Last Friday, the Russell Indexes were reconstituted at close of market. The Russell Indexes are comprised of the 4,000 largest U.S. stocks by market capitalization. For the third consecutive year, Microvision remains in the Russell 3000, the Russell 2000, the Russell Microcap, and the Russell Global Indexes for 2010. Official membership lists can be obtained by visiting the Russell Investments website.
Microvision President and CEO Alexander Tokman presented to a crowd of shareholders at last Thursday’s Annual Shareholder Meeting held at Meydenbauer Center in Bellevue, WA. Mr. Tokman highlighted 2009 notable achievements and attributed Microvision’s success to date and in the future to three key areas: Technology, Products, and People.
Shareholder Voting Results
Microvision, Inc. shareholders elected each of the nominees to the Board of Directors for annual terms by majority of votes cast:
Richard A. Cowell, Principal, Booz Allen Hamilton, Inc.
Slade Gorton, Of Counsel, K&L Gates LLP
Jeanette Horan, Vice President, Enterprise Business Transformation, IBM
Perry Mulligan, Senior Vice President, Operations, QLogic
Brian Turner, former Chief Financial Officer, Coinstar, Inc.
Alexander Tokman, President and CEO, Microvision, Inc.
Shareholders approved the amended 2006 Microvision, Inc. Incentive Plan and ratified the appointment of PricewaterhouseCoopers LLC as Microvision’s independent registered public accounting firm.
Our Annual Meeting of Shareholders has been scheduled for June 17, 2010 at the Meydenbauer Center in Bellevue, WA at 9:00 a.m. PT (doors will open at 8:00 a.m. for product and prototype demonstrations). On May 7th we commenced distribution of our annual proxy statement to shareholders of record as of April 29, 2010. As always, you may access our electronic 2009 Annual Report and 2010 Proxy Statement through our website.
This year you will notice a new format to our Annual Report. In order to be more environmentally conscious and reduce production and printing costs in this era of electronic Notice and Access, we adopted a more simplistic format and eliminated the color glossy pages. Of course, we have retained the important elements including Alex Tokman’s Letter to Shareholders, the Proxy Statement, and our Annual Report on Form 10-K.
Update on Proposal Two on the Proxy Statement
We have discovered a typographical error that may be creating some confusion in the section of our Proxy Statement describing our proposal (proposal two) to amend the 2006 Microvision, Inc. Incentive Plan. The first paragraph on page 11 of the Proxy Statement under Proposal Two – Amendment to the 2006 Microvision, Inc. Incentive Plan states that: “The amendment will alter the Incentive Plan by increasing the number of shares of common stock reserved for issuance under awards granted under the Incentive Plan by 11.4 million to a total of 16.4 million.” The word “by” should be “from” so the sentence should read: “The amendment will alter the Incentive Plan by increasing the number of shares of common stock reserved for issuance under awards granted under the Incentive Plan from 11.4 million to a total of 16.4 million.” The increase is not an 11.4 million share increase, but only an increase of 5 million shares.
