QCR Holdings, Inc. (NASDAQ:QCRH) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07(d) of Form 8-K, QCR Holdings, Inc. (the “Company”), is filing this Amendment to its Form 8-K originally filed on May 24, 2018, solely for the purpose of disclosing the Company’s decision on the frequency of future advisory votes on executive compensation.
|Item 5.07||Submission of Matters to a Vote of Security Holders.|
In the proxy statement that the Company provided to its stockholders in connection with the Company’s 2018 annual meeting of stockholders (the “Annual Meeting”), the Board of Directors of the Company recommended that the stockholders vote, on an advisory basis, in favor of conducting future advisory votes on executive compensation every year.These advisory votes on executive compensation are periodic, non-binding stockholder votes to approve the compensation paid to the Company’s named executive officers as disclosed in the Company’s proxy statements and are required under Section14A(a)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule14A-21(b) thereunder.
The Company held its Annual Meeting on May23, 2018. Of the 13,935,293shares of common stock issued and outstanding as of the record date for the Annual Meeting, 12,413,266 shares were represented at the meeting in person or by proxy, constituting approximately 89% of the outstanding shares. In a non-binding advisory vote held at the Annual Meeting on the frequency of future advisory votes on executive compensation, 9,125,264 shares voted for one year, 102,431 shares voted for two years, 359,681shares voted for three years, 12,218 shares abstained and there were 2,813,672 broker non-votes.
Based upon these results, and consistent with the Board of Directors’ recommendation to stockholders in the proxy statement for the Annual Meeting, the Company expects that it will continue to hold an advisory stockholder vote on executive compensation every year until the Company’s 2024 annual meeting of stockholders, when the next stockholder vote on the frequency of future advisory votes on executive compensation is required under the Exchange Act.
About QCR Holdings, Inc. (NASDAQ:QCRH)
QCR Holdings, Inc. is a multi-bank holding company. The Company serves the Quad Cities, Cedar Rapids, Waterloo/Cedar Falls and Rockford communities, through its banking subsidiaries, Quad City Bank and Trust Company (QCBT), Cedar Rapids Bank and Trust Company, and Rockford Bank and Trust Company, which provide commercial and consumer banking and trust and asset management services. It is also engaged in direct financing lease contracts through m2 Lease Funds, LLC (m2), a subsidiary of QCBT. It invests limited amounts of its capital in financial institutions and mutual funds. CRBT provides residential real estate mortgage lending services through its consumer banking division. The Company’s principal business consists of attracting deposits and investing those deposits in loans/leases and securities. The Company and its subsidiaries provide a range of commercial and retail lending/leasing, and investment services to corporations, partnerships, individuals and government agencies.