Frequency Electronics Stock Award Plan Approved at Annual Meeting

Frequency Electronics, Inc. (NASDAQ: FEIM) recently announced the approval of its Stock Award Plan during its Annual Meeting of Stockholders held on October 8, 2024. The Plan, which was adopted by the Company’s Board of Directors on August 27, 2024, was subject to stockholder approval.

The Frequency Electronics, Inc. Stock Award Plan allows for the issuance of various stock-based compensation awards, including stock options, restricted stock, incentive units, and other stock-based or cash-based awards. Eligible recipients of these awards include all employees, directors, and consultants of the Company, its parent, or any affiliate.

Under the Plan, the Board administers the allocation of shares of the Company’s Common Stock for awards. The total number of shares available for issuance under the Plan amounts to 738,916 shares, consisting of 700,000 shares along with additional shares corresponding to those available under the company’s 2005 Stock Award Plan.

The material terms of the Plan were outlined in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on August 28, 2024. A comprehensive description of the Plan is included in the Definitive Proxy Statement.

During the Annual Meeting, a total of 6,244,144 shares, representing approximately 65.26% of the Company’s Common Stock entitled to vote, were present in person or by proxy. The stockholders approved the Plan, along with other agenda items including the election of directors, the ratification of the Company’s independent registered public accounting firm, and a non-binding advisory vote on executive compensation.

The voting results for the approval of the Plan were as follows:
– For: 4,371,930 shares
– Against: 125,780 shares
– Abstain: 21,279 shares
– Broker Non-Votes: 1,725,155 shares

After the successful approval of the Frequency Electronics, Inc. Stock Award Plan at the Annual Meeting, the Company continues to focus on rewarding its employees, directors, and consultants with stock-based compensation awards as part of its long-term incentive strategy.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Frequency Electronics’s 8K filing here.

About Frequency Electronics

Frequency Electronics, Inc, together with its subsidiaries, engages in designing, development, and manufacturing of precision time and frequency control products and components for microwave integrated circuit applications. It operates through two segments, FEI-NY and FEI-Zyfer. The FEI-NY segment offers precision time and frequency control products for communication satellites, terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S.