IMMERSION CORPORATION (NASDAQ:IMMR) 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; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Board of Directors of Immersion Corporation (the Company) previously adopted, subject to stockholder approval, certain amendments to the Companys 2011 Equity Incentive Plan (the Equity Plan). At the Companys 2019 Annual Meeting of Stockholders held on June 14, 2019 (the Annual Meeting), the Companys stockholders approved the amendments to the Equity Plan. The amendments to the Equity Plan: (i) increase the number of shares reserved for issuance by 2,595,751 shares of common stock, (ii) provide that all equity awards will be subject to an initial vesting period of no less than 12 months from the date of grant (subject to certain exceptions), (iii) prohibit the payment of dividends with respect to any shares of common stock subject to an outstanding award granted under the Equity Plan (or portion thereof) that have not vested, (iv) provide that a non-employee director may receive compensation (including cash and awards) representing no more than $500,000 total value in any calendar year, (v) remove certain provisions that were previously included for tax deductibility purposes under Internal Revenue Code (IRC) Section 162(m) and are no longer relevant, and (vi) make certain other clarifying changes to administrative provisions to the Equity Plan.
The foregoing summary of the amendments to the Equity Plan is qualified by the text of the Equity Plan, as amended, which is incorporated by reference as Exhibit 10.1 to this Current Report on Form 8-K.
Item 5.07. Submissions of Matters to a Vote of Security Holders.
At the Annual Meeting, the following proposals were adopted as follows: