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Daktronics 8-K 2014

Documents found in this filing:

  1. 8-K
  2. Graphic
  3. Graphic
DAKT-2014.09.05_8-K-SOM


 
 
 
 
 

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): September 3, 2014

    
Daktronics, Inc.
(Exact name of registrant as specified in its charter)

South Dakota
0-23246
46-0306862
(State or other jurisdiction
(Commission
(I.R.S. Employer
Incorporation or organization)
File Number)
Identification Number)
 
 
 


201 Daktronics Drive
Brookings, SD 57006
(Address of principal executive office) (zip code)

(605) 692-0200
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

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:

[ ] 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 the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 
 





Section 5 - Corporate Governance and Management
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e)
On September 4, 2014, the Compensation Committee of the Board of Directors of Daktronics, Inc. (the “Company”) recommended and the Board of Directors authorized grants of incentive stock options to purchase shares of the Company's common stock and grants of restricted stock units under the Company's 2007 Stock Incentive Plan (the “Plan”) to five of the Named Executive Officers as indicated below.

Each of these new incentive stock options vests annually as to 20 percent of the shares subject to the option over five years beginning on the first anniversary of the date of grant, has a ten-year term, is subject to the terms and conditions of the Plan, and has an exercise price equal to the fair market value of the Company's common stock on the grant date, which was $13.31. Each of the new restricted stock units vest annually as to 20 percent of the shares subject to the restricted stock unit over five years beginning on the first anniversary of the date of grant and is subject to the terms and conditions of the Plan. Copies of the Plan and the forms of agreements under which these options and restricted stock units were granted are on file with the Securities and Exchange Commission as exhibits to the Company's reports.

The following table describes the grants of the options and restricted stock units to the five Named Executive Officers effective on September 4, 2014:
 
 
 
 
Incentive Stock Options
 
Restricted Stock Units
Name
 
Title
 
Shares Underlying Options
 
Shares Underlying Units
Reece A. Kurtenbach
 
President and Chief Executive Officer
 
15,000

 
6,000

Sheila M. Anderson
 
Chief Financial Officer
 
7,500

 
3,000

Bradley T. Wiemann
 
Executive Vice President
 
7,500

 
3,000

Matthew J. Kurtenbach
 
Vice President
 
7,500

 
3,000

Carla S. Gatzke
 
Vice President
 
6,870

 
2,750





ITEM 5.07 Submission of Matters to a Vote of Security Holders
(a)
On September 3, 2014, the Company held its Annual Meeting of Shareholders for fiscal 2014 (“2014 Annual Meeting”). Of the 43,245,195shares of the Company's common stock outstanding and entitled to vote at the 2014 Annual Meeting, 37,996,093 shares, or 87.86 percent, which constituted a quorum, were represented at the 2014 Annual Meeting.

(b)
The results of the votes on the proposals at the 2014 Annual Meeting were as follows.

Proposal 1. Election of Directors. The following individuals were elected as directors by the following vote, each to serve a three-year term that expires on the date of the Annual Meeting of Shareholders in 2017 or until his or her successor is duly elected:

 
 
Number of Shares Voted
 
 
Director Nominee
 
For
 
Withheld
 
Broker Non-Votes
Robert G. Dutcher
 
27,408,703

 
916,576

 
9,670,814

Nancy D. Frame
 
26,240,255

 
2,085,024

 
9,670,814











Proposal 2. Advisory (non-binding) vote on the compensation paid to our named executive officers. The shareholders approved the compensation of the Company's named executive officers as described in its proxy statement for the 2014 Annual Meeting by the following advisory vote:

Number of Shares Voted
 
 
For
 
Against
 
Abstain
 
Broker Non-Votes
27,520,815

 
434,256

 
370,208

 
9,670,814



Proposal 3. Ratification of Appointment of Independent Registered Public Accounting Firm. The appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for fiscal 2015 was ratified by the following vote:

Number of Shares Voted
 
 
For
 
Against
 
Abstain
 
Broker Non-Votes
37,552,492

 
387,972

 
55,629

 
 


Proposal 4. Such Other Business as may Properly Come Before the Meeting or any Adjournment or Postponement Thereof. The approval to transact such other business as may properly come before the 2014 Annual Meeting or any adjournment or postponement thereof was approved by the following vote:

Number of Shares Voted
 
 
For
 
Against
 
Abstain
 
Broker Non-Votes
19,344,851

 
18,208,314

 
442,928

 
 
 
 
 
 
 

SIGNATURE

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.

 
DAKTRONICS, INC.
 
 
 
By: /s/ Sheila M. Anderson
 
       Sheila M. Anderson, Chief Financial Officer
 
 
Date: September 5, 2014
 
 
 


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