Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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At the Annual Meeting of Stockholders of Panhandle Oil and Gas Inc. (the “Company”) held on March 3, 2020 (the “2020 Annual Meeting”), the Company’s stockholders approved Amendment No. 1 (the “Amendment”) to the Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan (as amended, the “Plan”). The Amendment authorizes an additional 250,000 shares of common stock (“shares”) for issuance under the Plan, bringing the total number of shares authorized for issuance under the Plan to 750,000 shares.
A description of the Plan, as modified by the Amendment, is set forth in the Company’s Proxy Statement filed with the Securities and Exchange Commission on January 23, 2020 (the “2020 Proxy Statement”). The description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 5.03
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Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
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At the 2020 Annual Meeting, the Company’s stockholders voted on and approved a proposal to amend the Company’s Certificate of Incorporation to authorize the board of directors to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock of any class or series from time to time, in one or more classes or series of stock, including the ability to classify any stock as, or issue, preferred stock.
On March 9, 2020, following the approval of the proposal to amend the Company’s Certificate of Incorporation by the Company’s stockholders at the 2020 Annual Meeting, the Company filed the Amended and Restated Certificate of Incorporation of Panhandle Oil and Gas Inc. (the “Amended and Restated Certificate”) with the Secretary of State of Oklahoma.
A description of the Amended and Restated Certificate is set forth in the Company’s 2020 Proxy Statement. The description of the Amended and Restated Certificate is qualified in its entirety by reference to the full text of the Amended and Restated Certificate, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 5.07
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Submission of Matters to a Vote of Security Holders.
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The Company held its 2020 Annual Meeting at the Oklahoma History Center in Oklahoma City, Oklahoma. Based on the January 13, 2020, record date, there were 16,452,642 shares of the Company’s Class A Common Stock entitled to vote at the 2020 Annual Meeting, of which 13,625,566 shares, or approximately 83% of the Company’s Class A Common Stock issued and outstanding, were represented either in person or by proxy.
At the 2020 Annual Meeting, the Company’s stockholders voted on the following proposals, detailed descriptions of which are contained in the 2020 Proxy Statement:
(1) Election of Mark T. Behrman and Chad L. Stephens as directors to serve for three-year terms ending on the date of the Company’s Annual Meeting of Stockholders in 2023;
(2) Approval of an amendment to the Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan to increase the number of shares authorized for issuance by 250,000 shares;
(3) Advisory vote to approve the compensation of the Company’s named executive officers;
(4) Advisory vote to determine the frequency of future advisory votes on the compensation of the Company’s named executive officers;
(5) Ratification of selection of Ernst & Young LLP as the Company’s Independent Registered Public Accounting Firm for fiscal year ended September 30, 2020; and
(6) Approval of an amendment to the Company’s Certificate of Incorporation to authorize the board of directors to classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock of any class or series from time to time, in one or more classes or series of stock, including the ability to classify any stock as, or issue, preferred stock.
All proposals were approved by the Company’s stockholders. The following tables provide the results of each voting proposal:
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Proposal #1 – Election of two directors for a term of three years:
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For
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Against
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Abstentions
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Broker Non-Votes
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Mark T. Behrman
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10,778,342
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554,197
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37,190
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2,255,837
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Chad L. Stephens
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10,880,822
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451,717
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37,190
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2,255,837
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Proposal #2 – Approval of amendment to Panhandle Oil and Gas Inc. 2010 Restricted Stock Plan:
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For
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Against
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Abstentions
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Broker Non-Votes
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Totals
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8,669,626
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2,587,409
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112,694
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2,255,837
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Proposal #3 – Advisory vote on executive compensation:
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For
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Against
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Abstentions
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Broker Non-Votes
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Totals
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10,229,288
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971,999
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168,442
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2,255,837
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Proposal #4 – Advisory vote on frequency of future advisory votes on executive compensation:
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1 Year
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2 Years
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3 Years
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Abstentions
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Broker Non-Votes
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Totals
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10,404,830
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59,073
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825,157
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80,669
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2,255,837
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Proposal #5 – Ratification of selection of Independent Registered Public Accounting Firm:
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For
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Against
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Abstentions
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Broker Non-Votes
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Totals
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13,235,632
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325,937
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63,997
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-
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Proposal #6 – Approval of amendment to Company’s Certificate of Incorporation:
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For
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Against
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Abstentions
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Broker Non-Votes
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Totals
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8,871,657
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2,374,364
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123,708
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2,255,837
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(d) Frequency of Stockholder Votes on Executive Compensation. Consistent with the recommendation of the board of directors, the Company’s stockholders recommended, by advisory vote, a one-year frequency of future advisory votes on executive compensation. In accordance with these results and its previous recommendation, the Company’s board of directors determined that future advisory votes on executive compensation will be held every year until the next required advisory vote on the frequency of stockholder votes on the compensation of named executive officers, which the Company expects to hold no later than its 2026 Annual Meeting of Stockholders.