SECURITY NATIONAL FINANCIAL CORPORATION (NASDAQ:SNFCA) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07. Submission of Matters is a Vote of Security Holders
The Annual Meeting of Stockholders (the “Annual Meeting”) of Security National Financial Corporation (the “Company”) was held on June 28, 2019, in Salt Lake City, Utah. As of the record date, there were issued and outstanding 15,082,953 shares of Class A common stock and 2,190,361 shares of Class C common stock, such Class C shares representing a weighted voting total of 21,903,610 Class C common shares, for a combined voting total of 36,986,563 Class A and Class C common shares. At the Annual Meeting there was present or represented by proxy a total of 8,758,409 Class A common shares (or approximately 58% of the outstanding Class A shares) and 2,158,839 Class C common shares (or approximately 99% of the outstanding Class C shares), such Class C shares representing a weighted voting total of 21,588,390 Class C common shares for a combined voting total of 30,346,799 Class A and Class C common shares (approximately 82% of the outstanding Class A and Class C shares). Accordingly, under Article IX of the Company’s Articles of Incorporation and the Utah Revised Business Corporation Act, the combined voting total of Class A and Class C common shares was a majority of the outstanding voting total of shares of Class A and Class C common stock and constituted a quorum for the Annual Meeting.
At the Annual Meeting, the Company’s stockholders (i) approved the election of Scott M. Quist, Gilbert A. Fuller, Norman G. Wilbur, John L. Cook, Robert G. Hunter, M.D., H. Craig Moody, Jason G. Overbaugh, and S. Andrew Quist as directors of the Company; (ii) approved, on an advisory basis, the compensation of the Company’s named executive officers; and (iii) ratified the Appointment of Deloitte & Touche LLP as the Company’s independent registered public accountants for the fiscal year ended December 31, 2019.
The results of the voting at the Annual Meeting on the matters submitted to the stockholders are set forth below. It should be noted that at the Company’s Annual Meeting held on July 2, 2014, the stockholders approved a resolution providing for a 1-for-10 reverse stock split of the Company’s Class C common stock and for weighted voting of the Class C common stock. As a result, each share of Class C common stock has weighted voting of ten votes per share and may be converted into one share of Class A common stock. The voting results at the Annual Meeting set forth below reflect the weighted voting for the Class C common shares.
1. To elect three directors to be voted upon by Class A common stockholders voting separately as a class to serve until the 2019 Annual Meeting and until their successors are duly elected and qualified.
2. To elect the remaining five directors to be voted upon by Class A and Class C common stockholders together to serve until the 2019 Annual Meeting and until their successors are duly elected and qualified.
3. To approve, on an advisory basis, the compensation of the Company’s named executive officers.
4. To ratify the appointment of Deloitte & Touche as the Company’s independent registered public accountants for the year ended December 31, 2019.
About SECURITY NATIONAL FINANCIAL CORPORATION (NASDAQ:SNFCA)
Security National Financial Corporation is a holding company. The Company operates through three segments: life insurance, cemetery and mortuary, and mortgage loans. The life insurance segment is engaged in the business of selling and servicing selected lines of life insurance, annuity products, and accident and health insurance. The cemetery and mortuary segment consists of approximately seven mortuaries and five cemeteries in the state of Utah and a cemetery in the state of California. The mortgage loan segment originates and underwrites or otherwise purchases residential and commercial loans for new construction, existing homes and real estate projects. The Company is also engaged in pre-need selling of funeral, cemetery, mortuary and cremation services through its Utah and California operations. It also sells pre-need funeral, cemetery and cremation services.
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