Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI) Files An 8-K Submission of Matters to a Vote of Security Holders
ITEM 5.07
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Submission of Matters to a Vote of Security Holders. |
On December 29, 2016, the Company held its 2016 Annual Meeting of
Shareholders, at which the shareholders votes on the following
proposals:
Proposal 1: The shareholders elected the
Companys four nominees for director to serve for a term expiring
at the 2017 Annual Meeting of Shareholders.
Proposal 2: The shareholders ratified the
Audit Committees appointment of Anton Chia, LLP to serve as the
Companys independent registered accounting firm for the fiscal
year ended December 31, 2016.
Proposal 3: The shareholders approved the
amendment of the Companys Articles of Incorporation to increase
the number of authorized shares of capital stock from 12,000,000
(consisting of 10,000,000 shares of common stock, no par value,
and 2,000,000 shares of preferred stock) to 52,000,000
(consisting of 50,000,000 shares of common stock, no par value,
and 2,000,000 shares of preferred stock).
Proposal 4: The shareholders did not
approve the reincorporation of the Company from the State of
Minnesota to the State of Nevada.
Proposal 5: The shareholders approved the
adoption of the Appliance Recycling Centers of America, Inc. 2016
Equity Incentive Plan.
Proposal 6: The shareholders approved in
a non-binding advisory vote the compensation of our named
executive officers.
The table below summarizes the voting results:
| For | Withheld |
Broker Non-Votes |
||
| 1. Election of Directors: | ||||
| Tony Isaac | 2,692,433 | 874,790 | 2,127,076 | |
| Richard D. Butler | 2,517,306 | 1,049,917 | 2,127,076 | |
| Dennis (De) Gao | 2,517,681 | 1,049,542 | 2,127,076 | |
| Timothy M. Matula | 2,602,727 | 964,496 | 2,127,076 | |
|
For |
Against |
Abstain |
Broker Non-Votes |
|
| 2. Ratification of Anton Chia, LLP | 4,858,173 | 782,863 | 53,263 | |
|
3. Amendment of Articles of Incorporation to increase the number of authorized shares of capital stock |
3,231,977 |
2,410,919 |
51,403 |
|
| 4. Reincorporation from Minnesota to Nevada | 2,050,246 | 1,421,206 | 95,771 | 2,127,076 |
| 5. Adoption of 2016 Equity Incentive Plan | 2,419,874 | 1,050,430 | 96,919 | 2,127,076 |
|
6. Non-binding advisory vote on the compensation of our named executive officers |
2,596,560 |
815,719 |
154,944 |
2,127,076 |
About Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI)
Appliance Recycling Centers of America, Inc. is engaged in the business of selling and recycling household appliances in North America. The Company has two segments: recycling and retail. The Company sells household appliances in the United States though its chain of Company-owned retail stores, operating under the name ApplianceSmart. Its recycling segment focuses on collecting, recycling and installing appliances for utilities and other customers. Its recycling segment focuses on the agreement with General Electric (GE). Its retail segment focuses on the sale of appliances through ApplianceSmart stores. It is a household appliance retailer with product categories, including commonly available appliances, and offerings, such as close-outs, factory overruns, discontinued models and special-buy appliances, including out-of-carton merchandise and others. It offers extended warranties, appliance delivery, factory-trained technician service and recycling of customers’ replaced appliances. Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI) Recent Trading Information
Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI) closed its last trading session up +0.01 at 1.11 with 60,422 shares trading hands.
