Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory. (e) OnMay 17, 2023 ,Lumen Technologies, Inc. (the "Company") held its 2023 annual meeting of shareholders (the "Annual Meeting"). At the Annual Meeting, the results of which are set forth in Item 5.07 below, the Company's shareholders approved the Second Amended and Restated 2018 Equity Incentive Plan (the "Amended Plan"). Key employees, officers and directors of the Company and its consultants or advisors are eligible to receive awards under the Amended Plan. Awards may be granted in any one or a combination of the following forms: incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other awards that are denominated in, payable in, valued in whole or in part by reference to, or are otherwise based on the value of, or the appreciation in value of, shares of our common stock. The terms of the Amended Plan are generally consistent with the previous amended and restated version of the Company's 2018 Equity Incentive Plan, except that the Amended Plan increases the maximum number of common shares reserved for issuance thereunder to 77,600,000, which reflects an increase of 2,000,000 common shares, and removes an annual limit on the maximum number of common shares covered by any award granted under the Amended Plan to any individual. A description of the principal features of the Amended Plan can be found under Item 3 in our definitive proxy statement for the Annual Meeting, as filed with theU.S. Securities and Exchange Commission onApril 5, 2023 , which description is incorporated herein by reference. The foregoing description of the Amended Plan is not complete and is subject to, and qualified in its entirety by reference to, the full text of such plan, which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
OnMay 17, 2023 , the Board of Directors of the Company approved and adopted an amendment and restatement of the Company's Amended and Restated By-Laws (as amended and restated, the "Restated Bylaws"), effective immediately. Among other changes, the Restated Bylaws
• update the procedural requirements for director nominations made by
shareholders to address Rule 14a-19 promulgated under the Securities
Exchange Act of 1934, as amended (principally Sections 5.1(c)(i)(E),
5.1(d) and 9.1 of Article IV), • update the disclosure requirements under the Company's advance
notification bylaw provisions (principally Section 5.1(c)(i)(B)(10) of
Article IV) and
• effect certain other ministerial, clarifying, modernizing or conforming
changes (principally in subsections (b), (c)(i)(A) and (c)(i)(B)(6) of
Section 5.1 of Article IV and subsections (e), (f), (g), (h) and (i) of Section 5.4 of Article IV). The foregoing description of the Restated Bylaws is not complete and is subject to, and qualified in its entirety by reference to, the full text of the Restated Bylaws, which is attached to this Current Report on Form 8-K as Exhibit 3.1 and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Company's Annual Meeting held on
There were a total of 982,221,404 shares (consisting of 982,214,386 shares of common stock and 7,018 shares of Series L preferred stock, which vote together as a single class) entitled to vote as ofMarch 23, 2023 , the record date for the meeting, of which 758,879,589 shares were present or represented by proxy. (1) The following nominees were elected to serve on the Board of Directors: Votes Cast Broker Name of Nominee Votes Cast For Against Abstentions Non-Votes Quincy L. Allen 493,241,985 54,193,998 7,079,281 204,364,325 Martha Helena Bejar 465,101,574 82,536,366 6,877,324 204,364,325 Peter C. Brown 472,770,466 74,630,834 7,113,964 204,364,325 Kevin P. Chilton 490,172,236 57,394,240 6,948,788 204,364,325 Steven T. "Terry" Clontz 487,578,352 59,786,059 7,150,853 204,364,325 T. Michael Glenn 515,925,995 31,498,075 7,091,194 204,364,325 Kate Johnson 492,921,639 54,825,180 6,768,445 204,364,325 Hal Stanley Jones 526,069,756 21,325,293 7,120,215 204,364,325 Michael Roberts 468,555,303 78,786,864 7,173,097 204,364,325 Laurie Siegel 463,463,012 84,114,151 6,938,101 204,364,325 1
-------------------------------------------------------------------------------- (2) The appointment ofKPMG LLP as independent auditor for 2023 was ratified with 697,374,192 votes for, 57,818,745 votes against, 3,686,652 abstentions, and 0 broker non-votes.
(3) The Amended Plan (described above under Item 5.02) was approved with 507,276,043 votes for, 43,188,599 votes against, 4,050,622 abstentions, and 204,364,325 broker non-votes.
(4) The advisory vote to approve executive compensation was approved with 477,286,316 votes for, 73,014,210 votes against, 4,214,738 abstentions, and 204,364,325 broker non-votes.
(5) Shareholders recommended, in an advisory vote, that the frequency of the Company's executive compensation vote be held annually, with 534,627,706 votes for one year, 3,568,162 votes for two years, 11,655,186 votes for three years, 4,664,210 abstentions, and 204,364,325 broker non-votes. Consistent with its voting recommendation and the results of the shareholder vote, the Board has determined to continue to hold the Company's executive compensation vote every year until the next required vote on the frequency of our executive compensation vote, which the Company expects to hold no later than its 2029 annual meeting of shareholders
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: Exhibit No. Description 3.1 Bylaws ofLumen Technologies, Inc. , as amended and restated throughMay 17, 2023 . 10.1Second Amended and Restated Lumen Technologies, Inc. 2018 Equity Incentive Plan, as amended and restated throughMay 17, 2023 . 104 Cover page formatted as Inline XBRL and contained in Exhibit 101. 2
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