AST SpaceMobile, Inc. (NASDAQ:ASTS), a company specializing in communication services, announced that its stockholders have approved the AST SpaceMobile, Inc. 2024 Incentive Award Plan (the "Plan") at its Annual Meeting on Monday.
The Plan, which had been adopted by the Board of Directors on July 29, 2024, is designed to provide stock-based compensation awards, including options and restricted stock among other incentives, to directors, employees, and consultants.
The Plan allows for the issuance of 3,415,079 shares of Class A Common Stock, which includes 2,000,000 new shares plus shares left over from the 2020 Incentive Award Plan.
Additionally, the Plan may grow annually by up to 2,000,000 shares as determined by the administrator. This move aims to attract and retain talent by aligning the interests of service providers with those of shareholders.
At the same meeting, stockholders also ratified the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, and re-elected all 10 director nominees to serve until the 2025 Annual Meeting of Stockholders.
The company has three classes of common stock, and the voting results reflected a strong majority in favor of all proposals. The Class C Common Stock, carrying 10 votes per share, significantly influenced the outcomes.
AST SpaceMobile's headquarters are located at Midland International Air & Space Port in Midland, Texas, and the company operates under the jurisdiction of Delaware.
The approval of the 2024 Incentive Award Plan follows the company's strategic efforts to strengthen its corporate governance and executive compensation practices.
AST SpaceMobile's commitment to aligning its compensation strategy with industry standards and shareholder interests is evident in the extensive details provided in the proxy statement filed on July 30, 2024.
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