CLS HOLDINGS USA, INC. (OTCMKTS:CLSH) Files An 8-K Submission of Matters to a Vote of Security Holders

CLS HOLDINGS USA, INC. (OTCMKTS:CLSH) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07     Submission of Matters to a Vote of Security Holders

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An annual meeting of stockholders of CLS Holdings USA, Inc. (the “Company”) was held on Monday, November 16, 2020 (the “Annual Meeting”). There were present, in person or by proxy, holders of 77,901,343 shares of common stock, which constituted 61.54% of the 126,571,416 shares eligible to vote at the Meeting.

Proposal 1: The proposal to elect Frank Koretsky to serve for a one-year term as the Class I director was approved with the following votes:

Of the shares voted, 100% voted in favor of Proposal 1.

Proposal 2: The proposal to elect Andrew Glashow to serve for a two-year term as the Class II director was approved with the following votes:

Of the shares voted, 100% voted in favor of Proposal 2.

Proposal 3: The proposal to elect Jeffrey Binder to serve for a three-year term as the Class III director was approved with the following votes:

Of the shares voted, 100% voted in favor of Proposal 3.

Proposal 4: The proposal to ratify the appointment of M&K CPAs, PLLC as the Company’s independent registered public accounting firm for the fiscal year ending May 31, 2021 was approved with the following votes:

Of the shares voted, 99.92% voted in favor of Proposal 4.

Proposal 5: The proposal to approve, on a non-binding advisory basis, the compensation of the Company’s named executive officers was approved with the following votes:

Of the shares voted, 98.28% voted in favor of Proposal 5.

Proposal 6: The proposal to recommend the preferred frequency for future non-binding advisory votes to approve the compensation of the Company’s named executive officers received the following votes:

Of the shares voted, 34.71% voted in favor of 1 year, 21.78% voted in favor of 2 years, and 43.49% voted in favor of 3 years under Proposal 6.

Consistent with the recommendation of the Board of Directors of the Company as set forth in the Company’s proxy statement for the Annual Meeting and the vote of the stockholders at the Annual Meeting, the Board of Directors has determined to obtain an advisory stockholder vote on the compensation of the Company’s named executive officers every three years. This policy will remain in effect until the next stockholder vote on the frequency of stockholder votes on the compensation of the Company’s named executive officers.

 
 

About CLS HOLDINGS USA, INC. (OTCMKTS:CLSH)

CLS Holdings USA, Inc., is engaged in developing a method of extracting cannabinoids from cannabis plants and converting the resulting cannabinoid extracts into concentrates. The Company’s concentrates include oils, waxes, edibles and shatter. These concentrates may be ingested in various ways, including through vaporization through electronic cigarettes (e-cigarettes), and used for a range of pharmaceutical and other purposes. The Company intends to monetize extraction method through the licensing of its methods and processes to others, as in the Colorado Arrangement; the processing of cannabis for others, and the purchase of cannabis and the processing and sale of cannabis-related products. The Company’s products and services include Licensing Operations, Processing Revenue, Processing Facilities and Sale of Products and Brand Creation. As of May 31, 2016, the Company had not generated any revenues.

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