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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934)
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Soliciting Material under §240.14a-12
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AeroCentury Corp. |
(Name of Registrant as Specified In Its Charter) |
Lee G. Beaumont |
(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
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Lee G. Beaumont
2090 Centro Street, East
Tiburon, California 94920
April 13, 2015
To
My Fellow AeroCentury Corp. Stockholders:
I am furnishing this proxy statement and the accompanying GOLD proxy card to stockholders of AeroCentury Corp. (the
"Company") in connection with my solicitation of proxies to be used at the Company's 2015 annual meeting of stockholders (the
"Annual Meeting"). The Annual Meeting is scheduled to be held on Thursday, May 7, 2015, at 12:00 p.m. at the Hiller Aviation Museum, 601
Skyway Road, San Carlos, California. This proxy statement and the accompanying GOLD proxy card are first being furnished to stockholders on or about
April 13, 2015.
At
the Annual Meeting, I am seeking election to the board of directors of the Company (the "Board"). I am using this proxy statement to
solicit proxies from holders of the Company's common stock, par value $0.001 per share (the "Common Stock"), to vote for my election to the Board, and
to vote on the other proposals identified in this proxy statement. As one of the Company's largest stockholders, I would represent a strong, independent voice on the Board. As a director, I will be
committed to acting in the best interests of all of the stockholders of the Company, and I urge you to vote your GOLD proxy card to elect me to the
Board.
Only
stockholders of record at the close of business on March 16, 2015 (the "Record Date") are entitled to attend and vote at the
Annual Meeting and any adjournments or postponements thereof. Stockholders of record at the close of business on the Record Date will be entitled to one vote at the Annual Meeting for each share of
Common Stock held on the Record Date with regard to each matter to be voted upon.
Whether
or not you plan to attend the Annual Meeting, I urge you to vote for my election to the Board by signing, dating and returning the enclosed GOLD proxy card in the postage-paid envelope, or by voting via
the Internet or telephone. I URGE YOU NOT
TO RETURN ANY WHITE PROXY CARD SENT TO YOU BY THE COMPANY. Please note that if you submit a WHITE proxy card to WITHHOLD your vote with respect to any
of the Company's nominees, that submission will not cause your shares to be counted as a vote FOR me,
and will revoke any prior GOLD proxy card that you may have submitted. If you want to vote for me, use only the GOLD card.
Also,
if you hold your shares of Common Stock in a stock brokerage account or by a bank or other nominee, only they can exercise voting rights with respect to your shares and only upon
receipt of your specific instructions. Accordingly, it is critical that you promptly contact the person responsible for your account and give instructions to vote the GOLD proxy card.
If
you have any questions or require any assistance in executing your proxy, please call my proxy solicitor, D.F. King & Co., Inc. ("DF
King") at (800) 859-8511.
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Sincerely, |
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Lee G. Beaumont |
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2015 ANNUAL MEETING OF STOCKHOLDERS
OF
AEROCENTURY CORP.
To
Be Held on May 7, 2015
PROXY STATEMENT OF LEE G. BEAUMONT
I
am furnishing this proxy statement and the accompanying GOLD proxy card to stockholders of AeroCentury Corp. (the
"Company") in connection with my solicitation of proxies to be used at the Company's 2015 annual meeting of stockholders (the
"Annual Meeting"). The Annual Meeting is scheduled to be held on Thursday, May 7, 2015. Only stockholders of record at the close of business on
March 16, 2015 (the "Record Date") are entitled to attend and vote at the Annual Meeting and any adjournments or postponements thereof.
I
am soliciting your proxy for the Annual Meeting (and any adjournments or postponements thereof) for the following purposes:
- 1.
- To
vote FOR my election to the board of directors of the Company (the "Board");
- 2.
- To
vote AGAINST, in an advisory (non-binding) vote, the Company's executive compensation as disclosed in the proxy statement filed by the Company on
March 13, 2015;
- 3.
- To
vote FOR the ratification of the selection of BDO USA, LLP as independent registered public accounting firm for the Company for the fiscal year
ending December 31, 2015; and
- 4.
- To
transact such other business as may properly come before the Annual Meeting (and any adjournments or postponements thereof).
I
am not aware of any other matters to be brought before the Annual Meeting other than as set forth in this proxy statement. Should any other matters be brought before the Annual
Meeting, the proxies identified in the GOLD proxy card will vote the shares that they have been authorized to represent in accordance with their
discretion. I am making this solicitation on behalf of myself, and not on behalf of the Board or management of the Company.
I
am not seeking the authority to vote for, and will not vote for, the election of Mr. Thomas W. Orr as a director of the Company. Stockholders who vote on the enclosed GOLD proxy card will have the
opportunity to vote for the other candidate nominated by the Company for the two seats on the Board that are up for
election at the Annual Meeting. This gives stockholders who want to vote for me the ability to use the GOLD proxy card to vote for an additional
candidate to fill the second seat.
For
your information, the mailing address of the principal executive office of the Company is 1440 Chapin Avenue, Suite 310, Burlingame, CA 94010. According to the Company, as of
the Record Date, there were 1,543,257 shares of common stock outstanding. I am the beneficial owner of 150,950 of those shares.
I
URGE YOU TO SIGN, DATE AND RETURN THE GOLD PROXY CARD IN FAVOR OF MY ELECTION TO THE BOARD.
I
URGE YOU NOT TO SIGN ANY WHITE PROXY CARD SENT TO YOU BY THE COMPANY. IF YOU HAVE ALREADY DONE SO, YOU MAY REVOKE YOUR PROXY BY
DELIVERING A LATER-DATED GOLD PROXY CARD IN THE ENCLOSED POSTAGE-PREPAID ENVELOPE, BY EXECUTING A VOTE VIA THE INTERNET OR TELEPHONE, OR BY VOTING IN
PERSON AT THE ANNUAL MEETING.
IF
YOU HOLD YOUR SHARES OF COMMON STOCK IN A STOCK BROKERAGE ACCOUNT OR BY A BANK OR OTHER NOMINEE, ONLY THEY CAN EXERCISE VOTING RIGHTS WITH RESPECT TO YOUR SHARES AND ONLY UPON RECEIPT
OF YOUR SPECIFIC INSTRUCTIONS. ACCORDINGLY, I URGE YOU TO PROMPTLY CONTACT THE PERSON RESPONSIBLE FOR YOUR ACCOUNT AND GIVE INSTRUCTIONS TO VOTE THE GOLD PROXY CARD.
Important Notice Regarding the Availability of Proxy Materials for the
Stockholder Meeting to Be Held on Thursday, May 7, 2015
This proxy statement and the GOLD proxy card are available at
https://www.dfking.com/acy
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IMPORTANT
Your vote is important, no matter how many shares you own. I urge you to sign, date and return the enclosed
GOLD proxy card today to vote FOR my election to the Board.
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- If your shares are registered in your own name, please use the GOLD proxy card to vote
by signing and dating the enclosed GOLD proxy card and returning it in the enclosed postage-paid envelope today.
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- If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the beneficial owner of the
shares, and these proxy materials are being forwarded to you by your broker or bank. If you have received a GOLD voting instruction form, you can vote
in one of the following ways:
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- By signing, dating and mailing the voting instruction form in the enclosed pre-paid envelope;
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- By telephone by calling the telephone number provided and following the instructions; or
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- By Internet using the instructions included with your materials.
If
a GOLD voting instruction form has not been provided, you must call your broker or bank and give the person responsible for your
account instructions about how you would like them to vote on your behalf.
Because
only your latest dated proxy card will count, we urge you not to return any proxy card you receive from the Company. Even if you return a WHITE proxy card marked "WITHHOLD" as a
protest, it will revoke any GOLD proxy card you may have previously sent to us. Remember, you can vote for me only on the GOLD proxy card. So please make
certain that the latest dated proxy card you return is the GOLD proxy
card.
If
you have any questions, require assistance in voting your GOLD proxy card, or need additional copies of my proxy materials, please
contact:
D.F. King & Co., Inc.
48 Wall Street
New York, NY 10005
Toll-free: (800) 859-8511
Banks and brokers: (212) 269-5550
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REASONS FOR THE SOLICITATION AND INFORMATION ABOUT LEE G. BEAUMONT
I am one of the largest stockholders of the Company, beneficially owning approximately 9.8% of the outstanding shares as described
herein. I have spent my entire 34-year career in finance, aviation maintenance, and aircraft / aircraft engine leasing and trading. As a significant stockholder, my interests
are aligned with my fellow stockholders and I desire first and foremost to help stockholders unlock the value of their investment in the Company. I believe that the Company's
financial difficulties (discussed below) will continue without fundamental changes in the Company's business and significant modifications to the Company's corporate governance practices.
According
to public filings, all management of the Company is performed by Jet Fleet Management Corp. ("JMC"), a company controlled by a husband and wife teamthe Chief
Executive Officer of the Company ("CEO") and the Chief Financial Officer of the Company ("CFO"), respectively. JMC has a lucrative 20-year management agreement (the "JMC Agreement") with the Company
that was not negotiated at arms-length. According to the Company's annual reports, during 2014, 2013 and 2012, JMC was paid $6,028,900 (net of the $1.2 million waiver discussed below);
$5,740,700; $5,491,200 in management fees, asset acquisition fees and re-marketing fees, respectively.
Over the lifetime of the JMC Agreement (since 1998), JMC has been paid approximately $60 million in fees. Further, the Company has acknowledged that this structure creates conflicts of interest
for the CEO and CFO as owners of JMC and as officers and directors of the Company.
On March 3, 2015 and (after I announced I would solicit proxies for election of the Board), the Company announced a one-time waiver of the $1.2 million management fee for
JMC relating to the 4th quarter of 2014 (but did not address whether it charged other fees during the quarter). With a reported net income for the 4th quarter
of 2014 of $0.5 million, the Company would have incurred a loss for the quarter without such waiver. In fact, the Company acknowledged in the proxy statement filed by the Company on
April 8, 2015 (the "Company Proxy Statement") that it waived the fee to enable the Company to comply with certain financial covenants contained in its credit facility. My learned opinion that
the rates charged by JMC for the services rendered are far too high given the Company's relatively small aircraft / aircraft engine leasing portfolio size and limited portfolio transactions. I believe
the excessive fees being paid for management services and other structural arrangements at the Company not only hurt stockholder value and entrench management but are also contrary to basic principles
of good corporate governance. Therefore, it is imperative that the Board immediately seek to modify the terms of the JMC Agreement and any related arrangements (including the payment of asset
acquisition fees and remarketing fees to JMC in addition to the management fees) to be more beneficial to the Company and the stockholders. The Board must actively explore the elimination of any
outside management firm when the JMC Agreement expires in 2018. It would be my intent to encourage the independent board members to propose the restructuring of the JMC Agreement and/or open the
management of the portfolio to a competitive bid in order to ensure stockholders are receiving the best value for the lease portfolio management in this market. While I will attempt to advance such
agenda if elected, as a single board member on the Board, I will not have the ability to affect change without the agreement of a majority of the Board, which cannot be guaranteed.
According
to my review of the Company's annual reports and the Company's stock prices and independent research reports, the Company's stock price has traded since at least 2012 at a
substantial discount to book value. At March 16, 2015, the Company's stock price was approximately 60% of book value. This is particularly disheartening given that the broad stock market, and
more specifically the airline industry (according to a press release from the International Air Transport Association dated December 10, 2014), is enjoying a prosperous period. According to an
independent research report by The Street Ratings dated March 22, 2015, as compared to other companies in the industry and the overall market, the Company's return on equity significantly
trails that of both the industry average and the S&P 500. In my opinion, the Company's stock price has also suffered due to the Company having record high levels of aircraft and engines
off-lease for extended periods of time. In my view, the
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Company's
announcement of new lease transactions on December 16, 2014 failed to ameliorate the situation as the stock price continued to decline for several weeks thereafter. An independent
research report by ConvergEx Group dated March 24, 2015 shows that the five-year historical earnings per share growth rate has declined 7.8%. Ostensibly, I believe the Company
has not
promulgated long-term strategy for improved financial condition that resonates with stockholders, since as of March 22, 2015, the stock price is down by 33.47% compared to where it was a year
ago.
Even
if the Company was able to significantly retool its business model, I believe it is unlikely that the stockholders would be able to unlock the value of their equity because of the
low volume of trading activity in the Common Stock that has persisted for many years. In my opinion, the low trading volume for the Company is due in part to the existence of a stockholder rights
agreement, and excessive fees being paid to JMC that is overly reducing the Company's net income. I would encourage the board to move to rationalize JMC's fees bringing them back to industry standards
and work to remove the stockholder rights agreement. Based on my experience in the industry, I believe the Company's portfolio, which targets longer-term leases (three-to-seven year lease terms
according to the Company Proxy Statement), could be managed for less than half of which JMC currently charges. At the very least, I believe the Company should test the market to ensure that JMC's fees
are competitive.
In
addition to the complex suite of anti-takeover mechanisms (including a poison pill and staggered board structure) that could deter potential acquirers, the JMC Agreement contains a
termination fee that, according to the Company Proxy Statement, would be $13,333,169 if the JMC Agreement had been terminated on February 1, 2015. By way of comparison, the market
capitalization of the Company as of March 27, 2015 is $18.05 million. I do not believe that a party would be willing to acquire the Company with the JMC Agreement in place. Further, JMC
effectively controls whether the Company is sold because if JMC does not approve of a sale transaction, JMC will be entitled to receive penalties appearing to exceed $9 million.
I
believe the Board should form a committee consisting solely of independent directors to review all strategic alternatives available to the Company, including the sale of the
Company. I had previously stated that I believe the value of the Company would best be realized through a sale of the Company. On December 5, 2014, a company that I control made a proposal to
enter into a merger agreement with the Company to exchange all of the outstanding Common Stock for $12.50 per share in cash, which price represented a premium of approximately 50% to the closing price
of the Common Stock on December 3, 2014. The Company declined such proposal. On January 9, 2015, I even agreed to consider increasing the proposal if the outside directors would agree in
good faith to negotiate. I received no response whatsoever and the offer was withdrawn on January 14, 2015. Therefore, I decided the best way to increase stockholder value was to seek
representation on the Board. For a description of my other prior business dealings with the Company, please refer to Annex A of this proxy
statement.
If
elected, I understand I have an obligation to act in the best interests of the Company and its stockholders in accordance with my duties as a director. I am not seeking control of the
Board at the 2015 Annual Meeting. If elected, I would be only one of six Directors and would not be able to adopt resolutions or otherwise cause the Board to act. However, I intend to be able to
actively engage other Board members in full discussion of the issues facing the Company and attempt to resolve such issues in a constructive manner. I believe that the attributes, skills and
qualifications that I have obtained through my extensive experience in finance, aviation maintenance, and aircraft / aircraft engine leasing and trading will provide the Board and the Company with
valuable industry knowledge and management experience. I believe I can affect positive change for the Company and will bring a fresh and independent perspective to the strategic review process.
Among
the corporate governance practices I believe should be addressed are the following:
- 1.
- Establish
a nominating committee of the Board consisting solely of independent directors with the authority to make (not just recommend) nominations to the
Board;
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- 2.
- Modify
the executive officer positions as such that the CEO and CFO positions are not held by a husband and wife as is currently the case with
Mr. Crispin and Ms. Perazzo. It should be noted that the CEO and CFO are the officers who are required to certify the Company's quarterly and annual filings pursuant to the
Sarbanes-Oxley Act.
- 3.
- Terminate
the Stockholder Rights Agreement, dated December 1, 2009 (the "Stockholder Rights Agreement"), which restricts stockholder ownership above
15% without the Board's permission, or alternatively submit the Stockholder Rights Agreement to stockholder approval as soon as practicable;
- 4.
- Establish
an Executive Committee of the Board which consists of persons other than the CEO and CFO as is presently the case;
- 5.
- Advocate
that the Board immediately seek to modify the terms of the JMC Agreement and any related arrangements to be more beneficial to the Company and the
stockholders, address conflicts of interest created by the JMC Agreement, and actively explore the elimination of any outside management firm when the JMC Agreement expires in 2018; and
- 6.
- The
independent directors (or a committee thereof), should undertake procedures to review and verify all fees and any other payments made by the Company to
JMC and provide reasonably detailed information to the stockholders regarding the calculation of such payments.
There
are two seats up for election. I intend to use the proxies given to me to vote for myself and for the one candidate nominated by the Board other than Mr. Thomas W. Orr.
For
the reasons described in detail above, I represent the superior candidate when compared with Mr. Thomas W. Orr.
For
these reasons, I urge you to vote your GOLD proxy card to elect me to the Board.
*
* *
Additional
information about me, including information about my background and my beneficial ownership of the Company's securities, is set forth under the section of this proxy statement
titled "Proposal 1: Election of Directors" and in Annex A and Annex B to this proxy
statement, each of which is incorporated herein by reference. Except as set forth in this proxy statement (including in Annex A or Annex B):
-
- I am not, nor within the past year have I been, a party to any contract, arrangement or understanding with any persons with respect to
any securities of the Company, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profits, divisions of losses or
profits, or the giving or withholding of proxies;
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- I am not, nor within the past year have I been, a party to, and neither I nor my family members have had a direct or indirect material
interest with respect to, any transaction or series of similar transactions since the beginning of the Company's last fiscal year to which the Company or any of its subsidiaries was or is a party, in
which the amount involved exceeds $120,000;
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- I have not been convicted in a criminal proceeding nor am I a named subject of a pending criminal proceeding (excluding traffic
violations and similar misdemeanors) during the past ten years; and
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- I do not have any arrangement or understanding with any person with respect to any future employment by the Company or its affiliates
or with respect to any future transactions to which the Company or any of its affiliates will or may be a party.
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PROPOSAL 1: ELECTION OF DIRECTORS
According to the proxy statement filed by the Company on April 8, 2015 (the "Company Proxy
Statement"), two of the Company's six directors will be elected at the Annual Meeting. The term of office of a person elected as a director at the Annual Meeting will continue
until the 2018 Annual Meeting of Stockholders or until the director's resignation, or removal or successor has been elected.
As
stated in the Company Proxy Statement, directors of the Company will be elected on a plurality basis, meaning the two nominees who receive the greatest number of votes "For" at the
Annual Meeting will be elected.
About this Solicitation
Pursuant to this proxy statement, I am soliciting proxies from holders of Common Stock to vote for my election as a director at the
Annual Meeting. I intend to use this proxy to vote for myself and for the candidate nominated by the Board other than Mr. Thomas W. Orr.
As
discussed above in the section titled "Reasons for the Solicitation and Information about Mr. Beaumont," I believe you should give me your proxy for the following reasons,
among others:
-
- As a significant stockholder, my interests are aligned with my fellow stockholders and I desire first and foremost to help
stockholders unlock the value of their investment in the Company. While I previously sought to acquire the Company, such proposal has been rescinded given the Company's lack of response. Therefore, I
am seeking election to the Board as an alternative means to increase the Company's stock price and have no current conflicts of interest. If elected, I will act only in the best interests of the
stockholders. I have no current intentions to make another proposal to acquire the Company, but if this were to change, I would recuse myself from any Board proceeding regarding such offer and abide
by the Company's conflict of interest policy.
-
- I believe that the attributes, skills and qualifications that I have obtained through my extensive experience in finance, aviation
maintenance, and aircraft / aircraft engine leasing and trading will provide the Board and the Company with valuable industry knowledge and management experience.
-
- I will bring a fresh and independent perspective to the strategic review process, especially in regards to the JMC Agreement and
Stockholder Rights Agreement.
Please
refer to the Company Proxy Statement for the backgrounds and qualifications of the Company's nominees, and certain other information about them. There is no assurance that either
of the Company's nominees will serve as a director if I am elected.
I
am not seeking the authority to vote for, and will not vote for, Mr. Thomas W. Orr.
Additional Information About Me
I am currently the President and Chief Executive Officer of BeauTech Power Systems, LLC, a Texas limited liability company
("BPS") formed in September 2011 that is primarily engaged in the ownership, leasing and sale of jet turbine engines and parts. I have been involved in
BPS inception. BPS does not, to its knowledge, currently have any projects directly in competition with the Company. However, if any conflicts of interest were to arise while I was on the Board, I
would comply with the Company's conflicts of interest policy and act only in the best interests of the stockholders. Prior to BPS, from 2008 to 2011, I established and managed BeauTech
Consulting, Inc., which was primarily engaged in the sale of jet turbine engines and marketing of jet turbine leases for clients, including the Company (see Annex A to this proxy statement).
From 2006 to 2008, I served as Chief Operating Officer at Willis Lease Finance Corporation (WLFC-NSDQ) in
Novato, California. There, I managed a
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$900 million
aircraft engine lease portfolio, with complete responsibility for earnings, portfolio management, operations and return on equity. I was also responsible for strategic planning and
new business development. In connection with my duties, I prepared financial materials for the board of directors and was actively involved in every board meeting. From 2004 to 2006, I worked as an
acquisition consultant at The Carlyle Group in Washington, DC, and from 1987 to 2004, I worked at Standard Aero Limited, where I served as President for four of those years. At Standard Aero, I was
responsible for $400 million in sales and a staff of about 1,100. I had complete responsibility for annual earnings, asset management and return on invested capital. There, I was also a member
of the Dunlop Standard Aerospace Group Executive Team. During my stint at Standard Aero, I also served as Executive Director of Large Engine Product Unit, Director of Finance, and Task Force Leader.
From 1982 to 1987, I served as a Manager at Coopers and Lybrand in Winnipeg, Manitoba.
I
received my Bachelor of Science, Pre-Masters of Science and Bachelor of Commerce from University of Manitoba. I became a Chartered Accountant after graduating from Canadian Institute
of Chartered Accountants. I am also a graduate of the Stanford Executive Program.
I
believe that the attributes, skills and qualifications that I have obtained through my extensive experience in finance, aviation maintenance, and aircraft / aircraft engine leasing and
trading will provide the Board and the Company with valuable industry knowledge and management experience.
I
am 57 years old, and I consent to serving as a director if I am elected. I am independent within the meaning of "independence" as set forth in the NYSE MKT Company Guide.
Use Your GOLD Card
The accompanying GOLD proxy card will be voted in accordance with your instructions.
You may specify that your shares should be voted FOR me, or you may WITHHOLD authority to vote for me. I am not seeking authority to vote for, and will
not vote for, Mr. Thomas W. Orr. If you do not want your shares to be voted for the Company's other nominee either, you may also withhold authority to vote for him by writing his name on the
proxy card in the space provided.
If
you hold your shares of common stock in a stock brokerage account or by a bank or other nominee, only they can exercise voting rights with respect to your shares and only upon receipt
of your specific instructions. Accordingly, I urge you to use your voting instruction form, or otherwise promptly contact the person responsible for your account, and give them instructions to vote
the GOLD proxy card.
According
to the Company Proxy Statement, the election of a director by stockholders shall be determined by a plurality of the votes cast by the stockholders of record entitled to vote
at the election present in person or represented by proxy, and the nominees receiving the greatest number of affirmative votes of the shares present in person, or represented by proxy, and entitled to
vote at the Annual Meeting will be elected, provided a quorum is present. According to the Company Proxy Statement, abstentions and broker non-votes will not be counted toward a nominee's total.
According to the Company Proxy Statement, because brokers or other nominees who hold shares "in street name" do not have discretionary voting authority over such shares in an election of directors,
shares held "in street name" will not be voted in this election for a director unless the holder specifically instructs the holder's brokers or other nominees on how to vote.
If
no instructions are given with respect to this proposal and the GOLD proxy card is returned, the GOLD proxy card will be voted FOR me and FOR the Company's nominee other than Mr. Thomas W. Orr.
I RECOMMEND THAT YOU VOTE FOR THE ELECTION OF
LEE G. BEAUMONT TO THE BOARD
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PROPOSAL 2: ADVISORY VOTE ONE EXECUTIVE COMPENSATION
According to the Company Proxy Statement, the Company is requesting advisory approval of the compensation of the Company's named
executive officers as disclosed in the compensation table and the narrative discussion set forth in the Company Proxy Statement. This non-binding advisory vote is commonly referred to as a "say on
pay" vote and is required to be conducted pursuant to Section 14A of the Securities Exchange Act of 1934, as amended. According to the Company Proxy Statement, because the Company receives
management services from JMC, the Company has no employees and does not pay any compensation to its named executive officers. Instead, according to the Company Proxy Statement, the named executive
officers of the Company are compensated in their capacities as employees of JMC.
About this Solicitation
Pursuant to this proxy statement, I am soliciting proxies from holders of Common Stock to vote against the compensation of the
Company's named executive officers as described in the Company Proxy Statement. I intend to use this proxy to vote against the compensation of the Company's named executive officers as described in
the Company Proxy Statement.
As
discussed above in the section titled "Reasons for the Solicitation and Information about Mr. Beaumont," I believe you should give me your proxy for the following reasons,
among others:
-
- In my opinion, the excessive fees being paid for management services and other structural arrangements at the Company not only hurt
stockholder value and entrench management but are also contrary to basic principles of good corporate governance.
-
- It is imperative that the Board immediately seek to modify the terms of the JMC Agreement and any related arrangements to be more
beneficial to the Company and the stockholders and actively explore the elimination of any outside management firm when the JMC Agreement expires in 2018.
Please
carefully review the information concerning compensation paid by JMC to the Company's named executive officers beneath the caption "Executive Compensation" in the section of the
Company Proxy Statement entitled "Information Regarding the Company's Directors and Officers."
Use Your GOLD Card
I recommend that you vote AGAINST the compensation of the Company's named executive
officers as described in the Company Proxy Statement. You may vote
against the compensation of the Company's named executive officers as described in the Company Proxy Statement by marking the proper box on the GOLD
proxy card, or, if you hold your shares in a stock brokerage account or by a bank or other nominee, by using your voting instruction form to instruct them how to vote your shares on the GOLD proxy card.
If no instructions are given with respect to this proposal and the GOLD proxy card is
returned, the GOLD proxy card will be voted AGAINST the compensation of the Company's named executive
officers as described in the Company Proxy Statement. According to the Company Proxy Statement, the proposal on approval of executive compensation will be approved in a non-binding advisory vote if
the votes cast in favor exceed the votes cast against approval. According to the Company Proxy Statement, abstentions and broker non-votes will not be counted as either a vote "For" or "Against"
Proposal 2. According to the Company Proxy Statement, because brokers or other nominees who hold shares "in street name" do not have discretionary voting authority over such shares in such non-routine
matters, shares held "in street name" will not be voted on this advisory vote on executive compensation unless the holders specifically instruct their brokers or other nominees on how to vote.
I RECOMMEND THAT YOU VOTE AGAINST THE COMPENSATION OF THE NAMED
EXECUTIVE OFFICERS AS DISCLOSED IN THE COMPANY PROXY STATEMENT
6
Table of Contents
PROPOSAL 3: RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS
According to the Company Proxy Statement, the Company will solicit proxies to ratify the selection of BDO USA, LLP
("BDO") by the Board as independent registered public accounting firm to audit the accounts and records of the Company for the fiscal year ending
December 31, 2015.
I
recommend that you vote FOR this proposal. You may vote on the ratification of the selection of BDO by marking the proper box on the GOLD proxy card, or,
if you hold your shares through a brokerage firm or bank, by using your voting instruction form to instruct them how to vote your
shares on the GOLD proxy card. If no instructions are given with respect to this proposal and the GOLD
proxy card is returned, the GOLD proxy card will be voted FOR the ratification of the selection of BDO.
According to the Company Proxy Statement, ratification of the Company's selection of independent registered public accounting firm will require the affirmative vote of a majority of the shares present
in person, or represented by proxy, and entitled to vote at the Annual Meeting, provided a quorum is present. According to the Company Proxy Statement, as a result, abstentions will have the
same effect as votes against the proposals. According to the Company Proxy Statement, due to my competing solicitation, the vote on this proposal is considered non-routine. According to the Company
Proxy Statement, because brokers or other nominees who hold shares "in street name" do not have discretionary voting authority over such shares in such non-routine matters, shares held in "in street
name" would not be voted on this proposal unless the holders specifically instruct their brokers or other nominees on how to vote.
I RECOMMEND THAT YOU VOTE FOR THE RATIFICATION OF THE SELECTION OF
BDO USA, LLP
7
Table of Contents
VOTING PROCEDURES
According to the Company Proxy Statement, only holders of record of shares of Common Stock as of the close of business on the Record
Date are entitled to notice of, and to vote at, the Annual Meeting and at any adjournments or postponements thereof. According to the Company Proxy Statement, as of the Record Date of March 16,
2015, there were 1,543,257 shares of Common Stock outstanding, and each stockholder is entitled to one vote for each share of Common Stock held as of the Record Date on all matters presented at the
Annual Meeting.
As
explained in the detailed instructions on your GOLD proxy card, there are four ways you may vote your shares of Common
Stock:
-
- Sign, date and return the GOLD proxy card in the postage-paid envelope. I recommend
that you vote using the GOLD proxy card even if you plan to attend the Annual Meeting in person;
-
- Vote via the Internet by following the voting instructions on the GOLD proxy card;
-
- Vote by telephone by following the voting instructions on the GOLD proxy card; or
-
- Vote in person by attending the Annual Meeting. Note, however, if you hold your shares of Common Stock through a brokerage firm or
bank, you must obtain a legal proxy from such custodian in order to vote in person at the Annual Meeting.
If
you are the beneficial owner of shares held in a stock brokerage account or by a bank or other nominee on the Record Date, such institution should provide you with information
regarding the methods by which you can direct such institution to vote your shares. Your brokerage firm or bank should send you a GOLD voting
instruction card to be completed, signed, dated and returned by a date in advance of the Annual Meeting, and/or information on how to communicate your voting instructions to them by telephone or over
the Internet.
If
you are the beneficial owner of shares held though a brokerage firm or bank, I encourage you to promptly provide instructions to such institution to vote your shares in accordance
with the GOLD proxy card. This ensures that your shares will be voted at the Annual Meeting.
If
you give me your proxy, your shares will be voted in the manner you indicate. You may specify whether your shares should be voted FOR my election, or whether you WITHHOLD authority
for your shares to be voted for my election. You may also indicate that you wish to WITHHOLD authority for your shares to be voted for the Company's nominee other than Mr. Thomas W. Orr. You
may also specify whether your shares should be voted FOR or AGAINST each of the other proposals. If you sign, date and return the GOLD proxy card
without indicating your instructions, your shares will be voted as follows:
-
- FOR the election to the Board of Lee G. Beaumont and the Company's nominee other than Mr. Thomas W. Orr;
-
- AGAINST the compensation of the Company's named executive officers as described in the Company Proxy Statement; and
-
- FOR the ratification of the selection of BDO USA, LLP as independent registered public accounting firm for the Company for the
fiscal year ending December 31, 2015.
With
respect to matters other than those set forth above that may properly come before the Annual Meeting, or at any postponement or adjournment thereof, I will vote the shares I have
been authorized to represent in accordance with my discretion.
8
Table of Contents
Broker Non-Votes and Required Votes
If you hold your shares of Common Stock through a bank, broker or other nominee (commonly referred to as holding your shares in "street
name") and do not provide voting instructions to the record holder of the shares, your shares of Common Stock will not be voted on any proposal on which your bank, broker or other nominee does not
have discretionary authority, under applicable rules, to vote. Accordingly, if your shares of Common Stock are held in street name, your bank, broker or other nominee has enclosed a voting instruction
card with this proxy statement. I strongly encourage you to vote your shares of Common Stock in favor of my election to the Board by following the instructions provided on the voting instruction card.
According to the Company Proxy Statement, the election of a director by stockholders (Proposal 1) shall be determined by a plurality of the votes cast by
the stockholders of record entitled to vote at the election present in person or represented by proxy, and the nominees receiving the greatest number of affirmative votes of the shares present in
person, or represented by proxy, and entitled to vote at the Annual Meeting will be elected, provided a quorum is present. Abstentions and broker non-votes will not be counted toward a nominee's
total. According to the Company Proxy Statement, because brokers or other nominees who hold shares "in street name" do not have discretionary voting authority over such shares in an election of
directors, shares held "in street name" will not be voted in this election for a director unless the holder specifically instructs the holder's brokers or other nominees on how to vote. According to
the Company Proxy Statement, the proposal on approval of executive compensation
(Proposal 2) will be approved in a non-binding advisory vote if the votes cast in favor exceed the votes cast against approval. According to the Company Proxy Statement, abstentions and broker
non-votes will not be counted as either a vote "For" or "Against" Proposal 2. According to the Company Proxy Statement, because brokers or other nominees who hold shares "in street name" do not have
discretionary voting authority over such shares in such non-routine matters, shares held "in street name" will not be voted on this advisory vote on executive compensation unless the holders
specifically instruct their brokers or other nominees on how to vote. According to the Company Proxy Statement, ratification of the Company's selection of independent registered public accounting firm
(Proposal 3) will require the affirmative vote of a majority of the shares present in person, or represented by proxy, and entitled to vote at the Annual Meeting, provided a quorum is present.
According to the Company Proxy Statement, as a result, abstentions will have the same effect as votes against the proposals. According to the Company Proxy Statement, due to my competing solicitation,
the vote on this proposal is considered non-routine. According to the Company Proxy Statement, because brokers or other nominees who hold shares "in street name" do not have discretionary voting
authority over such shares in such non-routine matters, shares held in "in street name" would not be voted on this proposal unless the holders specifically instruct their brokers or other nominees on
how to vote.
Revocation of Proxies
You may revoke or change your proxy instructions at any time prior to the vote at the Annual Meeting
by:
-
- submitting a properly executed, subsequently dated GOLD proxy card that will revoke
all prior proxy cards, including any WHITE proxy cards that you may have submitted to the Company;
-
- providing instructions by telephone or via the Internet as to how you would like your shares of Common Stock voted;
-
- attending the Annual Meeting and withdrawing your proxy by voting in person (although attendance at the Annual Meeting will not in and
of itself constitute revocation of a proxy); or
9
Table of Contents
-
- delivering written notice of revocation to either Lee G. Beaumont c/o D.F. King at 48 Wall Street, New York, NY 10005 or to the
Company (to the attention of Toni Perazzo, Secretary) at 1440 Chapin Avenue, Suite 310, Burlingame, California 94010.
Although a revocation is effective if delivered to the Company, I request that either the original or a copy of any revocation be faxed to me c/o D.F. King at 212-709-3328 or mailed to
me c/o D.F. King, 48 Wall Street, New York, NY 10005, so that I will be aware of all revocations. You may also call D.F. King at (800) 859-8511 and they will assist you with sending a copy of
the revocation.
IF
YOU PREVIOUSLY SIGNED AND RETURNED A WHITE PROXY CARD TO THE COMPANY, I URGE YOU TO REVOKE IT BY (1) MARKING, SIGNING, DATING AND RETURNING THE GOLD PROXY CARD, (2) PROVIDING INSTRUCTIONS BY
TELEPHONE OR VIA THE INTERNET AS TO HOW YOU WOULD LIKE YOUR SHARES OF COMMON STOCK VOTED IN
ACCORDANCE WITH THE GOLD PROXY CARD, (3) ATTENDING THE ANNUAL MEETING AND VOTING IN PERSON OR (4) DELIVERING A WRITTEN NOTICE OF
REVOCATION TO ME.
Other Matters to be Considered at the Annual Meeting
Except as set forth above, I am not aware of any other matters to be brought before the Annual Meeting. Should other matters properly
be brought before the Annual Meeting, the attached GOLD proxy card, when duly executed, will give me discretionary authority to vote on all such other
matters and on all matters incident to the conduct of the Annual Meeting. In furtherance of the foregoing, should the Board, management or any other stockholder bring before the Annual Meeting any
proposal to adjourn the Annual Meeting, the attached GOLD proxy card, when duly executed, will give me the discretionary authority to vote on such
adjournment proposal.
Execution
and delivery of a proxy by a record holder of shares of Common Stock will be presumed to be a proxy with respect to all shares held by such record holder unless the proxy
specifies otherwise.
SOLICITATION OF PROXIES
I have entered into an agreement with D.F. King to help conduct my proxy solicitation, for which D.F. King will receive a fee not to
exceed $50,000, together with reimbursement for its reasonable out-of-pocket expenses, and will be indemnified against certain liabilities and expenses. Proxies may be solicited from individuals,
banks, brokers, custodians, nominees, other institutional holders and other fiduciaries in person and by mail, phone, publication and electronic means. I will request such individuals and institutions
to forward all solicitation materials to the beneficial owners of the shares of Common Stock they hold of record. I will reimburse these record holders for their reasonable out-of-pocket expenses in
so doing. It is anticipated that D.F. King will employ up to 15 persons to solicit the Company's stockholders for the Annual Meeting.
Total costs related to this solicitation of proxies are expected to be approximately $125,000, of which approximately $50,000 has been expended to date. I will pay the costs of this
solicitation of proxies, including the cost of preparing, assembling and mailing this proxy material to stockholders. If I am successful, I intend to seek reimbursement of these costs from the
Company.
ADDITIONAL INFORMATION
Please refer to the Company Proxy Statement for the following information:
-
- the date by which proposals of stockholders intended to be presented at the 2016 annual meeting of stockholders must be received by
the Company in order to be included in the Company's proxy materials for that meeting;
10
Table of Contents
-
- the date by which the submission of nominees of stockholders intended to be nominated as directors at the 2016 annual meeting of
stockholders must be received by the Company in order to be included in the Company's proxy materials for that meeting;
-
- information regarding the securities of the Company held by the Company's directors, nominees, executive officers and beneficial
holders of more than five percent of the Common Stock (although information about my ownership is also included on Annex B), and
-
- information concerning the Company's compensation policies and compensation paid or payable to the Company's executive officers and
directors.
I
take no responsibility for the accuracy or completeness of any information or statements contained in the Company Proxy Statement, including any such information or statements
appearing herein.
11
Table of Contents
ANNEX A
ADDITIONAL INFORMATION ABOUT MR. BEAUMONT
Related Person Transactions
In August 2009, I entered into an agreement (the "Assignment Agreement") with the
Company in which I assigned to the Company my rights to purchase certain aircraft engines from an unrelated third party seller for approximately $900,000. I first began purchasing Common Stock in
2011. In January 2012, I became a "related person" with respect to the Company due to my acquisition on the open market of shares representing over 5% of the Company's Common Stock. I received the
second and the third final installments of $66,700 due under the Assignment Agreement from the Company in the years ended December 31, 2011 and 2012. I also received approximately $445,000 in
fees paid by JMC in connection with placement of the engines with
new or renewing lessees. While from time to time, I have discussed certain business transactions with the Company, the transactions listed above are the only transactions that have been consummated.
A-1
Table of Contents
ANNEX B
BENEFICIAL OWNERSHIP IN, AND TRANSACTIONS IN SECURITIES OF,
THE COMPANY DURING THE PAST TWO YEARS
As of March 18, 2015, I beneficially own 150,950 shares of Common Stock, representing approximately 9.8% of the Company's
outstanding shares of Common Stock. My business address is at 2090 Centro Street, East Tiburon, California 94920.
I
have purchased or sold shares of Common Stock within the past two years, as set forth below:
|
|
|
|
|
Date |
|
Transaction |
|
Number of Shares |
3/20/2013 |
|
Purchase |
|
100 |
3/28/2013 |
|
Purchase |
|
200 |
4/4/2013 |
|
Sale |
|
300 |
4/5/2013 |
|
Sale |
|
1,085 |
4/8/2013 |
|
Purchase |
|
85 |
4/10/2013 |
|
Sale |
|
154 |
4/11/2013 |
|
Sale |
|
2,100 |
4/12/2013 |
|
Sale |
|
3,746 |
4/15/2013 |
|
Sale |
|
770 |
5/2/2013 |
|
Purchase |
|
200 |
5/3/2013 |
|
Purchase |
|
1,100 |
5/6/2013 |
|
Purchase |
|
100 |
5/7/2013 |
|
Purchase |
|
100 |
5/9/2013 |
|
Sale |
|
230 |
5/10/2013 |
|
Purchase |
|
50 |
5/13/2013 |
|
Purchase |
|
100 |
5/14/2013 |
|
Sale |
|
2,990 |
5/17/2013 |
|
Sale |
|
2,000 |
5/20/2013 |
|
Sale |
|
774 |
5/23/2013 |
|
Purchase |
|
100 |
5/24/2013 |
|
Sale |
|
400 |
5/28/2013 |
|
Purchase |
|
100 |
5/31/2013 |
|
Purchase |
|
100 |
6/3/2013 |
|
Purchase |
|
100 |
6/4/2013 |
|
Purchase |
|
200 |
6/6/2013 |
|
Purchase |
|
300 |
6/12/2013 |
|
Sale |
|
300 |
6/19/2013 |
|
Purchase |
|
100 |
6/20/2013 |
|
Sale |
|
25 |
6/26/2013 |
|
Sale |
|
52 |
6/26/2013 |
|
Purchase |
|
200 |
7/1/2013 |
|
Sale |
|
2,000 |
7/15/2013 |
|
Sale |
|
1,309 |
7/15/2013 |
|
Purchase |
|
100 |
7/16/2013 |
|
Sale |
|
3,200 |
7/17/2013 |
|
Sale |
|
1,900 |
7/17/2013 |
|
Purchase |
|
200 |
7/19/2013 |
|
Sale |
|
2,000 |
7/22/2013 |
|
Sale |
|
6,720 |
7/23/2013 |
|
Sale |
|
620 |
7/24/2013 |
|
Sale |
|
2,898 |
B-1
Table of Contents
|
|
|
|
|
Date |
|
Transaction |
|
Number of Shares |
7/24/2013 |
|
Purchase |
|
100 |
7/25/2013 |
|
Sale |
|
3,062 |
7/26/2013 |
|
Sale |
|
1,890 |
7/29/2013 |
|
Sale |
|
110 |
7/29/2013 |
|
Sale |
|
3,000 |
7/30/2013 |
|
Sale |
|
4,000 |
8/1/2013 |
|
Sale |
|
4,336 |
8/2/2013 |
|
Sale |
|
2,350 |
8/6/2013 |
|
Sale |
|
915 |
8/8/2013 |
|
Purchase |
|
301 |
8/9/2013 |
|
Purchase |
|
100 |
8/12/2013 |
|
Purchase |
|
200 |
8/13/2013 |
|
Purchase |
|
100 |
8/14/2013 |
|
Purchase |
|
100 |
8/19/2013 |
|
Sale |
|
300 |
8/19/2013 |
|
Purchase |
|
100 |
8/20/2013 |
|
Purchase |
|
100 |
8/22/2013 |
|
Purchase |
|
100 |
8/23/2013 |
|
Purchase |
|
100 |
8/26/2013 |
|
Purchase |
|
100 |
8/29/2013 |
|
Purchase |
|
100 |
8/30/2013 |
|
Purchase |
|
100 |
9/5/2013 |
|
Purchase |
|
300 |
9/10/2013 |
|
Purchase |
|
100 |
9/12/2013 |
|
Sale |
|
379 |
9/13/2013 |
|
Sale |
|
1,305 |
9/17/2013 |
|
Sale |
|
5,316 |
9/17/2013 |
|
Purchase |
|
100 |
9/18/2013 |
|
Purchase |
|
100 |
9/19/2013 |
|
Sale |
|
200 |
9/25/2013 |
|
Sale |
|
3,883 |
9/27/2013 |
|
Sale |
|
125 |
10/9/2013 |
|
Sale |
|
254 |
10/16/2013 |
|
Sale |
|
790 |
10/17/2013 |
|
|
|
1,348 |
10/18/2013 |
|
Sale |
|
1,250 |
10/21/2013 |
|
Sale |
|
1,250 |
10/22/2013 |
|
Sale |
|
6,250 |
10/25/2013 |
|
Sale |
|
620 |
10/29/2013 |
|
Purchase |
|
100 |
10/29/2013 |
|
Sale |
|
395 |
10/31/2013 |
|
Purchase |
|
100 |
11/5/2013 |
|
Sale |
|
3,435 |
11/8/2013 |
|
Sale |
|
100 |
11/11/2013 |
|
Purchase |
|
200 |
11/12/2013 |
|
Purchase |
|
100 |
11/18/2013 |
|
Purchase |
|
100 |
11/19/2013 |
|
Purchase |
|
100 |
11/21/2013 |
|
Purchase |
|
500 |
11/22/2013 |
|
Purchase |
|
6,100 |
B-2
Table of Contents
|
|
|
|
|
Date |
|
Transaction |
|
Number of Shares |
11/26/2013 |
|
Purchase |
|
5,000 |
11/27/2013 |
|
Purchase |
|
200 |
12/3/2013 |
|
Purchase |
|
100 |
12/4/2013 |
|
Purchase |
|
200 |
12/5/2013 |
|
Purchase |
|
100 |
12/6/2013 |
|
Purchase |
|
200 |
12/9/2013 |
|
Purchase |
|
100 |
1/3/2014 |
|
Purchase |
|
1,200 |
1/7/2014 |
|
Purchase |
|
100 |
1/9/2014 |
|
Purchase |
|
100 |
1/14/2014 |
|
Purchase |
|
1,914 |
1/15/2014 |
|
Purchase |
|
786 |
1/16/2014 |
|
Purchase |
|
400 |
1/17/2014 |
|
Purchase |
|
100 |
1/21/2014 |
|
Purchase |
|
100 |
1/30/2014 |
|
Sale |
|
600 |
2/5/2014 |
|
Purchase |
|
1,246 |
2/6/2014 |
|
Purchase |
|
754 |
2/7/2014 |
|
Purchase |
|
1,404 |
2/10/2014 |
|
Purchase |
|
100 |
2/10/2014 |
|
Purchase |
|
3,496 |
2/11/2014 |
|
Purchase |
|
2,200 |
2/12/2014 |
|
Purchase |
|
965 |
2/13/2014 |
|
Purchase |
|
135 |
2/14/2014 |
|
Purchase |
|
2,700 |
2/18/2014 |
|
Purchase |
|
300 |
2/19/2014 |
|
Purchase |
|
600 |
2/20/2014 |
|
Purchase |
|
200 |
3/4/2014 |
|
Purchase |
|
900 |
3/6/2014 |
|
Purchase |
|
100 |
3/12/2014 |
|
Purchase |
|
6,900 |
3/13/2014 |
|
Purchase |
|
2,000 |
3/17/2014 |
|
Purchase |
|
1,843 |
3/18/2014 |
|
Purchase |
|
1,157 |
3/19/2014 |
|
Purchase |
|
3,000 |
3/20/2014 |
|
Purchase |
|
1,300 |
3/21/2014 |
|
Purchase |
|
100 |
3/24/2014 |
|
Purchase |
|
200 |
3/25/2014 |
|
Purchase |
|
100 |
4/4/2014 |
|
Purchase |
|
300 |
4/10/2014 |
|
Purchase |
|
200 |
4/11/2014 |
|
Purchase |
|
200 |
4/14/2014 |
|
Purchase |
|
606 |
4/15/2014 |
|
Purchase |
|
294 |
4/16/2014 |
|
Purchase |
|
400 |
4/17/2014 |
|
Purchase |
|
1,300 |
4/22/2014 |
|
Purchase |
|
1,100 |
4/23/2014 |
|
Purchase |
|
1,300 |
4/24/2014 |
|
Purchase |
|
100 |
4/28/2014 |
|
Purchase |
|
100 |
B-3
Table of Contents
|
|
|
|
|
Date |
|
Transaction |
|
Number of Shares |
4/29/2014 |
|
Purchase |
|
100 |
4/30/2014 |
|
Purchase |
|
400 |
5/1/2014 |
|
Purchase |
|
100 |
5/6/2014 |
|
Purchase |
|
100 |
5/19/2014 |
|
Purchase |
|
500 |
5/20/2014 |
|
Purchase |
|
100 |
5/22/2014 |
|
Purchase |
|
1,200 |
5/28/2014 |
|
Purchase |
|
100 |
5/29/2014 |
|
Purchase |
|
1,800 |
5/30/2014 |
|
Purchase |
|
1,000 |
6/2/2014 |
|
Purchase |
|
200 |
6/6/2014 |
|
Purchase |
|
1,000 |
6/9/2014 |
|
Purchase |
|
300 |
6/11/2014 |
|
Purchase |
|
1,000 |
6/12/2014 |
|
Purchase |
|
1,100 |
6/13/2014 |
|
Purchase |
|
219 |
6/16/2014 |
|
Purchase |
|
281 |
6/18/2014 |
|
Purchase |
|
900 |
6/20/2014 |
|
Purchase |
|
100 |
6/23/2014 |
|
Purchase |
|
100 |
7/1/2014 |
|
Purchase |
|
100 |
7/7/2014 |
|
Purchase |
|
100 |
8/25/2014 |
|
Purchase |
|
100 |
8/26/2014 |
|
Purchase |
|
100 |
8/27/2014 |
|
Purchase |
|
100 |
9/2/2014 |
|
Purchase |
|
100 |
9/3/2014 |
|
Purchase |
|
100 |
9/15/2014 |
|
Purchase |
|
100 |
10/6/2014 |
|
Sale |
|
2,810 |
10/17/2014 |
|
Purchase |
|
110 |
10/20/2014 |
|
Purchase |
|
100 |
10/23/2014 |
|
Purchase |
|
100 |
10/28/2014 |
|
Purchase |
|
200 |
11/19/2014 |
|
Sale |
|
1,550 |
2/4/2015 |
|
Purchase |
|
150 |
2/5/2015 |
|
Purchase |
|
100 |
2/9/2015 |
|
Purchase |
|
100 |
2/10/2015 |
|
Purchase |
|
100 |
2/11/2015 |
|
Purchase |
|
100 |
2/17/2015 |
|
Purchase |
|
100 |
2/19/2015 |
|
Purchase |
|
100 |
3/13/2015 |
|
Purchase |
|
100 |
3/16/2015 |
|
Purchase |
|
100 |
B-4
Lee G. Beaumont c/o D.F. King
48 Wall Street, New York, NY 10005
VOTE BY MAIL
Mark, sign and date your proxy card and return it in the postage-paid envelope that has been provided or return it to Lee G. Beaumont c/o D.F. King at 48 Wall Street, New York, NY 10005.
DETACH AND RETURN THIS PORTION ONLY
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.
GOLD PROXY CARD
Lee G. Beaumont strongly recommends that you vote FOR him election to the Board in Proposal 1:
1. To elect Lee G. Beaumont to the Board |
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Withhold |
For All Except Nominee Written Below |
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Nominee: (01) Lee G. Beaumont |
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Two directors will be elected at the Annual Meeting. Mr. Beaumont intends to use this proxy to vote FOR his election as a director and FOR the election of the candidate who has been nominated by the Company other than Mr. Thomas W. Orr, for whom Mr. Beaumont is not seeking authority to vote for, and will not exercise any such authority. The names, backgrounds and qualifications of the Companys nominees, and certain other information about them, can be found in the Company Proxy Statement. There is no assurance that either of the Companys nominees will serve as a director if Mr. Beaumont is elected.
Note: If you do not wish for your shares to be voted for a particular nominee, mark the for all except nominee(s) written below box and write the name of the nominee you do not support on the line below. Your shares will be voted for the remaining nominee.
Lee G. Beaumont recommends that you vote AGAINST Proposal 2: |
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Abstain |
2. To approve the compensation of the Companys named executive officers as described in the Company Proxy Statement. |
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Lee G. Beaumont recommends that you vote FOR Proposal 3: |
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3. To ratify the selection of BDO USA, LLP as independent registered public accounting firm for the Company for the fiscal year ending December 31, 2015. |
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NOTE: To transact such other business as may properly come before the reconvened Annual Meeting or any other adjournment or postponement of the Annual Meeting.
Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized person.
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Signature (PLEASE SIGN WITHIN BOX) |
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Signature (Joint Owners) |
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AEROCENTURY CORP.
Annual Meeting of Stockholders
May 7, 2015 at 12:00 p.m.
This gold proxy is solicited by Lee G. Beaumont
The Board of Directors of AeroCentury Corp. is not soliciting this proxy
The undersigned hereby constitutes and appoints Lee G. Beaumont and Richard Grubaugh, and each of them, with full power to act without the other, as attorney, agent and proxy, with full power of substitution, to represent and vote all of the shares of common stock of AeroCentury Corp. (the Company) which the undersigned is entitled to vote at the annual meeting of stockholders (the Annual Meeting) of the Company in such manner as the persons named as proxies herein may determine on any matters which may properly come before the Annual Meeting or any adjournments thereof and to vote on the matters set forth on the reverse side as directed by the undersigned. The Annual Meeting is scheduled to be held on Thursday, May 7, 2015. The undersigned hereby revokes any proxies previously given.
THIS PROXY WILL BE VOTED AS DIRECTED OR, IF NO DIRECTION IS GIVEN, WILL BE VOTED FOR THE ELECTION OF LEE G. BEAUMONT AND FOR THE ELECTION OF THE NOMINEE OF THE COMPANY OTHER THAN MR. THOMAS W. ORR, AGAINST PROPOSAL 2, AND FOR PROPOSAL 3. EACH PERSON NAMED AS A PROXY HEREIN IS AUTHORIZED TO VOTE IN HIS OR HER DISCRETION UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING OR ANY ADJOURNMENTS THEREOF.
Continued and to be signed on reverse side
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