DESTINY MEDIA TECHNOLOGIES INC. (OTCMKTS:DSNY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02
|
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; |
Appointment of Directors
On February 28, 2017, at the Annual General Meeting (the Meeting)
of Destiny Media Technologies Inc. (the Company) Hyonmyong Cho
and S. Jay Graber were elected to the board of directors of the
Company. Both Mr. Cho and Mr. Graber are expected to be named to
the Companys audit committee.
Mr. Cho is currently a managing member of Greenlaw International
Management Company LLC which manages Greenlaw International LP, a
fund which invests in microcap stocks. From 2002 to 2008, Mr. Cho
was a Managing Director of Forum Partners which managed several
real estate private equity funds in Europe and Asia. At Forum
Partners, Mr. Cho managed a worldwide team tasked with private
equity deal structuring, analysis and negotiation. Prior to Forum
Partners, Mr. Cho was a senior associate at Nassau Capital, whose
only limited partner was Princeton University, and he was
responsible for the due diligence, negotiation, documentation and
monitoring of private equity transactions. Prior to that, Mr. Cho
was a partner in Novalis Ventures, a venture capital fund focused
on early stage investments in the real estate industry. Before
that, Mr. Cho was a Vice President at Cahill, Warnock Company, a
private equity firm focused on making direct investments in
micro-cap public companies. Mr. Cho began his career as a
financial analyst for Alex Brown Sons, Inc. in the mergers and
acquisitions, real estate and health care groups. Mr. Cho was a
Morehead Scholar at the University of North Carolina, graduating
with a B.A. in English Literature.
Mr. Graber recently retired as VP of Business Development from
Apex Software LLC., a privately-owned developer of building
drawing and area calculation software for jurisdictional mass
appraisal at the municipal, county, province and statewide level
as well as for the real estate mortgage appraisal industry. Mr.
Graber continues to serve on various committees for the
International Association of Assessing Officers (IAAO) as he
remains a business partner in Apex. Prior to 20 years in the
software/technology arena, Mr. Graber worked in direct sales /
sales management for various manufacturing entities including
automotive and decorative lighting, plastic extrusion, art glass
and architectural flooring. Mr. Graber earned a BS degree in both
Business Management and in Psychology from Eastern Mennonite
College (now EMU).
Neither Mr. Cho nor Mr. Graber has had, since the beginning of
the Companys last fiscal year any material interest, direct or
indirect, in any transaction with the Company or in any presently
proposed transaction that has or will materially affect the
Company.
The Company currently does not have any compensation arrangements
with Mr. Cho or Mr. Graber.
Departure of Director
Haig Bagerdjian, decided not to stand for re-election at the
Meeting for personal reasons. Mr. Bagerdjians departure was not
due to, and was not caused by, in whole or in part, any
disagreement with the Company, whether related to the Companys
operations, policies, practices or otherwise. The Company thanks
Mr. Bagerdjian for the services he provided as a director and
wish him all the best in his future endeavors.
SECTION 5 CORPORATE GOVERNANCE AND MANAGEMENT
| ITEM 5.07 |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
On February 28, 2017, Destiny Media Technologies Inc. (the
Company) held its Annual General Meeting (the Meeting). At the
Meeting, the stockholders voted on the following three proposals
and cast their votes as described below.
Proposal One
The individuals listed below were elected as members of the Board
of Directors at the Meeting to hold office until the next Annual
General Meeting of stockholders or until their respective
successors have been elected or qualified.
| Nominee | For | Withheld | Broker Non-Votes |
| Steve Vestergaard | 20,639,371 | 797,160 | 7,484,875 |
| Hyonmyong Cho | 20,941,181 | 549,350 | 7,484,875 |
| S. Jay Graber | 20,957,681 | 532,850 | 7,484,875 |
Proposal Two
Proposal two was a management proposal to ratify and approve the
appointment of BDO Canada LLP as the Companys independent
registered public accounting firm for the fiscal year ending
August 31, 2017. This proposal was approved.
| For | Against | Abstained | Broker Non- Votes | |
|
Ratification of BDO Canada LLP as the Companys Independent Registered Public Accounting Firm |
28,805,781 | 19,063 | 19,666 | 130,896 |
Proposal Three
Proposal three was a management proposal to hold an advisory vote
to approve the named executive officer compensation. This
proposal was approved.
| For | Against | Abstained | Broker Non- Votes | |
|
Advisory Vote to approve Named Executive Officer Compensation |
20,766,611 | 346,720 | 377,200 | 7,484,875 |
About DESTINY MEDIA TECHNOLOGIES INC. (OTCMKTS:DSNY)
Destiny Media Technologies, Inc. develops and markets services that enable the secure distribution of digital media content over the Internet. The Company’s services are based around security, watermarking and instant play streaming media technologies. The Company’s products and services include Clipstream Online Video Platform (OVP), Clipstream Online Video Platform and Play MPE. The Clipstream Online Video Platform is a self-service system for encoding, hosting and reporting on video playback, which can be embedded in third-party Websites or e-mails. With the JavaScript codec approach, the Company offers various features, such as security, interactivity and proofing of content. Play MPE is a digital delivery service for moving broadcast audio, video, images, promotional information and other digital content securely through the Internet. DESTINY MEDIA TECHNOLOGIES INC. (OTCMKTS:DSNY) Recent Trading Information
DESTINY MEDIA TECHNOLOGIES INC. (OTCMKTS:DSNY) closed its last trading session up +0.010 at 0.270 with 2,000 shares trading hands.
