Innovex International, Inc 8-K, filed May 14, 2021
Innovex International, Inc. (INVX)
About this 8-K
Innovex International, Inc filed this 8-K on May 14, 2021, reporting on events of May 12, 2021.
Items reported
- Item 5.07: Shareholder vote results
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.07 | Submission of Matters to a Vote of Security Holders. |
At the annual meeting of stockholders of Dril-Quip held on May 12, 2021, the matters voted upon and the number of votes cast for or against, as well as the number of abstentions and broker non-votes as to such matters, were as stated below. The proposals related to each matter are described in detail in Dril-Quip’s definitive proxy statement for the annual meeting, which was filed with the Securities and Exchange Commission on March 30, 2021.
Proposal 1—Election of Directors
The following nominees for director were elected to serve three-year terms expiring at the 2024 annual meeting of stockholders by a majority of the votes cast at the annual meeting:
| For | Against | Abstentions | Broker Non-Votes |
|||||||||||||
| Steven L. Newman |
25,827,982 | 7,017,718 | 1,087 | 879,821 | ||||||||||||
| Amy B. Schwetz |
31,838,696 | 1,007,384 | 707 | 879,821 | ||||||||||||
Proposal 2—Approval of Appointment of Independent Registered Public Accounting Firm
The appointment of PricewaterhouseCoopers LLP as independent registered public accountants for Dril-Quip for 2021 was approved by the majority of the votes cast “for” or “against” the proposal at the meeting:
| For |
Against |
Abstentions |
Broker Non-Votes | |||
| 33,701,783 |
24,218 | 607 | 0 |
Proposal 3—Advisory Vote to Approve Executive Compensation
The advisory vote on the compensation of Dril-Quip’s named executive officers received the affirmative vote of a majority of the votes cast “for” or “against” the proposal at the meeting:
| For |
Against |
Abstentions |
Broker Non-Votes | |||
| 32,293,255 |
546,520 | 7,012 | 879,821 |
Proposal 4—Approval of Amendment to 2017 Omnibus Incentive Plan
The amendment to the 2017 Omnibus Incentive Plan of Dril-Quip was approved by the majority of the votes cast “for” or “against” the proposal at the meeting:
| For |
Against |
Abstentions |
Broker Non-Votes | |||
| 31,933,806 |
907,256 | 5,725 | 879,821 |
| Item 8.01 | Other Information. |
AFGlobal Corporation recently provided 90-day written notice of termination of the lease agreement between Dril-Quip, Inc. (the “Company”) and AFGlobal in relation to the Company’s forge facility and equipment at its Houston Eldridge campus. As most recently described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, this lease was entered into during the latter part of 2019.
Based on the initial 5-year term of the lease agreement, the Company had straight-lined the total anticipated lease revenue for that initial term into equal monthly lease revenue. As a result of the lease termination, the Company has approximately $2.3 million in unbilled revenue that will be expensed. The Company has numerous other forging suppliers and does not expect any disruptions in forgings supply as a result of the lease termination.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DRIL-QUIP, INC. | ||
| By: | /s/ James C. Webster | |
| James C. Webster | ||
| Vice President, General Counsel and Secretary | ||
Date: May 14, 2021