8-KLeadership ChangesShareholder MattersExhibits & Filings

Dell Technologies Inc. 8-K Report, Executive Changes (Jun 22, 2023)

Filed June 22, 2023For Securities:DELL

Summary

Dell Technologies Inc. (DELL) filed an 8-K on June 21, 2023, detailing the outcomes of its 2023 annual meeting of stockholders held on June 20, 2023. The most significant event for investors is the approval of the new Dell Technologies Inc. 2023 Stock Incentive Plan, which was overwhelmingly supported by stockholders. This plan provides the company with flexibility to issue various equity-based awards, including stock options, RSUs, and other incentives, using up to 50 million shares of Class C common stock plus any shares remaining from the prior plan. Additionally, the meeting saw the election of all seven Group I director nominees and the Group IV director nominee, Ellen J. Kullman. The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the upcoming fiscal year was ratified. Stockholders also provided advisory approval on executive compensation and, by a significant majority, favored an "every 1 year" frequency for future advisory votes on executive compensation. These outcomes suggest continued alignment between management and shareholders on governance and compensation matters.

Key Highlights

  • 1Stockholder approval of the new Dell Technologies Inc. 2023 Stock Incentive Plan, authorizing the issuance of various equity awards and up to 50 million Class C shares.
  • 2Election of all seven Group I director nominees and the Group IV director nominee, Ellen J. Kullman, to the Board of Directors.
  • 3Ratification of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending February 2, 2024.
  • 4Advisory approval of the compensation of the Company's named executive officers.
  • 5Stockholders overwhelmingly voted for an "every 1 year" frequency for future advisory votes on executive compensation.
  • 6The report confirms the total number of outstanding shares and the voting power associated with different classes of common stock (Class A, B, and C).

Frequently Asked Questions

The 2023 Stock Incentive Plan is designed to provide Dell Technologies with a flexible framework for granting equity-based compensation to its employees and other eligible individuals. This can include stock options, restricted stock units (RSUs), and other awards, which are intended to align the interests of recipients with those of shareholders and to attract and retain key talent.

The plan authorizes 50,000,000 shares of Class C common stock for issuance. This amount is in addition to any shares that remained available under the previous stock incentive plan and any shares that were subject to outstanding awards under the prior plan but subsequently expired or terminated.

The advisory vote on the compensation of Dell's named executive officers received significant support from stockholders. The company will continue to hold an advisory vote on executive compensation annually ('every 1 year') based on the preference indicated by the stockholders.

The 2023 annual meeting resulted in the election of all seven Group I director nominees and the Group IV director nominee, Ellen J. Kullman, to the Board of Directors. This indicates continuity in the board's composition rather than significant immediate changes.