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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Kopin Corporation    KOPN

KOPIN CORPORATION

(KOPN)
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KOPIN CORP : Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year (form 8-K)

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04/12/2019 | 08:53am EDT

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year


On April 12, 2019, the Board of Directors (the "Board") of Kopin Corporation, a
Delaware corporation (the "Company"), approved amendments to amend and restate
the Company's by-laws (the "By-laws") to adopt a majority voting standard for
directors in uncontested director elections, effective as of April 12, 2019. In
particular, the amendments include the following changes:
•      The standard for uncontested elections of directors was changed to a
       majority voting standard so that a nominee for director will be elected to
       the Board if the votes cast "for" such nominee's election exceed the votes
       cast "against" such nominee's election;



•      Directors will continue to be elected by a plurality of the votes cast if
       the election is a contested election as defined in the By-laws;



•      As a condition to being nominated to stand for election as director, a
       proposed nominee must deliver an irrevocable letter of resignation as a
       director, effective upon such person's failure to receive the required
       vote for reelection at the next meeting of stockholders at which such
       person would face reelection; and



•      If a nominee for director is not elected and the nominee is an incumbent
       director, the Board's Nominating and Corporate Governance Committee (the
       "Committee") will make a recommendation to the Board as to whether to
       accept or reject the tendered resignation, or whether other action should
       be taken. The Board will act on the tendered resignation, taking into
       account the Committee's recommendation, and publicly disclose its decision
       regarding the tendered resignation and the rationale behind the decision
       within 90 calendar days from the date of the certification of the election
       results. The Committee, in making its recommendation, and the Board, in
       making its decision, may each consider any factors or other information
       that they consider appropriate and relevant. The director who tenders his
       or her resignation will not participate in the recommendation of the
       Committee or the decision of the Board with respect to his or her tender
       of resignation, but may participate in the recommendation or the decision
       regarding another director's tender of resignation.


The foregoing summary of the amendments to the By-laws is qualified in its entirety by reference to the full text of the By-laws, a copy of which is filed with this Current Report on Form 8-K as Exhibit 3.1 and incorporated herein by reference.

© Edgar Online, source Glimpses

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Financials ($)
Sales 2019 30,3 M
EBIT 2019 -28,0 M
Net income 2019 -27,7 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 3,36x
Capi. / Sales 2020 2,39x
Capitalization 102 M
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Mean consensus BUY
Number of Analysts 2
Average target price 2,10 $
Spread / Average Target 72%
Managers
NameTitle
John C. C. Fan Chairman, President & Chief Executive Officer
Richard A. Sneider CFO, Treasurer & Head-Investor Relations
Hong K. Choi Chief Technology Officer & Vice President
David E. Brook Secretary & Director
Andrew H. Chapman Independent Director
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