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EX-10.1 - EX-10.1 - Iridium Communications Inc. | d397405dex101.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 11, 2017
Iridium Communications Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-33963 | 26-1344998 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
1750 Tysons Boulevard
Suite 1400
McLean, VA 22102
(Address of principal executive offices)
703-287-7400
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Approval of Amended and Restated 2015 Equity Incentive Plan
As described in Item 5.07 below, on May 11, 2017, at the 2017 Annual Meeting of Stockholders (the Annual Meeting) of Iridium Communications Inc. (the Company), the Companys stockholders approved the Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan (the Amended and Restated Plan), under which a maximum of 19,797,991 shares of common stock are reserved for issuance pursuant to stock options and other equity awards, plus shares underlying outstanding awards granted under the 2009 Iridium Communications Inc. Stock Incentive Plan (the 2009 Plan) and the Iridium Communications Inc. 2012 Equity Incentive Plan (the 2012 Plan) that may be added to the Amended and Restated Plans share reserve under its terms. The Amended and Restated Plan was previously approved, subject to stockholder approval, by the Compensation Committee of the Board of Directors (the Board) of the Company. The Amended and Restated Plan became effective immediately upon stockholder approval at the Annual Meeting.
A summary of the material terms of the Amended and Restated Plan is set forth in the Companys definitive proxy statement for the Annual Meeting filed with the Securities and Exchange Commission on March 30, 2017 (the Proxy Statement) as Proposal 4, beginning on page 24, and is incorporated herein by reference. That summary and the foregoing description are qualified in their entirety by reference to the text of the Amended and Restated Plan, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. The UK Sub-Plan of the Amended and Restated Plan, as well as the forms of grant notice and award agreements under the Amended and Restated Plan and the UK Sub-Plan, were previously filed as Exhibits 10.2 through 10.10 to the Companys Current Report on Form 8-K filed with the Securities and Exchange Commission on May 15, 2015.
Item 5.07 | Submission of Matters to a Vote of Security Holders. |
The Annual Meeting was held on May 11, 2017 in McLean, Virginia. Of the 97,380,783 shares outstanding as of the record date, 90,779,787 shares, or approximately 93.2%, were present or represented by proxy at the Annual Meeting. Set forth below are the results of the matters submitted for a vote of stockholders at the Annual Meeting.
Proposal 1 Election of Directors
The following twelve (12) directors were elected to serve for one-year terms until the 2018 Annual Meeting of Stockholders and until their respective successors are elected and qualified.
Name |
Votes For | Votes Withheld |
Broker Non-Votes | |||||||||
Robert H. Niehaus |
75,053,396 | 351,088 | 15,375,303 | |||||||||
Thomas C. Canfield |
75,037,643 | 366,841 | 15,375,303 | |||||||||
Matthew J. Desch |
75,068,826 | 335,658 | 15,375,303 | |||||||||
Thomas J. Fitzpatrick |
70,745,329 | 4,659,155 | 15,375,303 | |||||||||
Jane L. Harman |
75,037,511 | 366,973 | 15,375,303 | |||||||||
Alvin B. Krongard |
74,909,847 | 494,637 | 15,375,303 | |||||||||
Admiral Eric T. Olson (Ret.) |
75,046,041 | 358,443 | 15,375,303 | |||||||||
Steven B. Pfeiffer |
75,027,635 | 376,849 | 15,375,303 | |||||||||
Parker W. Rush |
75,018,803 | 385,681 | 15,375,303 | |||||||||
Henrik O. Schliemann |
75,074,876 | 329,608 | 15,375,303 | |||||||||
S. Scott Smith |
73,996,475 | 1,408,009 | 15,375,303 | |||||||||
Barry J. West |
75,051,991 | 352,493 | 15,375,303 |
Proposal 2 Approval, on an Advisory Basis, of the Compensation of the Companys Named Executive Officers.
For | Against | Abstain | Broker Non-Votes | |||
67,779,867 | 7,488,743 | 135,874 | 15,375,303 |
Proposal 3 Indication of the preferred frequency of stockholder advisory votes on executive compensation.
Every Year | Every 2 Years | Every 3 Years | Abstain | |||
70,898,728 | 99,870 | 4,330,975 | 74,911 |
Proposal 4- Approval of the Companys Amended and Restated 2015 Equity Incentive Plan.
For | Against | Abstain | Broker Non-Votes | |||
63,645,906 | 11,666,278 | 92,300 | 15,375,303 |
Proposal 5 Ratification of the Appointment of Ernst & Young LLP as the Companys independent registered public accounting firm for the fiscal year ending December 31, 2017.
For | Against | Abstain | Broker Non-Votes | |||
90,347,562 | 321,027 | 111,198 | 0 |
Item 7.01 | Regulation FD Disclosure. |
On May 11, 2017, in anticipation of the completion of amendments to the Companys credit facility, the Board approved the suspension of cash dividends on each of its 7% Series A Cumulative Perpetual Convertible Preferred Stock and its 6.75% Series B Cumulative Perpetual Convertible Preferred Stock, with such suspension to last for five quarters beginning with the dividend payments payable on June 15, 2017. Further details on the Companys credit facility and proposed amendments thereto are discussed in its Form 10-Q for the fiscal quarter ended March 31, 2017, as filed with the Securities and Exchange Commission on April 27, 2017.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
Exhibit |
Description | |
10.1 | Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IRIDIUM COMMUNICATIONS INC. | ||||||
By: | /s/ Matthew J. Desch | |||||
Date: May 16, 2017 | Matthew J. Desch Chief Executive Officer |
EXHIBIT INDEX
Exhibit |
Description | |
10.1 | Iridium Communications Inc. Amended and Restated 2015 Equity Incentive Plan. |