Otelco Inc. (NASDAQ:OTEL) 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. |
Otelco Inc. (the Company) held its 2017 Annual Meeting of
Stockholders (the Annual Meeting) on May 11, 2017. As set forth
below, at the Annual Meeting, the holders of the Companys Class A
Common Stock voted on four proposals.
Proposal 1 Election of Directors
At the Annual Meeting, the holders of the Companys Class A Common
Stock elected Norman C. Frost, Curtis L. Garner, Jr., Howard J.
Haug, Stephen P. McCall, Brian A. Ross, Robert J. Souza and Gary
L. Sugarman as directors of the Company for a term to expire at
the Companys 2018 Annual Meeting of Stockholders. The results of
the voting were as follows:
| For | Withheld | Broker Non-Vote | ||||
| Norman C. Frost | 573,052 | 536,190 | 1,057,348 | |||
| Curtis L. Garner, Jr. | 569,496 | 539,746 | 1,057,348 | |||
| Howard J. Haug | 570,004 | 539,238 | 1,057,348 | |||
| Stephen P. McCall | 601,447 | 507,795 | 1,057,348 | |||
| Brian A. Ross | 601,547 | 507,695 | 1,057,348 | |||
| Robert J. Souza | 598,059 | 511,183 | 1,057,348 | |||
| Gary L. Sugarman | 564,511 | 544,731 | 1,057,348 |
Proposal 2 Ratification of the Appointment of BDO
USA, LLP as the Companys Independent Registered Public Accounting
Firm
At the Annual Meeting, the holders of the Companys Class A Common
Stock voted on the ratification of the appointment of BDO USA,
LLP as the Companys Independent Registered Public Accounting Firm
for the fiscal year ending December 31, 2017. The results of the
voting were as follows:
| For | Against | Abstain | Broker Non-Vote | ||||
| 2,134,762 | 26,269 | 5,559 |
Proposal 3 Approval, on an Advisory Basis, of the
Compensation of the Companys Named Executives
At the Annual Meeting, the holders of the Companys Class A Common
Stock voted on the approval, on an advisory basis, of the
compensation of the Companys named executive officers. The
results of the voting were as follows:
| For | Against | Abstain | Broker Non- Vote | ||||
| 710,886 | 385,354 | 13,002 | 1,057,348 |
Proposal 4 Advisory Vote on the Frequency of Holding
Future Advisory Votes on the Compensation of the Companys Named
Executives
At the Annual Meeting, the holders of the Companys Class A Common
Stock voted on an advisory resolution with respect to whether
future advisory votes on the compensation of the Companys named
executive officers should occur annually, every two years or
every three years. The results of the voting were as follows:
| Annual | Every Two Years | Every Three Years | Abstain | Broker Non- Vote | |||||
| 952,382 | 107,941 | 46,740 | 2,179 | 1,057,348 |
In light of these voting results, the Company has determined that
it will hold an annual advisory vote on the compensation of the
Companys named executive officers until the next advisory vote
with respect to the frequency of advisory votes on the
compensation of the Companys named executive officers. An
advisory vote with respect to the frequency of advisory votes on
the compensation of the Companys named executive officers is
required to be held at least once every six years.
Otelco Inc. (NASDAQ:OTEL) Recent Trading Information
Otelco Inc. (NASDAQ:OTEL) closed its last trading session 00.00 at 7.05 with 1,529 shares trading hands.