Summary
This 8-K filing from Adobe Inc. (ADBE) on April 13, 2018, primarily reports on decisions made during the company's 2018 Annual Meeting of Stockholders held on April 12, 2018. Key events include the appointment of David A. Ricks as a new director to the Board, expanding its size to eleven members. Mr. Ricks was also appointed to the Executive Compensation Committee. Additionally, stockholders overwhelmingly approved the amendment and restatement of the 2003 Equity Incentive Plan, which increases the available share reserve by 7.5 million shares. The filing also confirms the ratification of KPMG LLP as the independent registered public accounting firm for fiscal year 2018 and provides the results of advisory votes on executive compensation and the election of the remaining ten directors.
Key Highlights
- 1Appointment of David A. Ricks to the Board of Directors, effective immediately after the 2018 Annual Meeting, expanding the Board to eleven members.
- 2David A. Ricks was appointed to the Executive Compensation Committee of the Board.
- 3Stockholders approved the amendment and restatement of the 2003 Equity Incentive Plan, increasing the share reserve by 7.5 million shares.
- 4Ratification of KPMG LLP as Adobe's independent registered public accounting firm for the fiscal year ending November 30, 2018.
- 5Approval of the election of ten existing members of the Board of Directors.
- 6Advisory vote to approve the compensation of named executive officers received majority support.
- 7David A. Ricks will receive compensation in accordance with Adobe's FY'18 Non-Employee Director Compensation Policy and was granted 1,177 restricted stock units.