Debra Glickman
About Debra Glickman
Debra E. Glickman, 58, is Chief Financial Officer of Nocopi Technologies (NNUP) and has served in this role since June 2023; she holds a B.S. in Accounting from the University of Maryland . Prior roles include CFO at Harbor Group Consulting (2012–2020), Controller at Hallman & Lorber since April 2020 per her appointment 8-K, and CFO at M2A Family Office beginning in 2020 per NNUP’s proxy biography . Recent filings show NNUP as a sub-scale, cash-rich microcap with Q3 2025 revenue of $385,800 and a net loss of $26,800, reflecting tight operating discipline but limited scale; she signed SOX certifications for Q2 and Q3 2025 . NNUP does not disclose CFO-specific TSR, revenue growth targets, or EBITDA-linked goals tied to Ms. Glickman’s pay.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| M2A Family Office | Chief Financial Officer | 2020 (joined) | Family office CFO role; finance and operations leadership |
| Harbor Group Consulting LLC | Chief Financial Officer | 2012–2020 | Led accounting, finance, operations, HR for private insurance consulting firm |
| Sterling/Carl Marks Capital, Inc. and CMNY Capital II, LP (Carl Marks & Co., Inc.) | Vice President & Chief Investment Officer | 13 years | Growth capital investing (SBICs) for expansion and acquisitions |
| Hallman & Lorber | Controller | Since April 2020 through appointment (June 2023) | Accounting/finance, HR, tax planning for pension/actuarial firm |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Diabetes Research Institute Foundation | Volunteer/fundraising | Not disclosed | Philanthropic engagement |
| Breast Cancer Research Foundation – Play for P.I.N.K. | Volunteer/fundraising | Not disclosed | Philanthropic engagement |
Fixed Compensation
| Component | Terms | Effective Date | Amount |
|---|---|---|---|
| Base Salary | Initial base salary; subject to review for increase (not decrease) | June 19, 2023 (start date) | $125,000 per year |
| Benefits | Eligible for group medical, dental, 401(k); standard payroll and withholdings | June 2023 | Not disclosed |
| Vacation | Four weeks paid vacation annually | June 2023 | 4 weeks |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary Annual Bonus | Discretionary (Board-determined) | Not disclosed | Not disclosed | Not disclosed | Cash; timing/amount at Board’s discretion |
NNUP’s 2024 Incentive Compensation Plan allows RSUs, PSUs, options, SARs, and performance awards with performance criteria including EPS, revenues/margins, cash flow, ROE/ROIC, TSR, market share, etc., and includes clawback provisions; however, no CFO-specific award metrics or payouts are disclosed in proxies for 2024–2025 .
Equity Ownership & Alignment
| Item | Value | As of | Notes |
|---|---|---|---|
| Total beneficial ownership | 5,000 shares | Record date April 24, 2025 | <1% of shares outstanding |
| Ownership guidelines | Not disclosed | — | No published executive ownership multiple in proxies |
| Hedging/pledging | No anti-hedging policy prohibiting hedging; pledging policy not disclosed | 2025 proxy | Hedging permitted; alignment risk |
| Vested vs unvested split | Not disclosed | — | No CFO-specific RSU/option balance disclosed in proxies; company-level RSU activity reported without named attribution |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Appointment & Start Date | Appointed CFO June 15, 2023; effective June 19, 2023 | |
| Employment Type | At-will: either party may terminate at any time, with/without cause or notice | |
| Location | Primarily remote; occasional travel to King of Prussia, PA HQ | |
| Governing Law | Maryland | |
| Non-compete / Non-solicit / Confidentiality | Required to sign Employee Confidential Disclosure, Invention Assignment, Non-Competition, Non-Solicitation and Non-Interference Agreement (terms not disclosed) | |
| Severance & Change-of-Control | Not disclosed in CFO offer; Company’s 2024 Plan permits CIC vesting acceleration subject to agreements/Committee discretion | |
| Expense Reimbursement | Reimbursed pre-approved business expenses |
Additional Company Context Relevant to Pay-for-Performance
- Q3 2025 revenue was $385,800 with a net loss of $26,800; 9M 2025 revenue was $1,224,800 with a net loss of $2,284,700, reflecting increased G&A in prior periods tied to stock-based comp and subsequent reductions .
- Cash and equivalents were $11,497,600 at September 30, 2025, underscoring liquidity and limited leverage .
- Ms. Glickman executed Q2 and Q3 2025 SOX 302 and 906 certifications, indicating responsibility for controls and fair presentation .
Compensation Committee Analysis
- NNUP has no separate compensation committee; the full Board serves compensation and nominating functions due to company size—potential independence and process risk at smaller issuers .
- NNUP lacks an anti-hedging policy, allowing officers/directors to hedge company equity—an alignment red flag for many institutional investors .
- The 2024 Plan caps non-employee director awards ($250,000 fair value/year), includes broad award types, CIC provisions, and an explicit clawback policy; execution details are at Board/Committee discretion .
Investment Implications
- Alignment: Low direct ownership (5,000 shares, <1%) and an absence of anti-hedging restrictions weaken pay-for-performance alignment; no disclosed ownership multiple or compliance status .
- Retention: Terms are at-will with no disclosed CFO severance/CIC protections; retention risk appears modest given remote flexibility and standard benefits, but limited guaranteed economics reduce lock-in .
- Trading signals: With a small personal stake and no disclosed option overhang for the CFO, insider selling pressure from Ms. Glickman is likely limited; Section 16 reporting was timely for executives other than one late Frost filing (not related to Ms. Glickman) .
- Governance/process: Compensation decisions by the full Board and permitted hedging increase governance risk; investors should monitor any CFO-specific equity grants and evolving ownership to gauge improvements in alignment .