SAN DIEGO, CA – Today, RF Industries (NASDAQ:RFIL) Ltd., a manufacturer of electronic connectors, announced the results of its Annual Meeting of Stockholders, which took place on Thursday. During the meeting, shareholders voted on several key proposals, including the election of directors and amendments to the company's equity incentive plan.
Shareholders elected Mark K. Holdsworth and Kay L. Tidwell to the company's Board of Directors as Class I directors, with terms expiring at the 2027 Annual Meeting. Holdsworth was elected with 5,640,081 votes in favor and 295,916 withheld, while Tidwell received 5,333,751 votes in favor and 602,246 withheld. Both elections also saw 2,100,621 broker non-votes.
Additionally, the proposal to amend the 2020 Equity Incentive Plan was approved, increasing the number of shares available for issuance under the plan by 1,000,000 shares, from 1,250,000 to 2,250,000 shares. This amendment received 4,262,497 votes for, 1,551,113 against, and 122,387 abstentions, with the same number of broker non-votes as the director elections.
The compensation of the company’s named executive officers was also approved on a non-binding advisory basis, with 5,565,508 votes for, 298,275 against, and 72,214 abstentions. Broker non-votes tallied to 2,100,621 for this proposal as well.
In the final proposal, shareholders ratified the appointment of CohnReznick LLP as the company's independent registered public accounting firm for the fiscal year ending October 31, 2024. The ratification passed with 8,003,275 votes for, 4,339 against, and 29,004 abstentions.
The meeting's outcomes reflect shareholder support for the company's governance and strategic plans. The increased shares available under the equity incentive plan suggest an emphasis on employee incentives and potential future growth strategies.
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