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Shareholders of Wearable Devices Ltd. (NASDAQ:WLDS) approved an increase in the company’s authorized share capital and changes to executive compensation policies at the annual and special general meeting held Friday, according to a statement based on a SEC filing.
The meeting, initially delayed due to a lack of quorum, was convened at 12:00 p.m. Israel time after the required number of shareholders was present. All ten proposals outlined in the company’s proxy statement, previously filed with the Securities and Exchange Commission, received the necessary majority approval.
Shareholders voted to raise the company’s authorized share capital by 450,000,000 ordinary shares, bringing the total to 500,000,000 ordinary shares. The company also amended its Articles of Association to reflect this increase, with the amendment taking effect immediately following shareholder approval.
In addition, shareholders approved amendments and a restatement of the compensation policy for executive officers and directors. The changes include the addition of new definitions, adjustments to the advance notice period and retirement terms for office holders, revisions to criteria for adjustment grants and special bonuses, and the introduction of a non-compete period. The amended policy also updates the conditions under which unvested equity-based compensation may be accelerated.
The information in this article is based on a statement in a SEC filing submitted by Wearable Devices Ltd.
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