ORCHIDS PAPER PRODUCTS COMPANY (NYSEMKT:TIS) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07.
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Submission of Matters to a Vote of Security Holders. |
On May1, 2017, Orchids Paper Products Company (the Company) held
its Annual Meeting of Stockholders (Annual Meeting). At the
Annual Meeting, the stockholders of the Company: (1)elected seven
directors for one-year terms; (2)approved, by advisory vote, our
executive compensation, (3) ratified the appointment of
HoganTaylor LLP as the Companys independent registered public
accounting firm, (4) approved the amendment and restatement of
the Companys annual cash bonus plan, and (5) recommended, by
advisory vote, that future advisory votes on executive
compensation be obtained in one year. The proposals are described
in detail in the Companys Definitive Proxy Statement (Proxy
Statement) that was filed with the Securities and Exchange
Commission on March 23, 2017.
On March6, 2017, the record date for the Annual Meeting,
10,302,891 shares of the Companys Common Stock were issued and
outstanding, of which 9,385,334 were present at the Annual
Meeting for purposes of establishing a quorum. The final voting
results on the proposals considered at the Annual Meeting are set
forth below.
1. Election of Directors. Each of the nominees
for director, as listed in the Proxy Statement, was elected to
serve until the conclusion of the Companys 2018 Annual Meeting of
Stockholders or until his or her successor is duly elected and
qualified, with the voting results as follows:
| Name |
Votes FOR |
Votes WITHHELD |
Broker Non-Votes |
||||
| Steven R. Berlin | 5,153,635 | 359,603 | 3,835,244 | ||||
| Mario Armando Garcia | 3,158,626 | 2,354,938 | 3,835,244 | ||||
| John C. Guttilla | 5,163,947 | 348,022 | 3,835,245 | ||||
| Douglas E. Hailey | 5,253,653 | 258,124 | 3,835,244 | ||||
| Elaine MacDonald | 5,218,059 | 295,943 | 3,835,244 | ||||
| Mark H. Ravich | 5,197,227 | 317,077 | 3,835,244 | ||||
| Jeffrey S. Schoen | 5,182,605 | 331,328 | 3,835,242 |
2. Approval, by Advisory Vote, of Executive
Compensation. The Companys executive compensation was
approved, with the voting results as follows:
|
Votes FOR |
Votes AGAINST |
Abstentions |
Broker Non-Votes |
||||
| 5,041,956 | 411,514 | 96,614 | 3,835,250 |
3.Ratification of HoganTaylor LLP. The
appointment of HoganTaylor LLP as the Companys independent
registered public accounting firm for the fiscal year 2017 was
ratified, with the voting results as follows:
|
Votes FOR |
Votes AGAINST |
Abstentions |
Broker Non-Votes |
||||
| 9,069,604 | 253,786 | 61,944 |
4.Approval of the amendment and restatement of the
Companys annual cash bonus plan. The amendment and
restatement of the Companys annual cash bonus plan to permit the
payment of bonus awards in cash or equity in the Companys
discretion was approved, with the voting results as follows:
|
Votes FOR |
Votes AGAINST |
Abstentions |
Broker Non-Votes |
||||
| 4,970,098 | 494,111 | 85,876 | 3,835,249 |
5.Recommend, by advisory vote, the frequency of future
advisory votes on executive compensation. The
recommendation of one year for the frequency of future advisory
votes on executive compensation has been approved by advisory
vote, with the voting results as follows:
|
One Year |
Two Years | Three Years | Abstentions |
Broker Non-Votes |
|||||
| 2,837,440 | 106,997 | 2,543,834 | 61,807 | 3,835,256 |
About ORCHIDS PAPER PRODUCTS COMPANY (NYSEMKT:TIS)
Orchids Paper Products Company is a supplier of consumer tissue products. The Company produces bulk tissue paper, known as parent rolls, and converts parent rolls into finished products, including paper towels, bathroom tissue and paper napkins. The Company offers customers a range of private label products across the value, premium and ultra-premium market segments. The Company sells its products to grocery stores, grocery wholesalers and cooperatives, convenience stores, janitorial supply stores and stores in the food service market. The Company’s products are sold primarily under its customers’ private labels and, to a lesser extent, under its brand names, such as Orchids Supreme, Clean Scents, Tackle, Colortex, My Size, Velvet and Big Mopper. The Company sells its products under private labels to its core customer base in the at home market, which consists primarily of dollar stores, discount retailers and grocery stores that offer alternatives across a range of products. ORCHIDS PAPER PRODUCTS COMPANY (NYSEMKT:TIS) Recent Trading Information
ORCHIDS PAPER PRODUCTS COMPANY (NYSEMKT:TIS) closed its last trading session up +0.28 at 18.26 with 364,811 shares trading hands.