FitLife Brands, Inc. (OTCMKTS:FTLF) 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.
FitLife Brands, Inc. (OTCMKTS:FTLF) Files An 8-K Submission of Matters to a Vote of Security Holders
On August 16, 2019, Fitlife Brands, Inc. (the “Company”) held its 2019 Annual Meeting of Stockholders (the“Annual Meeting”). The matters voted upon at the Annual Meeting and the results of the voting are set forth below.
Proposal No. 1- Election of Directors
The Company’s Directors are elected by a plurality of the votes cast. Accordingly, each of the nominees named above were elected to serve on the Board of Directors until the 2020 Annual Meeting of Stockholders, or until their successors are elected and qualified.
Proposal No. 2- Approval of the 2019 Omnibus Incentive Plan
The vote required to approve this proposal was the affirmative vote of a majority of the votes cast on the proposal. Accordingly, the Company’s stockholders voted in favor of the 2019 Omnibus Incentive Plan, included in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on July 12, 2019.
Proposal No. 3- Advisory Vote to Approve Executive Compensation (“Say-On-Pay Proposal”)
The vote required to approve this proposal was the affirmative vote of a majority of the votes cast on the proposal. Accordingly, the Company’s stockholders voted, on an advisory basis, in favor of the compensation paid to the Company’s named executive officers, as disclosed in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on July 12, 2019.
Proposal No. 4- Advisory Vote to Approve the Frequency of Advisory Votes on Executive Compensation
The vote required to approve this proposal was the affirmative vote of a majority of the votes cast on the proposal. Accordingly, the Company’s stockholders voted, on an advisory basis, in favor of holding a vote every three years with respect to the frequency of a shareholder vote on the compensation paid to the Company\’s named executive officers.
Proposal No. 5- Ratification of Appointment of Auditors
The vote required to approve this proposal was the affirmative vote of a majority of the votes cast on the proposal. Accordingly, stockholders ratified the appointment of Weinberg & Company P.A. as the Company’s independent auditors for the fiscal year ending December 31, 2019.
Item 8.01 Other Events.
On August 16, 2019, the Company’s Board of Directors approved the repurchase of up to $500,000 of the Company’s common stock, par value $0.01 per share, over the next 24 months (the “Share Repurchase Program”).
The Company intends to conduct its Share Repurchase Program in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Repurchases may be made at management\’s discretion from time to time on the open market or through privately negotiated transactions at current market prices. The Company may suspend or discontinue the Share Repurchase Program at any time, and may thereafter reinstitute purchases, all without prior announcement.
About FitLife Brands, Inc. (OTCMKTS:FTLF)
FitLife Brands, Inc. is a provider of nutritional supplements for health conscious consumers marketed under the brand names, such as NDS Nutrition Products (NDS) (www.ndsnutrition.com), PMD (www.pmdsports.com), SirenLabs (www.sirenlabs.com), CoreActive (www.coreactivenutrition.com) and Metis Nutrition (www.metisnutrition.com) (together, NDS Products). The Company’s product portfolio also includes brands, including iSatori (www.isatori.com), CT Fletcher, BioGenetic Laboratories, and Energize (together, iSatori Products). The NDS Products are distributed principally through franchised General Nutrition Centers, Inc. (GNC) stores located both domestically and internationally, and, with the addition of Metis Nutrition, through corporate GNC stores in the United States. The iSatori Products are sold through approximately 25,000 retail locations, which include specialty, mass and online. Its iSatori Products are sold through iSatori, Inc., which is a subsidiary of the Company.