Award Timing Disclosure

12 Months Ended

Nov. 30, 2025

Award Timing, How MNPI Considered [Text Block]

ITEM 11. EXECUTIVE COMPENSATION

The following table sets forth the cash compensation by executive officers that received annual salary and bonus compensation of more than $100,000 during years 2025 and 2024 (the "Named Executive Officers"). The Company has no employment agreements with any of its executive officers.

Summary Compensation Table


Name and Principal Position	Year	Salary ($)	Bonus ($)	Stock Awards ($)	Options Awards ($)	Nonequity Incentive Plan Compensation (S)	Non-qualified deferred Compensation earnings (S)	All other compensation ($) (1)	Total ($)
Michael W. Evans President and CEO	2025	240,062	24,000	-	-	-	-	10,562	274,625
Michael W. Evans President and CEO	2024	222,688	30,000	-	-	-	-	10,108	262,796

Michael K. Murtaugh * Vice President and General Counsel	2025	170,304	15,000	-	-	-	-	6,486	191,790
Michael K. Murtaugh * Vice President and General Counsel	2024	160,327	20,000	-	-	-	-	5,861	186,188

Geraldine Conn Chief Financial Officer	2025	135,785	13,000	-	-	-	-	5,951	154,737
Geraldine Conn Chief Financial Officer	2024	124,468	13,000	-	-	-	-	5,499	142,966

*On November 26, 2025 Mr. Michael Murtaugh retired from BAB, Incorporated from his positions as Vice President, General Counsel, and Director.

In fiscal 2025 and fiscal 2024 bonuses were earned and a portion was paid and a portion was waived by Mr. Evans and Mr. Murtaugh. Bonuses for Executive Officers that are Directors are determined using measurable financial criteria approved by the Compensation Committee including, but not limited to, company profitability levels and performance in system-wide same store sales. A bonus for the Chief Financial Officer is at the discretion of the Chief Executive Officer. All other compensation includes the Company 401(k) matching funds.

	(1)	401(k) matching funds:
		2025 M. Evans $10,562; M. Murtaugh $6,486; G. Conn $5,951
		2024 M. Evans $10,108; M. Murtaugh $5,861; G. Conn $5,499

The following tables set forth any stock or stock options awarded to executive officers that that are exercisable and not yet exercised or unexercisable as of November 30, 2025:

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Name	Number of securities underlying unexercised options (#) Exercisable	Number of securities underlying unexercised options (#) Unexercisable	Equity incentive plan awards: number of securities underlying unexercised unearned options (#)	Option exercise price ($)	Option expiration date
Michael W. Evans President and CEO	-	-	-	-
Michael W. Evans President and CEO	-	-	-	-

Michael K. Murtaugh Vice President and General Counsel	-	-	-	-
Michael K. Murtaugh Vice President and General Counsel	-	-	-	-

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

Name	Number of shares or units of stock that have not vested (#)	Market value of shares or units of stock that have not vested ($)	Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#)	Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($)
Michael W. Evans President and CEO	-	-	-	-
Michael W. Evans President and CEO	-	-	-	-

Michael K. Murtaugh Vice President and General Counsel	-	-	-	-
Michael K. Murtaugh Vice President and General Counsel	-	-	-	-

Clawback Provision

As part of BAB, Inc.’s commitment to maintain high standards of corporate governance and accountability, BAB, Inc. has implemented a Clawback Policy related to executive compensation. This policy is designed to allow the Company to recover certain incentive-based compensation in the event of a material financial restatement or in instances of executive misconduct. There were no clawbacks in 2025 and no clawback policy changes.

Clawback Policy Overview

Under our Clawback Policy, the Company has the right to recover any bonus, incentive, or equity-based compensation awarded to any executive officer (including the Chief Executive Officer and Chief Financial Officer) if:

Restatement of Financials: The Company is required to restate its financial statements due to material noncompliance with any financial reporting requirements, and the executive’s compensation was based on the erroneous financial results.

Misconduct: The executive engages in misconduct that leads to the restatement of financial results, fraud, or other actions that harm the Company or its stockholders.

The Audit Committee will assess whether a financial restatement or misconduct warrants a clawback of compensation on a case-by-case basis, in accordance with the applicable laws and regulations, including the requirements under the Sarbanes-Oxley Act and Dodd-Frank Wall Street Reform and Consumer Protection Act.

Conditions for Clawback

In the event of a restatement, the Company will seek to recover the excess amount of compensation paid to the executive in the period leading up to the restatement. The excess compensation is defined as the amount by which the previously awarded compensation exceeds what would have been awarded had the financial statements been correct.

For misconduct-related clawbacks, the Company may pursue recovery of compensation in situations where it is determined that an executive’s actions were directly responsible for or contributed to the financial or reputational harm to the Company.

Enforcement

The Audit Committee is responsible for overseeing the enforcement of this Clawback Policy. In the event that a clawback is pursued, the Committee will make a determination based on the facts and circumstances, with input from legal counsel and other advisors as necessary. The Company will be instructed by the Audit Committee to take appropriate actions to recover the amounts due, including legal action if required.

Impact on Incentive Compensation

The Clawback Policy applies to all incentive compensation, including but not limited to annual cash bonuses, stock options, restricted stock, and performance-based compensation.

While the Company has not had to exercise the clawback provisions to date, it remains a critical component of the Company’s overall governance framework to ensure alignment between executive compensation and long-term stockholder value.

The Company’s Clawback Policy is described in detail in Exhibit 97 of this Form 10-K. A copy shall be available on the Company’s website or by request from Investor Relations.

The following table sets forth any compensation paid to directors during fiscal year ended November 30, 2025:

DIRECTOR COMPENSATION

Compensation for fiscal year ended November 30, 2025

Name	Fees earned or paid in cash ($)	Stock awards ($)	Option awards ($)	Non-equity incentive plan compensation ($)	Non- qualifies deferred compensation earnings ($)	All other compensation ($)	Total ($)
Steven Feldman	3,900	-	-	-	-	-	3,900

James Lentz	3,500	-	-	-	-	-	3,500

Indemnification of Directors and Officers

The Company's Certificate of Incorporation limits personal liability for breach of fiduciary duty by its directors to the fullest extent permitted by the Delaware General Corporation Law (the "Delaware Law"). Such Certificate eliminates the personal liability of directors to the Company and its stockholders for damages occasioned by breach of fiduciary duty, except for liability based on breach of the director's duty of loyalty to the Company, liability for acts or omissions not made in good faith, liability for acts or omissions involving intentional misconduct, liability based on payments or improper dividends, liability based on violation of state securities laws, and liability for acts occurring prior to the date such provision was added. Any amendment to or repeal of such provisions in the Company's Certificate of Incorporation shall not adversely affect any right or protection of a director of the Company for with respect to any acts or omissions of such director occurring prior to such amendment or repeal.

In addition to the Delaware Law, the Company's Bylaws provide that officers and directors of the Company have the right to indemnification from the Company for liability arising out of certain actions to the fullest extent permissible by law. Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers or persons controlling the Company pursuant to such indemnification provisions, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

Award Timing MNPI Considered [Flag]

true

- Definition

Disclosure of information about individual defined benefit pension plan or other postretirement defined benefit plan. It may be appropriate to group certain similar plans. Also includes schedule for fair value of plan assets by major categories of plan assets by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), Significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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+ Details

BAB, INC. 10-K