KADANT INC. (NYSE:KAI) 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.
Company) held on May 17, 2017, the stockholders voted on the
following six proposals:
1.
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The stockholders elected two nominees, Dr. John M.
Albertine and Mr. Thomas C. Leonard, to the class of directors whose three-year term expires at our annual meeting of stockholders in 2020. The stockholders cast 8,391,411 shares in favor and 534,426 shares against Dr. Albertines election. In addition, 33,261 shares abstained and 655,437 broker non-votes were recorded, which had no effect on the outcome of the vote. The stockholders cast 8,744,887 shares in favor and 164,569 shares against Mr. Leonards election. In addition, 49,641 shares abstained and 655,438 broker non-votes were recorded, which had no effect on the outcome of the vote. |
2.
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The stockholders approved a non-binding advisory resolution
on the executive compensation of the Companys named executive officers. The stockholders cast 8,754,371 shares in favor and 194,527 shares against this proposal. In addition, 10,197 shares abstained and 655,440 broker non-votes were recorded, which had no effect on the outcome of the vote. |
3.
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The stockholders recommended, in a non-binding advisory
vote, that future advisory votes on executive compensation be held annually, which the board of directors had recommended. The stockholders cast 7,321,355 shares in favor of an annual vote, 8,334 shares in favor of a vote every two years, and 1,618,968 shares in favor of a vote every three years. In addition, 10,437 shares abstained and 655,444 broker non-votes were recorded, which had no effect on the outcome of the vote. After taking into consideration the foregoing voting results, the board of directors intends to hold future advisory votes on the compensation of the Companys named executive officers annually. |
4.
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The stockholders approved the Companys annual cash
incentive plan. The stockholders cast 8,757,832 shares in favor and 188,212 shares against this proposal. In addition, 13,052 shares abstained and 655,439 broker non-votes were recorded, which had no effect on the outcome of the vote. |
5.
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The stockholders approved the amendment and restatement of
the Companys amended and restated 2006 equity incentive plan. The stockholders cast 8,655,144 shares in favor and 289,987 shares against this proposal. In addition, 13,966 shares abstained and 655,438 broker non-votes were recorded, which had no effect on the outcome of the vote. |
6.
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The stockholders ratified the selection of KPMG LLP as the
Companys independent registered accounting firm for the 2017 fiscal year. The stockholders cast 9,587,270 shares in favor and 8,978 shares against this proposal. In addition, 18,287 shares abstained, which had no effect on the outcome of the vote. |
About KADANT INC. (NYSE:KAI)
Kadant Inc. is a supplier of equipment used in process industries. The process industries, including papermaking, paper recycling and oriented strand board (OSB), an engineered wood panel product used primarily in home construction. In addition, the Company manufactures granules made from papermaking byproducts. It operates in two segments: Papermaking Systems and Wood Processing Systems, and a separate product line, Fiber-based Products. Through its Papermaking Systems segment, it develops, manufactures and markets a range of equipment and products for the papermaking, paper recycling and other process industries. Through its Wood Processing Systems segment, it designs, manufactures and markets stranders and related equipment. Through its Fiber-based Products business, the Company produces biodegradable, absorbent granules from papermaking byproducts for use as carriers for agricultural, home lawn and garden, and professional lawn, turf and ornamental applications.
KADANT INC. (NYSE:KAI) Recent Trading Information
KADANT INC. (NYSE:KAI) closed its last trading session down -0.25 at 70.45 with 28,348 shares trading hands.