11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

( X ) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

OR

( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to ____________________

Commission File Number 000-22462

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

GIBRALTAR 401(k) PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

GIBRALTAR INDUSTRIES, INC.

3556 Lake Shore Road

P.O. Box 2028

Buffalo, New York 14219-0228

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

GIBRALTAR 401(k) PLAN

(Name of Plan)

Date: June 13, 2024

/s/ Jeffrey J. Watorek

                            Jeffrey J. Watorek

                            Member, Gibraltar 401(k) Retirement Plan Committee

Gibraltar 401(k) Plan

Gibraltar 401(k) Plan

Financial Statements and Supplemental Schedules

December 31, 2023 and 2022

Gibraltar 401(k) Plan Index
	Page(s)
Report of Independent Registered Public Accounting Firm	1
Financial Statements
Statements of Net Assets Available for Benefits	2
Statements of Changes in Net Assets Available for Benefits	3
Notes to Financial Statements	4 - 10
Supplemental Schedules
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)	11
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions	12
Exhibit
Exhibit 23.1 – Consent of Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tothe 401(k) Retirement Plan Committee,

Plan Participants and Plan Administrator of

the Gibraltar 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Gibraltar 401(k) Plan (the Plan) as of December 31, 2023 and 2022, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying schedules of schedule H, line 4i - schedule of assets (held at end of year) as of December 31, 2023 and schedule H, line 4a – schedule of delinquent participant contributions for the year ended December 31, 2023, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ Freed Maxick CPAs, P.C.

We have served as the Plan's auditor since 2004.

Freed Maxick CPAs, P.C.

Buffalo, New York

June 13, 2024

1

Gibraltar 401(k) Plan

Statements of Net Assets Available for Benefits

December 31, 2023 and 2022                                        

	December 31,
	2023		2022
Assets
Investments at fair value:
Shares of registered investment companies	$	141,608,061	$	119,083,287
Common collective trust	4,399,841		4,364,618
Employer securities	3,733,961		2,419,882
Cash equivalents	5,101,650		5,846,839
Self-directed brokerage	2,281,030		1,908,356
	157,124,543		133,622,982
Receivables:
Notes receivable from participants	2,215,914		2,318,810
Net assets available for benefits	$	159,340,457	$	135,941,792

The accompanying notes are an integral part of these financial statements.

2

Gibraltar 401(k) Plan

Statements of Changes in Net Assets Available for Benefits

For the Years Ended December 31, 2023 and 2022

	Year Ended December 31,
	2023		2022
Additions:
Participant contributions	$	9,154,952	$	8,597,485
Participant rollover contributions	1,051,273		1,861,606
Employer contributions	4,507,966		4,159,565
Net appreciation in fair value of investments	23,253,910		—
Interest and dividends	3,084,998		6,707,400
Total additions	41,053,099		21,326,056
Deductions:
Benefits paid to participants	(17,688,499)		(17,192,838)
Net depreciation in fair value of investments	—		(36,576,817)
Refunds to the plan	34,065		22,761
Total deductions	(17,654,434)		(53,746,894)
Net increase (decrease) in net assets available for benefits	23,398,665		(32,420,838)
Transfer of assets into the plan	—		2,141,777
Net increase (decrease) in net assets available for benefits	23,398,665		(30,279,061)
Net assets available for benefits:
Beginning of year	135,941,792		166,220,853
End of year	$	159,340,457	$	135,941,792

The accompanying notes are an integral part of these financial statements.

3

Gibraltar 401(k) Plan

Notes to Financial Statements                                      

1. DESCRIPTION OF PLAN

The following is a brief description of the Gibraltar 401(k) Plan (the Plan) and is provided for general information purposes only. Participants should refer to the Plan Document and Summary Plan Description for more complete information.

General

The Plan is a defined contribution plan as permitted under Section 401(k) of the Internal Revenue Code. The Plan is sponsored by Gibraltar Steel Corporation of New York (the Company), a subsidiary of Gibraltar Industries, Inc., for the benefit of eligible employees of the Company and its affiliates. The Company is the Plan Administrator, through the Gibraltar 401(k) Retirement Plan Committee. The Plan is subject to the Employee Retirement Income Security Act of 1974, as amended. The 401(k) Retirement Plan Committee is responsible for oversight of the Plan and determines the appropriateness of the Plan’s investment offerings, monitors investment performance and reports to the Company's Board of Directors.

Eligibility

All employees of the Company, those affiliates of the Company which have adopted the Gibraltar 401(k) Plan, and employees subject to a collective bargaining agreement that provides for coverage under the Plan, are eligible to participate in the Plan immediately upon hire. Upon completion of six months of service, employees are eligible to begin receiving the employer match.

Participant Contributions

Participants may contribute up to 100% of their annual compensation, not to exceed the ceiling imposed by the Internal Revenue Service of $22,500 and $20,500 for 2023 and 2022, respectively, as prescribed by the Plan Document. If a participant is age 50 or over, the ceiling is increased to $30,000 and $27,000 for 2023 and 2022, respectively. The Plan provides an Automatic Enrollment feature for employees who do not affirmatively make an elective deferral after six months of employment to the Plan, to automatically have three percent (3%) pre-tax deferral withheld each pay period and contributed to the Plan's Qualified Default Investment Alternative (QDIA) until changed by the participant.

The Plan accepts participant-directed Roth Elective Deferrals, Roth Rollovers, Roth In-Plan Conversions, Pre-Tax Deferrals and Pre-Tax Rollovers.

Participant Rollover Contributions

For the year ended December 31, 2023, the rollovers into the Plan were the result of newly hired employees rolling their balances from other qualified retirement plans. As part of the Company's acquisitions made during 2022, employees in that acquired business were provided the option to have their account balance rolled into the Plan. An aggregate of $1,051,273 and $1,861,606 was rolled into the Plan during the years ended December 31, 2023 and 2022, respectively, and is included in participant rollover contributions on the statements of changes in net assets available for benefits.

Employer Contribution

The Company matches contributions to the Plan equal to 100% of the first 3% of the participants’ elective deferrals and 50% of the following 2% of the participants’ elective deferrals at the time of salary reduction. The Company match for employees subject to a collective bargaining agreement follows the terms of their respective agreement.

Plan Merger

On January 11, 2022, certain assets of the Terrasmart LLC 401(k) Profit Sharing Plan were transferred into the Plan with a total fair market value of $2,141,777 as of the date of transfer. There were no plan mergers in 2023.

4

Gibraltar 401(k) Plan

Notes to Financial Statements                                     

1. DESCRIPTION OF PLAN (CONTINUED)

Administration

Fidelity Management Trust Company is the Plan Trustee, record keeper, and served as the custodian of the Plan’s assets for the years ended December 31, 2023 and 2022. The Administrator of the Plan may specify whether the investments of the Trust Fund shall be managed in whole or in part by the Trustee, one or more investment managers, the Administrator, or the participants as provided for by the Trust Agreement.

Plan Termination

Although it has not expressed any intent to do so, the Company has the right to terminate, amend, or modify the Plan at any time subject to the provisions of ERISA.

Participant Accounts

Separate accounts are maintained for each plan participant. Each participant’s account is credited with the participant’s contribution and an allocation of the Company’s contribution and Plan earnings. Participant accounts are charged with an allocation of administrative expenses that are paid by the Plan. Allocations are based on an annual fixed fee, participant earnings, account balances, or specific participant transactions. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Vesting and Forfeitures

Salary reduction contributions and the earnings thereon are at all times fully vested and non-forfeitable. All active participants are 100% vested in employer contributions.

Benefit Payments

Upon retirement, termination of employment, death or disability, participants or their beneficiaries may elect to receive their account balances in a single sum or in equal annual, or more frequent installments over a period not to exceed the life expectancy of the participant or the joint life expectancy of the participant and his or her beneficiary.

Notes Receivable from Participants

Participants may borrow against their vested account balance a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Notes receivable shall not exceed five years, except for a maximum of ten years for the purchase of a primary residence. The notes receivable are secured by the vested balance in the participant's account and bear interest at the prime rate plus 1%. Principal and interest are required to be repaid in equal installments over the term of the receivable.

5

Gibraltar 401(k) Plan

Notes to Financial Statements                                     

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of accounting.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

Participants direct the investment of their contributions into various investment options offered by the Plan. Participants may change their investment allocation on a daily basis. The Plan's investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan’s 401(k) Retirement Plan Committee determines the Plan’s valuation policies utilizing information provided by the investment advisers and custodian. See Note 3 for discussion of the fair value measurements used to value the Plan’s investments. Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) included the Plan’s gains and losses on investments bought and sold as well as held during the years.

Contributions

Contributions from Plan participants and the matching contributions from the employer are recorded in the year in which the employee contributions are withheld from compensation.

Benefits

Benefits are recorded when paid.

Plan Expenses

All of the costs of administration of the Plan and Trust are paid by the Company or the Participants. Brokerage commissions and similar costs of acquiring or selling securities (if any) that are incurred by the investment funds are borne by the participant. Origination fees for each loan are also borne by the participant. Investment related expenses are included in net appreciation (depreciation) of fair value of investments.

Notes Receivable from Participants

Notes receivable from participants are valued at their unpaid principal balance plus any accrued but unpaid interest at December 31, 2023 and 2022. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan Document.

Subsequent Events

The Plan administrator has evaluated subsequent events through the date and time the financial statements were issued.

6

Gibraltar 401(k) Plan

Notes to Financial Statements                                     

3. FAIR VALUE MEASUREMENTS

FASB ASC Topic 820, “Fair Value Measurements,” defines fair value and establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan can access at the measurement date. Level 2 inputs are quoted prices to similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Following is a description of the valuation techniques used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2023 and 2022.

Shares of Registered Investment Companies

These investments are valued at the net asset value of shares held by the registered investment companies at year-end. The investments are measured at fair value using quoted prices for identical assets, which are readily available Level 1 inputs.

Common Collective Trust

This investment is comprised of fully benefit-responsive investment contracts issued by insurance companies and other financial institutions (Contracts), fixed income securities, and money market funds. Under the terms of the Contracts, the assets of the fund are invested in fixed income securities (which may include, but are not limited to, U.S. Treasury and agency bonds, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, asset backed securities, and collective investment vehicles and shares of investment companies that invest primarily in fixed income securities) and shares of money market funds. The net asset value (NAV) is used as a practical expedient to estimate fair value. This practical expedient would not be used if it is determined to be probable that the common collective trust will sell the investment for an amount different from the reported NAV. Participant transactions (purchases and sales) may occur daily.

Employer Securities

These investments consist of a unitized stock fund which consists of employer securities valued at the closing price reported on the active market on which the individual securities are traded, and a small money market fund for liquidity purposes. As a result, the value of the investment is based on Level 1 inputs.

Cash Equivalents

These investments are primarily composed of money market funds. Money market funds are public investment vehicles valued using $1 for the net asset value and are classified within Level 1 of the valuation hierarchy.

Self-Directed Brokerage Funds

This investment consists of mutual funds and money market funds valued at readily determinable market prices of the associated investment.  As a result, the value of the investment is based on Level 1 inputs. 

7

The following table provides the assets carried at fair value measured on a recurring basis as of December 31, 2023:

	Level 1		Level 2		Level 3		Total
Shares of registered investment companies	$	141,608,061	$	—	$	—	$	141,608,061
Common collective trust (1)	—		—		—		4,399,841
Employer securities	3,733,961		—		—		3,733,961
Cash equivalents	5,101,650		—		—		5,101,650
Self-directed brokerage	2,281,030		—		—		2,281,030
Total assets at fair value	$	152,724,702	$	—	$	—	$	157,124,543

8

Gibraltar 401(k) Plan

Notes to Financial Statements                                     

3. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table provides the assets carried at fair value measured on a recurring basis as of December 31, 2022:

	Level 1		Level 2		Level 3		Total
Shares of registered investment companies	$	119,083,287	$	—	$	—	$	119,083,287
Common collective trust (1)	—		—		—		4,364,618
Employer securities	2,419,882		—		—		2,419,882
Cash equivalents	5,846,839		—		—		5,846,839
Self-directed brokerage	1,908,356		—		—		1,908,356
Total assets at fair value	$	129,258,364	$	—	$	—	$	133,622,982

NOTE (1): In accordance with FASB ASC 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.

The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2023 and 2022, respectively. There are no participant redemption restrictions for these investments; the redemption notice period is applicable only to the Plan.

December 31, 2023	Fair Value		Unfunded Commitments	Redemption Frequency (if currently eligible)	Redemption Notice Period
Common collective trust	$	4,399,841	N/A	Daily	12 months
December 31, 2022	Fair Value		Unfunded Commitments	Redemption Frequency (if currently eligible)	Redemption Notice Period
Common collective trust	$	4,364,618	N/A	Daily	12 months

4. TAX STATUS

The Internal Revenue Service (IRS) has determined and informed the Company by a letter dated January 8, 2018 that the Plan and related Trust, are designed in accordance with the Internal Revenue Code (the Code). Although the Plan has been amended since receiving the determination letter, the Plan Administrator and the Plan’s tax counsel believe that the Plan is designed, and is currently being operated, in compliance with the applicable requirements of the Code and, therefore, believe that the Plan is qualified and the related Trust is tax-exempt.

Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax liability if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.

9

Gibraltar 401(k) Plan

Notes to Financial Statements                                     

5. PARTIES IN INTEREST

At December 31, 2023 and 2022, certain Plan investments are managed by Fidelity Management Trust Company (Fidelity), the Plan’s trustee, and therefore these transactions qualify as party in interest transactions. The Plan also holds notes receivable representing participant loans. Additionally, the Plan allows participants to elect to invest in the common stock of Gibraltar Industries, Inc. Transactions in such investments qualify as party in interest transactions which are exempt from the prohibited transaction rules. Fidelity provides certain administrative services to the Plan pursuant to a Trust Agreement between the Company and Fidelity. Fidelity receives revenue from mutual fund service providers for services Fidelity provides to the funds. This revenue is used to offset certain amounts owed to Fidelity for its administrative services to the Plan.

Each participant account is subject to administrative fees. Any revenue sharing that Fidelity receives is credited to the participant's account that resulted in the revenue share, less any amounts to cover the participant's administrative fees. Fidelity remits this excess on a quarterly basis. Each participant account, the Plan, or the Company may make a payment to Fidelity for administrative expenses not covered by revenue sharing.

6. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:

	December 31,
	2023		2022
Net assets available for benefits per the financial
statements	$	159,340,457	$	135,941,792
Differences in:
Investments	2,215,914		2,318,810
Notes and other receivable from participants	(2,215,914)		(2,318,810)
Net assets available for benefits per the Form 5500	$	159,340,457	$	135,941,792

7. PROHIBITED TRANSACTION

The Company inadvertently failed to deposit approximately $1,035 and $2,691 of participant elective deferral contributions and loan payments for the years ended December 31, 2022 and 2021, respectively, within the required time frame as stated by United States Department of Labor (DOL) regulations. The Company will correct the errors by contributing earnings related to the delinquent contributions and loan repayments and filing a Voluntary Fiduciary Correction Program (VFCP) application with the DOL.

8. RISKS AND UNCERTAINTIES

The Plan provides for various investment options. Investment securities are exposed to various risks, such as interest, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

10

Gibraltar 401(k) Plan EIN 16-0991536 Plan #007 Schedule H, Line 4i – Schedule of Assets (Held at End of Year)
December 31, 2023
Identity of Issuer and Description of Investments	Fair Value
Fidelity 500 Index Fund*	$	18,885,924
Fidelity Contrafund K6*	20,994,058
Fidelity Freedom Fund 2005 K*	944,870
Fidelity Freedom Fund K 2010*	376,479
Fidelity Freedom Fund K 2015*	474,602
Fidelity Freedom Fund K 2020*	4,811,999
Fidelity Freedom Fund K 2025*	7,642,134
Fidelity Freedom Fund K 2030*	10,158,495
Fidelity Freedom Fund K 2035*	10,950,681
Fidelity Freedom Fund K 2040*	8,344,865
Fidelity Freedom Fund K 2045*	6,227,749
Fidelity Freedom Fund K 2050*	4,739,488
Fidelity Freedom Fund K 2055*	5,046,034
Fidelity Freedom Fund K 2060*	2,631,009
Fidelity Freedom Fund K 2065*	429,331
Fidelity Freedom Income K*	543,060
Fidelity Global ex US Index Fund*	2,340,502
Fidelity Government Money Market Fund*	5,101,650
Fidelity Small Cap Index Fund*	4,155,076
Fidelity Strategic Income Fund*	877,003
Fidelity US Bond Index Fund*	4,185,933
Fidelity Mid Cap Index Fund*	5,585,073
Hartford International Opportunities Fund	3,597,153
Wasatch Core Growth Fund Institutional Class Shares	5,349,856
Western Asset Core Plus Bond Fund	2,182,808
Columbia Dividend Income Fund	6,190,306
Vanguard Small Cap Value Index Fund	1,970,567
Blackrock Emerging Market Fund	1,048,548
Cohen & Steers Real Estate Securities Fund	924,458
Registered Investment Companies and Cash Equivalents Total	146,709,711
Common Collective Trust:
Fidelity Managed Income Portfolio*	4,399,841
Employer Securities:
Gibraltar Stock Fund*	3,733,961
Self-directed brokerage:
Fidelity Brokerage Link*	2,281,030
Notes Receivable from Participants:
Participant Loans (Interest rates are fixed at prime plus 1% and currently range from 4.00% to 9.50%)*	2,215,914
	$	159,340,457
* Indicates Parties in Interest to the Plan.

11

Gibraltar 401(k) Plan
EIN 16-0991536
Plan #007
Schedule H, Line 4a – Schedule of Delinquent Participant Contributions

December 31, 2023

Participant Contributions Transferred Late to Plan	Total that Constitute Nonexempt Prohibited Transaction			Total Fully Corrected Under VFCP and PTE 2002-51
Check here if Late Participant Loan Repayments are included: ☒	Contributions Not Corrected	Contributions Corrected Outside VFCP	Contributions Pending Correction in VFCP
	$3,726	$—	$—	$—

12

EX-23.1

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement (No. 33-87034) on Form S-8 of Gibraltar Industries, Inc., formerly known as Gibraltar Steel Corporation, of our report dated June 13, 2024, relating to our audit of the financial statements and supplemental schedules of the Gibraltar 401(k) Plan, which appears in this Annual Report on Form 11-K of the Gibraltar 401(k) Plan for the year ended December 31, 2023.

/s/ Freed Maxick CPAs, P.C.

Freed Maxick CPAs, P.C.

Buffalo, New York

June 13, 2024