Infinera Corporation, a manufacturer of telephone and telegraph equipment, announced the approval of an amendment to its equity incentive plan, increasing the authorized shares by 7.1 million. This decision was made at the annual shareholders' meeting held on Tuesday.
The amended 2016 Equity Incentive Plan, which includes the additional shares, was one of the agenda items for the company’s annual meeting. The proposal was approved by Infinera's shareholders with 163,963,491 votes in favor, 1,741,948 votes against, and 81,959 abstentions. The plan’s expansion aims to provide more stock-based rewards to employees and executives, thereby aligning their interests with those of the shareholders.
In addition to the amendment of the equity incentive plan, shareholders elected three Class II directors to the Board, each for a three-year term expiring in 2027. The elected directors are David W. Heard, Paul J. Milbury, and Dr. David F. Welch. They will work alongside current directors Christine B. Bucklin, Gregory P. Dougherty, Sharon E. Holt, Roop K. Lakkaraju, Amy H. Rice, and George A. Riedel.
Furthermore, shareholders advisory approved the executive compensation described in the company's proxy statement for the 2023 fiscal year. This approval signifies endorsement of the company’s executive compensation policies.
Finally, shareholders approved the appointment of Ernst & Young LLP as Infinera's independent registered public accounting firm until December 28, 2024. This approval ensures the continuity of the company's financial auditing process.
