonus of $100,000 for his tenure of Chief Executive Officer and President. For Mr. Griffin, the Compensation Committee approved a bonus of $162,185. After consultation with Mr. Griffin, the Compensation Committee evaluated financial, strategic and operational objectives and accomplishments for the Chief Financial Officer. The Committee approved a performance bonus of $245,399 for Mr. Wawrin. Consistent with the Compensation Committee’s philosophy of incentivizing long-term performance through compensation tied to the value of the Company’s stock, the Compensation Committee provided certain participants in the profit incentive plan with the ability to receive the 2025 annual cash incentive bonus in shares of Company common stock in lieu of cash. Mr. Griffin elected to receive the full amount of his 2025 annual cash incentive bonus in Company common stock.

  17. Long Term Equity Incentives

    Long Term Equity Incentives Each year, the Compensation Committee determines the amount and character of any long term equity incentive grants to the Company’s executive officers and other eligible employees. The Committee considers equity grants to be an effective incentive to encourage stock ownership by officers and key employees increasing their proprietary interest in the success of the Company, while at the same time discouraging excessive risk through the implementation of the Company’s claw back policy. Unless a different grant date would be necessary to comply with applicable securities laws and regulations, the Committee typically approves long term equity incentive grants to its executive officers and other employees at its regularly scheduled spring meeting and approves grants to its directors at its meeting held immediately after the Company’s Annual Meeting of Stockholders. As the Company has not made grants of stock options, stock appreciation rights or similar instruments with option-like features for many years, it has not adopted any other policies or practices with regard to the timing of such awards. In March 2025, the Compensation Committee approved restricted stock units under the 2017 Incentive Plan for Mr. Glazer, Mr. Wawrin, and Mr. Griffin as part of the Compensation Committee’s annual consideration of appropriate incentive equity awards. The Company granted, as of March 11, 2025, 8,346 restricted stock units to Mr. Glazer, 6,000 restricted stock units to Mr. Wawrin and 5,520 restricted stock units to Mr. Griffin. The restricted stock units granted vest over three years (one-third one year from grant date, one-third two years from grant date, and one-third three years from grant date), provided that the named executive is still employed by the Company on the vesting date. In March 2026, the Compensation Committee approved restricted stock units under the 2017 Incentive Plan for Mr. Griffin and Mr. Wawrin as part of the Compensation Committee’s annual consideration of appropriate incentive equity awards. The Company granted, as of March 5, 2026, 18,480 restricted stock units to Mr. Griffin and 9,822 restricted stock units to Mr. Wawrin. The restricted stock units granted vest over three years (one-third one year from grant date, one-third two years from grant date, and one-third three years from grant date), provided that the named executive is still employed by the Company on the vesting date.

  18. Summary Compensation Table

    Summary Compensation Table The following table sets forth information regarding compensation of the named executive officers of the Company for 2025 and 2024:

  19. Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Director Fees Earned or Paid in Cash ($)(1) | Cash Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | Nonqualified Deferred Compensation Earnings ($) | All Other Compensation ($) | Total ($) | | (a) | (b) | (c) | | (d) | (e) | (f) | (g) | (h) | (i) | (j) | | Walter P. Glazer, Jr. | 2025 | 140,635 | 118,000 | - | 191,938 | - | 100,000 | - | - | 550,573 | | Former President & Chief Executive Officer | 2024 | 515,000 | - | - | 736,509 | - | 414,469 | - | - | 1,665,978 | | Armin Boehm Former President & Chief Executive Officer | 2025 | 293,942 | - | 330,000 | 1,070,357 | - | - | - | 1,032,464 | 2,726,763 | | Patrick J. Griffin | 2025 | 234,044 | - | - | 82,690 | - | 162,185(2) | - | 9,242 | 488,161 | | Interim President & Chief Executive Officer | 2024 | 200,318 | - | - | 80,766 | - | 123,814(2) | - | 12,808 | 417,706 | | Stephen R. Wawrin | 2025 | 342,881 | - | - | 89,880 | - | 245,399 | - | 16,371 | 694,531 | | Chief Financial Officer, Vice President Finance and Secretary | 2024 | 334,269 | - | - | 92,304 | - | 237,586 | - | 16,339 | 680,498 |

  20. Summary Compensation Table

    | (1) Mr. Glazer also received fees of $118,000 in 2025 for his service as the Chairman of the Company’s Board of Directors after he retired as the Company’s Chief Executive Officer and President. Mr. Glazer elected to have these fees paid in 7,877 shares of the Company’s common stock. |

  21. Summary Compensation Table

    | (2) As reported below, Mr. Griffin elected to receive his 2024 and 2025 annual cash incentive bonus payments in stock in lieu of cash. |

  22. Column (h) - Change in Pension Value and Nonqualified Deferred Compensation Earnings

    Column (h) - Change in Pension Value and Nonqualified Deferred Compensation Earnings See “Nonqualified Deferred Compensation”.

  23. Outstanding Equity Awards at Fiscal Year End

    Outstanding Equity Awards at Fiscal Year End The following table outlines outstanding long-term equity-based incentive compensation awards for the Company’s named executive officers as of December 31, 2025.

  24. Outstanding Equity Awards at Fiscal Year End

    | | Option Awards | | | | Stock Awards | | | Name | Number of Securities Underlying Unexercised Options (# ) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($/Share) | Option Expiration Date | Number of Shares or Units of Stock that Have Not Vested (#) | Market Value of Shares or Units of Stock that Have Not Vested ($) (1) | | Walter P. Glazer, Jr. | - | - | - | - | - | - | | | | | | | 78,916 | 1,064,577 | | Armin Boehm | - | - | - | - | - | - | | | | | | | - | - | | Patrick J. Griffin | - | - | - | - | - | - | | | | | | | 11,570 | 156,079 | | Stephen R. Wawrin | - | - | - | - | - | - | | | | | | | 13,577 | 183,154 |

  25. Outstanding Equity Awards at Fiscal Year End

    | (1) The amounts set forth in this column equal the number of unvested restricted stock units multiplied by the closing market price of the underlying common stock ($13.49) on December 31, 2025. |

  26. Nonqualified Deferred Compensation

    Nonqualified Deferred Compensation The Company does not currently maintain any nonqualified deferred compensation plans.

  27. Potential Payments upon Termination or Change in Control

    Potential Payments upon Termination or Change in Control Escalade and Mr. Boehm entered into an Executive Severance Agreement effective upon the commencement of his employment. Under the terms of the agreement, if Escalade would terminate Mr. Boehm’s employment without cause, or if Mr. Boehm would resign for good reason, then Mr. Boehm would receive a payment equal to one year of his base salary. In addition, Escalade would accelerate the vesting of his shares of restricted stock and restricted stock units, vesting one-third of all unvested shares and restricted stock units if the severance occurred less than two years after his employment commenced and vesting two-thirds of all unvested shares and restricted stock units if the severance occurred more than two years after his employment commenced. Mr. Boehm would also receive a proportionate amount of any incentive compensation payable for the year in which such a severance would occur, determined at the end of such year if the incentive criteria were achieved. The agreement had an initial term ending March 31, 2026. On October 29, 2025 as contemplated by the Executive Severance Agreement effective as of April 1, 2025 between the Company and Mr. Boehm, Mr. Boehm and the Company entered into a Waiver, Release, Non-Competition, Non-Solicitation and Non-Disclosure Agreement (the “Separation Agreement”). The material terms of the Separation Agreement provide that: (a) the Company will pay Mr. Boehm an amount equal to his one year base salary on the first pay day in January 2026; (b) the Company will pay him incentive compensation for the portion of fiscal year 2025 prior to the employment end date in the amount of $300,000, less required withholdings, on the first pay day in January in accordance with clause (a) above, such 2025 incentive compensation payment to be the only such incentive compensation payment that Mr. Boehm will receive for fiscal year 2025; and (c) with respect to Mr. Boehm and his family members who were covered by the Company’s medical plan as of the employment end date, he and those family members shall be entitled to continue to participate in the Company’s medical plan in the same manner as then participating and the Company will pay the applicable premiums on his behalf for the twelve months following the employment end date and, after the expiration of such twelve months period, he will be responsible for all such premiums for any additional periods of time for which such health care benefits may continue to be available under the provisions of the Consolidated Omnibus Budget Reconciliation Act or any substantially equivalent successor law (“COBRA”). The Company previously paid to Mr. Boehm his base salary through the employment end date. Additionally, Mr. Boehm agreed to certain covenants in favor of Escalade, including (x) a one year non-competition provision; and (y) Mr. Boehm and Escalade have mutually released the other from any potential claims, except as otherwise provided in the Agreement. Other than the agreement with Mr. Boehm and other than benefits that are generally available to all other salaried employees of the Company, the named executive officers have no agreements that would provide them with any cash payments upon termination of employment with the Company. Upon a change in control of the Company, as defined in the Escalade, Incorporated 2017 Incentive Plan (approved by the Company’s stockholders at the 2017 annual meeting), the vesting of all outstanding restricted stock unit awards would be accelerated if not assumed or substituted for by the resulting company. Based upon the closing stock price of the Company’s common stock as of December 31, 2025 ($13.49), Mr. Glazer, Mr. Griffin and Mr. Wawrin would potentially receive value for unvested stock awards of approximately $1,403,810. Mr. Glazer’s awards have a value of $1,064,577, Mr. Griffin’s awards have a value of $156,079, and Mr. Warin’s awards have a value of $183,154. All restricted stock units expire on or before March 11, 2028. The potential value of unvested stock awards is computed as the closing stock price multiplied by the number of shares.

  28. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE

  29. Pay vs. Performance Table

    Pay vs. Performance Table The following table reports the compensation of the Company’s Principal Executive Officer (“PEO”), referred elsewhere in this Proxy Statement as our Chief Executive Officer and President, and the average compensation of the Company’s other named executive officers (as reported in the Summary Compensation Table under “EXECUTIVE COMPENSATION” for the past three fiscal years), as well as their “compensation actually paid” as calculated pursuant to Item 402(v) of Regulation S-K as adopted by the SEC and certain performance measures required thereunder.

  30. Pay vs. Performance Table

    | Fiscal Year(1) | Summary Compensation Table Total for Walter P. Glazer, Jr., Former Principal Executive Officer (PEO-1)(2) | Compensation Actually Paid to PEO-1 | Summary Compensation Table Total for Armin Boehm., Former Principal Executive Officer (PEO-2)(3) | Compensation Actually Paid to PEO-2 | Summary Compensation Table Total for Patrick J. Griffin, Current Principal Executive Officer (PEO-3)(4) | Compensation Actually Paid to PEO-3 | Average Summary Compensation Table Total for non-PEO Named Executive Officers (NEOs)(5) | Average Compensation Actually Paid to NEOs | Value of initial fixed $100 investment based on Total Shareholder Return(6) | Company Net Income for the Fiscal Year | | 2025 | $550,573 | $529,201(7) | $2,726,763 | $1,656,406(7) | $488,161 | $478,831(7) | $694,531 | $684,269(7) | $148.72 | $13,701,000 | | 2024 | $1,665,978 | $900,236(8) | N/A | N/A | N/A | N/A | $549,102 | $491,250(8) | $150.59 | $12,986,000 | | 2023 | $1,757,737 | $3,299,422(9) | N/A | N/A | N/A | N/A | $460,750 | $577,249(9) | $201.77 | $9,829,000 |

  31. Pay vs. Performance Table

    (1)The Company’s 2025, 2024 and 2023 fiscal years ended on December 31, 2025, December 31, 2024 and December 31, 2023, respectively. All numbers reported in this table relate to the applicable fiscal year. (2)Mr. Glazer served as the Company’s Chief Executive Officer and President from January 1, 2022 until his retirement effective March 31, 20225. He previously served as Interim Chief Executive Officer and President from February 19, 2021 through December 31, 2021. He also served as Chairman of the Board of Directors at all such times and continues in the role currently. Mr. Glazer’s 2025 compensation includes $184,195 received for services as a Company director after his retirement as an executive officer. (3)Mr. Boehm served as the Company’s Chief Executive Officer and President from April 1, 2025 until October 29, 2025. Mr. Boehm’s 2025 compensation includes $805,351 in severance benefits. (4)Mr. Griffin commenced service as the Company’s Interim Chief Executive Officer and President on October 29, 2025 and now serves as the Company’s full-time Chief Executive Officer and President. Previously, Mr. Griffin served as the Company’s Vice President, Corporate Development and Investor Relations since August 2012, and in other roles since 2002. His compensation for fiscal years 2024 and 2023 is included in the calculations for compensation for non-PEO named executive officers. Approximately $375,000 of Mr. Griffin’s 2025 compensation relates to the ten months prior to his becoming the Company’s Interim Chief Executive Officer and President. (5)The non-PEO named executive officer in the Company’s 2025 fiscal year consisted of Stephen R. Wawrin, , the Company’s Chief Financial Officer, Vice President Finance, and Secretary. In each of the Company’s 2024 and 2023 fiscal years, the non-PEO named executive officers were Mr. Wawrin and Mr. Griffin. (6)Calculated based upon the closing price of a share of the Company’s common stock on the last day of its 2022, 2023, 2024 and 2025 fiscal years, which prices were $10.18, $20.09, $14.28 and 13.49, respectively. (7)The amounts reported as “Compensation Actually Paid” in 2025 to Messrs. Glazer, Boehm, Griffin and Wawrin have been calculated in accordance with Item 402(v) of SEC Regulation S-K. As required by Item 402(v), the following adjustments were made to each such individual’s 2025 total compensation in order to compute “compensation actually paid”:

  32. Pay vs. Performance Table

    | | Walter P. Glazer, Jr. (PEO-1) | Armin Boehm (PEO-2) | Patrick J. Griffin (PEO-3) | Average NEOs | | Total Compensation Reported in Summary Compensation Table(a) | $550,573 | $2,726,763 | $488,161 | $694,531 | | Minus Fair Value of Equity Awards made in 2025(b) | (309,938) | (1,070,357) | (206,504) | (89,880) | | Plus Fair Value of Equity Awards granted in 2025 that are outstanding and unvested at end of 2025(c) | 173,293 | 0 | 74,465 | 80,940 | | Plus Change in Fair Value of Equity Awards granted prior to 2025 that are outstanding and unvested at end of 2025(d) | (52,195) | 0 | (4,780) | (5,986) | | Plus Fair Value of Equity Awards granted in 2025 that vested in 2025(e) | 118,000 | 0 | 123,814 | 0 | | Plus Change in Fair Value of Equity Awards granted prior to 2025 that vested in 2025(f) | 49,468 | 0 | 3,675 | 4,664 | | Minus Fair Value of Equity Awards granted prior to 2025 that failed to meet applicable vesting conditions | 0 | 0 | 0 | 0 | | Total | $529,201 | $1,656,406 | $478,831 | $684,269 |

  33. Pay vs. Performance Table

    (a) See Column (k) of Summary Compensation Table under “EXECUTIVE COMPENSATION”. (b) See Columns (e) and (g) of Summary Compensation Table under “EXECUTIVE COMPENSATION”. (d) Calculated based on difference between 12/31/25 stock price ($13.49) and 12/31/24 stock price ($14.28). (e) Calculated based on vesting date stock price. See footnotes to Summary Compensation Table under “EXECUTIVE COMPENSATION”. (8)The amounts reported as “Compensation Actually Paid” in 2024 to Messrs. Glazer, Wawrin and Griffin have been calculated in accordance with Item 402(v) of SEC Regulation S-K. As required by Item 402(v), the following adjustments were made to each such individual’s 2024 total compensation in order to compute “compensation actually paid”:

  34. Pay vs. Performance Table

    | | Walter P. Glazer, Jr. (PEO) | Average NEOs | | Total Compensation Reported in Summary Compensation Table(a) | $1,665,978 | $549,102 | | Minus Fair Value of Equity Awards made in 2024(b) | (736,509) | (86,535) | | Plus Fair Value of Equity Awards granted in 2024 that are outstanding and unvested at end of 2024(c) | 820,386 | 96,390 | | Plus Change in Fair Value of Equity Awards granted prior to 2024 that are outstanding and unvested at end of 2024(d) | (572,813) | (38,988) | | Plus Fair Value of Equity Awards granted in 2024 that vested in 2024(e) | 0 | 0 | | Plus Change in Fair Value of Equity Awards granted prior to 2024 that vested in 2024(f) | (276,806) | (28,719) | | Minus Fair Value of Equity Awards granted prior to 2024 that failed to meet applicable vesting conditions | 0 | 0 | | Total | $900,236 | $491,250 |

  35. Pay vs. Performance Table

    (a) See Column (k) of Summary Compensation Table under “EXECUTIVE COMPENSATION.” (b) See Column (g) of Summary Compensation Table under “EXECUTIVE COMPENSATION.” (d) Calculated based on difference between 12/31/24 stock price ($14.28) and 12/31/23 stock price ($20.09). (e) Calculated based on vesting date stock price. See Column (e) of Summary Compensation Table under “EXECUTIVE COMPENSATION”. (9) The amounts reported as “Compensation Actually Paid” in 2023 to Messrs. Glazer, Wawrin and Griffin have been calculated in accordance with Item 402(v) of SEC Regulation S-K. For purposes of this footnote 9, except as otherwise noted, see the Company’s 2024 Proxy Statement for all references to the Summary Compensation Table under “EXECUTIVE COMPENSATION”. As required by Item 402(v), the following adjustments were made to each such individual’s 2023 total compensation in order to compute “compensation actually paid”:

  36. Pay vs. Performance Table

    | | Walter P. Glazer, Jr. (PEO) | Average NEOs | | Total Compensation Reported in Summary Compensation Table(a) | $1,757,737 | $460,750 | | Minus Fair Value of Equity Awards made in 2023(b) | (1,346,873) | (145,200) | | Plus Fair Value of Equity Awards granted in 2023 that are outstanding and unvested at end of 2023(c) | 1,673,698 | 139,435 | | Plus Change in Fair Value of Equity Awards granted prior to 2023 that are outstanding and unvested at end of 2023(d) | 853,271 | 51,522 | | Plus Fair Value of Equity Awards granted in 2023 that vested in 2023(e) | 282,171 | 56,500 | | Plus Change in Fair Value of Equity Awards granted prior to 2023 that vested in 2023(f) | 79,418 | 14,242 | | Minus Fair Value of Equity Awards granted prior to 2023 that failed to meet applicable vesting conditions | 0 | 0 | | Total | $3,299,422 | $577,249 |

  37. Pay vs. Performance Table

    (a) See Column (k) of Summary Compensation Table under “EXECUTIVE COMPENSATION.” (b) See Columns (e) and (g) of Summary Compensation Table under “EXECUTIVE COMPENSATION.” (d) Calculated based on difference between 12/31/23 stock price ($20.09) and 12/31/22 stock price ($10.18). (e) Calculated based on vesting date stock price. See Column (e) of Summary Compensation Table under “EXECUTIVE COMPENSATION”. (f) Calculated based on difference between vesting date stock price and 12/31/22 stock price ($10.18).

  38. Relationship Between Compensation Actually Paid and Presented Company Performance Measures

    Relationship Between Compensation Actually Paid and Presented Company Performance Measures Compensation Actually Paid. The amounts of “Compensation Actually Paid” shown in the above Pay vs. Performance Table have been calculated as required by Item 402(v) of SEC Regulation S-K. Such calculated amounts do not represent the actual amount of compensation earned by or paid to such individuals in the fiscal years shown. Item 402(v) also requires that the Company’s total shareholder return (TSR) and net income for each of the fiscal years shown be included in the Pay vs. Performance Table as Company performance measures. While the Compensation Committee considers TSR and net income in determining executive compensation, the Committee also utilizes various other performance measures in seeking to align executive compensation with the Company’s performance as well as certain subjective measures, all as described in more detail under “Compensation Discussion and Analysis (CD&A).” Relationship Between Compensation Actually Paid, TSR and Net Income. As discussed below in more detail, the Company believes that “compensation actually paid” with respect to its named executive officers generally aligns with the Company’s TSR and net income in fiscal years 2025, 2024 and 2023, and with the market price performance of the Company’s stock. The Company’s cumulative total shareholder return decreased by approximately 1.2% in fiscal year 2025 compared to fiscal year 2024, which decrease followed an approximately 25.4% decrease in TSR in fiscal year 2024 compared to fiscal year 2023. The Company’s fiscal year end stock price decreased by approximately 5.5% in fiscal year 2025 compared to fiscal year 2024, which decrease followed an approximately 29.0% decrease in fiscal year end stock price compared to fiscal year 2023. Net income for fiscal year 2025 increased approximately 5.5% compared to fiscal year 2024, which increase followed an approximately 32.1% increase in net income compared to fiscal year 2023. Accordingly, there does not appear to be a direct correlation between the Company’s TSR and net income. With respect to fiscal years 2025 and 2024, the Company’s TSR and stock price declined notwithstanding substantial increases in net income. Compensation actually paid in the aggregate to Messrs. Glazer, Boehm and Griffin in fiscal year 2025 as shown in the above table was significantly impacted by the inclusion of director fees paid to Mr. Glazer, the one-time payments of a signing bonus and of severance benefits to Mr. Boehm, and the inclusion of Mr. Griffin’s full year compensation notwithstanding his serving as the Company’s principal executive officer for only the final two months of the year. Excluding the impact of those factors, aggregate compensation actually paid to the Company’s principal executive officers would have been approximately $965,000, an increase of approximately 7.2% compared to fiscal year 2024. Compensation actually paid to Mr. Wawrin in fiscal year 2025, the Company’s only non-PEO named executive officer reflected in the above table, increased by approximately 12% compared to fiscal year 2025. In fiscal year 2025 compared to fiscal year 2024, the Company’s TSR decreased approximately 1.2%, the Company’s fiscal year end stock price decreased by approximately 5.5%, and the Company’s net income increased by approximately 5.5%. Because executive officer compensation is linked to both corporate performance and stockholder value, overall “compensation actually paid” in 2025 increased largely due to the Company’s improved net income. Nonetheless, a significant portion of executive officer compensation is directly linked to the Company’s stock performance, such that decreased stock value partially offset the compensation increases otherwise realized by the Company’s executive officers other than for Mr. Boehm, whose compensation was entirely paid in cash. In fiscal year 2024 compared to fiscal year 2023, the Company’s TSR decreased by approximately 25.4%, the Company’s fiscal year end stock price decreased by approximately 28.9%, and the Company’s net income increased substantially by approximately 32.1%. Because executive officer compensation is substantially related to stock performance, “compensation actually paid” in 2024 substantially decreased notwithstanding that the annual incentive compensation paid to executive officers for fiscal year 2024 significantly increased largely due to the Company’s improved net income. Accordingly, notwithstanding that the Company’s TSR and net income are not in direct alignment, the Company believes that the amount of “compensation actually paid” bears a significant correlation to the Company’s total shareholder return, particularly as to stock-based incentive compensation, and to the Company’s net income, particularly as to annual incentive compensation, for the fiscal years shown above.