Sierra Wireless Announces Results of Annual Shareholders’ Meeting

Rhea-AI Summary

Sierra Wireless (NASDAQ: SWIR) held its annual general meeting on June 2, 2021, where all eleven nominees proposed by management were successfully elected to the Board of Directors. The votes showed high approval rates, with James R. Anderson receiving 98.86% in favor. Other resolutions included the reappointment of Ernst & Young as auditors, and amendments to the Treasury Based Restricted Share Unit Plan and Stock Option Plan, which were approved with 76.14% and 92.82%, respectively. No other business was conducted at the meeting.

Positive

• All eleven board nominees elected with high approval percentages, enhancing governance stability.
• Approval of Ernst & Young as auditors, ensuring independent financial oversight.
• Amendments to share unit and stock option plans approved, potentially incentivizing management.

Negative

• 76.14% approval for amendments to the Treasury Based Restricted Share Unit Plan indicates notable shareholder dissent.

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) (“Sierra Wireless” or the “Company”) is pleased to announce the results from its annual general meeting of shareholders (“Shareholders”) held on June 2, 2021 (the “Meeting”).

Results of the Meeting

All of the eleven nominees proposed by management for election to the Board at the Meeting and listed in the Company’s Management Information Circular dated April 28, 2021 (the “Circular”) were elected to the Board. The directors will remain in office until the next annual meeting of Shareholders, or until their successors are elected or appointed.

The results of the vote on the election of directors are as follows:

Director	Votes in Favour		Votes Withheld
	Number of Votes	Percentage (%)	Number of Votes	Percentage (%)
Robin A. Abrams	19,684,225	96.91%	627,400	3.09%
James R. Anderson	20,079,133	98.86%	232,492	1.14%
Karima Bawa	19,862,453	97.79%	449,172	2.21%
Russell N. Jones	19,898,582	97.97%	413,043	2.03%
Thomas K. Linton	19,934,401	98.14%	377,224	1.86%
Martin D. Mc Court	20,077,284	98.85%	234,341	1.15%
Lori M. O’Neill	19,622,877	96.61%	688,748	3.39%
Thomas Sieber	19,675,464	96.87%	636,161	3.13%
Kent P. Thexton	19,914,282	98.04%	397,343	1.96%
Mark Twaalfhoven	19,935,723	98.15%	375,902	1.85%
Gregory L. Waters	20,075,580	98.84%	236,045	1.16%

The other items of business at the Meeting were to (i) appoint Ernst & Young LLP, Chartered Professional Accountants, as auditors of the Company for the ensuing year and to authorize the directors to fix the remuneration of the auditors; (ii) approve certain amendments to the Company’s 2011 Treasury Based Restricted Share Unit Plan and to approve all unallocated entitlements thereunder; (iii) approve certain amendments to the Company’s Amended and Restated 1997 Stock Option Plan; and (iv) approve an advisory resolution to accept the Company’s approach to executive compensation.

By resolution passed by way of ballot, the Shareholders approved the reappointment of Ernst & Young LLP, Chartered Professional Accountants, as auditors of the Company for the ensuing year, as follows:

Votes For	% Votes For	Votes Withheld	% Votes Withheld
24,910,144	98.88%	282,992	1.12%

By resolution passed by way of ballot, the Shareholders approved certain amendments to and all of the unallocated entitlements under the Company’s 2011 Treasury Based Restricted Share Unit Plan (the “Treasury RSU Plan”), as more particularly described in the Company’s Management Information Circular dated April 28, 2021 (the “Circular”), as follows:

Votes For	% Votes For	Votes Against	% Votes Against
15,465,660	76.14%	4,845,965	23.86%

By resolution passed by way of ballot, the Shareholders approved certain amendments to the Company’s Amended and Restated 1997 Stock Option Plan (the “Option Plan”), as more particularly described in the Circular, as follows:

Votes For	% Votes For	Votes Against	% Votes Against
18,854,154	92.82%	1,457,471	7.18%

By resolution passed by way of ballot, the Shareholders approved a non-binding resolution approving the compensation of the Company’s named executive officers, as follows:

Votes For	% Votes For	Votes Against	% Votes Against
18,766,235	92.39%	1,545,389	7.61%

No other business was voted upon at the Meeting.

About Sierra Wireless

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a leading IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Companies globally are adopting IoT to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Whether it is an integrated solution to help a business securely connect edge devices to the cloud, or a software/API service to help manage processes associated with billions of connected assets, or a platform to extract real-time data to make the best business decisions, Sierra Wireless will work with you to develop the right industry-specific solution for your next IoT endeavor. Sierra Wireless operates a 24/7/365 Global Network Operation Center (GNOC) and R&D centers in North America, Europe and Asia. For more information, visit www.sierrawireless.com.

Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog, on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless.

“Sierra Wireless” is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210603006018/en/

FAQ

What were the results of the Sierra Wireless annual general meeting on June 2, 2021?

All eleven director nominees were elected with a high approval rate, and key resolutions, including auditor reappointments and plan amendments, were passed.

What percentage of votes were in favor of the board nominees at Sierra Wireless?

Approval rates varied, with James R. Anderson receiving the highest at 98.86% in favor.

Who was reappointed as auditors for Sierra Wireless at the 2021 meeting?

Ernst & Young was reappointed as auditors for the fiscal year.

What amendments were approved at the Sierra Wireless annual meeting?

Amendments to the Treasury Based Restricted Share Unit Plan and Stock Option Plan were approved.

What is the significance of the shareholder vote percentages for Sierra Wireless?

High approval percentages reflect strong support for the board, while the 76.14% approval for share plan amendments indicates some shareholder concerns.