SEVERN BANCORP Item 5.07 Submission of Matters to a Vote of Security Holders
As previously reported in the Original Form 8-K, in a non-binding advisory vote on the frequency of future say on pay votes held at the 2020 Annual Meeting, 1,691,574 shares voted for one year, 191,037 shares voted for two years, 5,502,713 shares voted for three years, 107,824 shares abstained and there were 2,680,433 broker non-votes. The Company has considered the outcome of this advisory vote and has determined, as was recommended with respect to this proposal by the Company's board of directors in the proxy statement for the 2020 Annual Meeting, that the Company will hold future say on pay votes every three years until the occurrence of the next advisory vote on the frequency of say on pay votes. The next advisory vote regarding the frequency of say on pay votes is required to occur no later than the Company's 2026 Annual Meeting of Stockholders.
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