UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
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Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On June 10, 2022, the Compensation Committee of the Board of Directors of Servotronics, Inc. (the “Company”) approved the 2021 bonus amounts for the Company’s executive officers. In accordance with Instruction 1 to Item 402(c)(2)(iii) and (iv) of Regulation S-K, set forth below are the bonus amounts and total compensation for each named executive officer in the Summary Compensation Table on page 21 of the 2022 Proxy Statement, as recalculated to include the value of the 2021 bonus amounts.
Named Executive Officer | Year | Bonus | Total Compensation | |||||||||
Lisa F. Bencel | 2021 | $ | 35,000 | $ | 328,644 | |||||||
James C. Takacs | 2021 | $ | 60,000 | $ | 319,053 | |||||||
Kenneth D. Trbovich | 2021 | -- | $ | 853,500 |
Item 5.07 | Submission of Matters to a Vote of Security Holders |
The 2022 Annual Meeting of the stockholders of the Company was held on June 10, 2022. Stockholders representing 2,146,414 shares, or 85.9% of the 2,498,697 common shares outstanding as of the May 3, 2022, record date were present in person or were represented at the meeting by proxy.
The following Directors were elected by the affirmative vote of a plurality of the votes cast. The results of the voting for each nominee were as follows.
Name | For | Withhold Authority | Broker Non-Votes | |||||||||
Edward C. Cosgrove | 827,432 | 974,556 | 344,426 | |||||||||
William F. Farrell, Jr. | 1,248,861 | 553,127 | 344,426 | |||||||||
Lucion P. Gygax | 881,184 | 920,804 | 344,426 | |||||||||
Karen L. Howard | 1,301,290 | 500,698 | 344,426 | |||||||||
Christopher M. Marks | 1,200,197 | 601,791 | 344,426 | |||||||||
Evan H. Wax | 1,248,928 | 553,060 | 344,426 |
The approval of the Servotronics, Inc. 2022 Equity Incentive Plan received the affirmative vote of a majority of the votes cast and was passed. The results of the voting for this proposal were as follows:
For | Against | Abstentions | Broker Non-Votes | |||||||||||
1,106,300 | 686,042 | 9,646 | 344,426 |
The advisory approval of executive compensation for 2021 did not receive the affirmative vote of a majority of the votes cast in a non-binding vote. The results of the voting for the advisory vote were as follows:
For | Against | Abstentions | Broker Non-Votes | |||||||||||
868,172 | 896,676 | 37,140 | 344,426 |
The ratification of Freed Maxick CPAs, P.C. as the Company’s independent registered public accounting firm for the 2022 fiscal year received the affirmative vote of a majority of the votes cast and was passed. The results of the voting for this proposal were as follows:
For | Against | Abstentions | ||||||||
1,597,539 | 526,026 | 22,850 |
Signature(s)
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.
Date: June 15, 2022
Servotronics, Inc. | ||
By: | /s/Lisa F. Bencel, Chief Financial Officer | |
Lisa F. Bencel | ||
Chief Financial Officer |