ENERGY RECOVERY, INC. (NASDAQ:ERII) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07
Submission of Matters to a Vote of Security Holders
Energy Recovery, Inc. (the “Company”) held its 2018 Annual Meeting of Stockholders (the “Annual Meeting”) on June14, 2018, at the Company’s offices in San Leandro, California to (i) elect two members of the Board of Directors, (ii) ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm; and (iii) approve, on a non-binding advisory basis, the compensation of the Company’s named executive officers.
As of April20, 2018, the record date for the Annual Meeting, there were 53,651,381shares of common stock outstanding and entitled to vote. At the Annual Meeting, 53,651,381shares of common stock, or approximately 50%, were represented in person or by proxy, constituting a quorum.
The final results forthe proposals voted on at the Annual Meeting are set forth below:
Proposal 1 – Election of Class I Directors. The stockholders elected two Class I Directors of the Company’s Board of Directors to serve for a three-year term until the 2021 Annual Meeting or until their respective successors are elected and qualified or until their earlier death, resignation, or removal. The following table shows the results of the stockholders’ vote:
Nominee for Class I Director |
Votes For (% of votes cast) |
Withheld (% of votes cast) |
Broker (Non-Votes) |
||
Olav Fjell |
28,586,209 |
95.93% |
1,213,737 |
4.07% |
12,181,738 |
Ole Peter Lorentzen |
27,828,904 |
93.39% |
1,971,042 |
6.61% |
12,181,738 |
Proposal 2–Ratification of theappointment of Deloitte & Touche LLP asthe Company’sindependent registeredpublicaccounting firm forthe year ending December 31,2018. This proposal was [approved/disapproved]. The following table shows the results of the stockholders’ vote:
Votes For (% of votes cast) |
Votes Against (% of votes cast) |
Abstentions (% of votes cast) |
|||
41,501,212 |
98.88% |
466,082 |
1.11% |
14,390 |
(—%) |
Proposal 3–Non-Binding Advisory Vote on Executive Compensation. This proposal was [approved/disapproved]. The following table shows the results of the stockholders’ vote:
Votes For (% of votes cast) |
Votes Against (% of votes cast) |
Abstentions (% of votes cast) |
Broker (Non-Votes) |
|||
23,370,173 |
78.90% |
6,246,777 |
21.09% |
182,996 |
(—%) |
12,181,738 |
About ENERGY RECOVERY, INC. (NASDAQ:ERII)
Energy Recovery, Inc. is an energy solutions provider to industrial fluid flow markets. The Company’s solutions convert wasted pressure energy into a reusable asset and preserve or eliminate pumping technology in hostile processing environments. It operates through two segments: Water, and Oil & Gas. Its Water Segment focuses on products sold for use in reverse osmosis water desalination. Its Oil & Gas Segment consists of products sold for use in gas processing, chemical processing, and hydraulic fracturing. It offers energy recovery devices (ERDs) in the water desalination market with its pressure exchanger technology and turbochargers. It offers VorTeq hydraulic fracturing system (VorTeq), IsoBoost, and IsoGen product lines to the oil and gas market. Its solutions are marketed and sold in fluid flow markets, such as water, oil and gas, and chemical processing, under the trademarks ERI, PX, Pressure Exchanger, PX Pressure Exchanger, AT, AquaBold, VorTeq, IsoBoost, and IsoGen.