Kopin Corporation (KOPN) Earnings Call Transcript & Summary

Welcome to the 2021 Annual Meeting of Kopin Corporation shareholders. I would now like to introduce Kopin Corporation's Chairman of the Board and CEO, Dr. John C.C. Fan.

Good morning, ladies and gentlemen, and welcome to the live broadcast of the 2021 Annual Meeting of the shareholders of Kopin Corporation. I am John Fan, Chairman of the Board and CEO of Kopin Corporation. This meeting is being recorded and will be available for replay for a limited time in the Investor Relations portion of our website. In order to assure fairness to all-in this meeting we'll follow the rules of the conduct on the annual meeting website. The rules contain the important information about the annual meeting, including how this meeting will be adjourned and reconvened if we experienced technical difficulties. Shareholders may submit questions during the course of the meeting, only dealing with the items on the agenda. [Operator Instructions] We will be making forward-looking statements during today's meeting. These statements may turn out to be wrong. Joining me today are board members, Jill Avery, Jim Brewington and Dave Brook. And the representative of RSM, our independent accounting firm. Also joining me is Rich Sneider, our Chief CFO, who has been sworn in as the inspector of elections for the meeting.

Now on the close of business on April 9, 2021, was fixed as the record date for the determination of shareholders entitled to notice and to vote at the meeting. Notice of the meeting and the related proxy statements were sent out on/or about April 26, 2021, to all shareholders of record for the meeting. A copy of the list of shareholders as of the record date is available for inspection on the annual meeting website during the meeting. A quorum is present, represented by the proxies received by the transfer agent.

Since there is a quorum. I will call the meeting to order. The first item of business on the notice of meeting is the election of 7 directors. Each will hold whole office until the 2022 annual meeting of stockholders, or until their successor is elected and qualified. The nominees for the Board of Directors are: John Fan; Scott Anchin; Dr. Jill Avery; James Brewington; David Brook; Dr. Morton Collins; and Dr. Chi Chia. The second item business on the notice of meeting is a proposal to amend the company's 2021 equity incentive plan to increase the number of authorized shares under the plan from 4 million to 5.5 million. The third item of business on the notice of the meeting is a proposal to amend the Company's Certificate of Incorporation to increase the authorized shares to 150 million. The fourth item of business on the notice of meeting is a proposal to ratify the employment by the Board of RSM LLP as independent registered public accountants of the company for the current fiscal year. The fifth item of business on the notice of meeting is an advisory vote to approve the company's executive conversation. The Board recommends a vote for all those matters.

I declare the polls open. If you'd like to take -- if you would like to vote your shares at this time, please use the voting button at the bottom of your screen. [Voting]

Mr. Chairman, the polls are now closed. On the basis of proxies already received, representing stockholders of approximate -- stockholders of record owning 660,832,793 shares of common stock, constituting a majority of all the outstanding shares of the common stock of the company, I can report the following. With respect to the first item on the agenda for the meeting, the election of 7 directors of the company, each to hold office until the 2022 annual meeting and until his or her successor is elected and qualified. The majority of the shares of common stock of the company who voted for the election of each of the 7 nominees listed in the proxy statement. With respect to the second item on the agenda, a proposal to amend the company's 2021 equity incentive plan to increase the number of authorized shares of the plan from 4 million to 5.5 million, the majority of the shares of common stock of the company voted for the increase. With respect to the third item of business, a proposal to amend the Company's Certificate of Incorporation to increase the number of authorized shares to 150 million, a majority of the shares of the common stock of the company were voted for the increase. With respect to the fourth item on the agenda, the ratification of the appointment of RSM LLP as the independent registered public accountants of the company for the current fiscal year, the majority of the shares of the common stock of the company were voted for the ratification of the appointment of RSM LLP. With respect to the balloting of the fifth item on the agenda for the meeting, an advisory vote on the company's executive compensation majority of the shares voted for the approval of the company executive compensation. We will file a Form 8-K with the SEC announcing the final voting results after we complete the inspection of elections report. This concludes the business portion of our meeting, which is now adjourned. As we have no questions, I'll turn it over for John's closing remarks.

Thank you, everyone, for joining us this morning. I would like to remind everyone that at noon Eastern Time today, I will be presenting a webinar focused on the future roadmap of AR and VR. Details on the webinar can be found on our website. Thank you and good morning.