Houston Wire & Cable Company Addresses Concerns Regarding Stock Plan
04 Maggio 2020 - 1:15PM
Houston Wire & Cable Company (NASDAQ: HWCC) today issued the
following statement in response to concerns raised by a leading
proxy advisory firm regarding the proposal to approve additional
shares for HWCC’s 2017 Stock Plan at the May 11, 2020 Annual
Meeting of Stockholders.
In order to bring more discipline to the award process and
better reflect its pay-for-performance philosophy, on May 3, 2020
the Compensation Committee of the Board of Directors formally
reiterated its intention that at least 50% of the annual awards
made to any executive officer under the 2017 Stock Plan be subject
to the achievement of performance goals. The Compensation Committee
further stated that it is possible that the committee, as
reconstituted under a new chairman following the Annual Meeting,
may increase performance-based compensation as a percentage of
total compensation and probably will reduce the use of shares to
mitigate the effect of dilution.
About the Company
With 44 years of experience in the industry, Houston Wire &
Cable Company, an industrial distributor, is a large provider of
products in the U.S. market. Headquartered in Houston, Texas, the
Company has sales and distribution facilities strategically located
throughout the United States.
Standard stock items available for immediate delivery include
continuous and interlocked armor cable; instrumentation cable;
medium voltage cable; high temperature wire; portable cord; power
cable; primary and secondary aluminum distribution cable; private
branded products, including LifeGuard™, a low-smoke, zero-halogen
cable; mechanical wire and cable and related hardware, including
wire rope, lifting products and synthetic rope and slings;
corrosion resistant fasteners, hose clamps, and rivets.
Comprehensive value-added services include same-day shipping,
knowledgeable sales staff, inventory management programs,
just-in-time delivery, logistics support, customized online
ordering capabilities and 24/7/365 service.
Forward-Looking Statements
This release contains comments concerning management’s view of
the Company’s future expectations, plans and prospects that
constitute forward-looking statements for purposes of the safe
harbor provisions under the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that forward-looking
statements are inherently uncertain and projections about future
events may, and often do, vary materially from actual results.
Other risk factors that may cause actual results to differ
materially from statements made in this press release can be found
in the Company’s Annual Report on Form 10-K, the Company’s
Quarterly Reports on Form 10-Q and the Company’s Current Report on
Form 8-K dated April 29, 2020, as well as other documents filed
with the SEC. These documents are available under the Investor
Relations section of the Company’s website at www.houwire.com.
Any forward-looking statements speak only as of the date of this
press release and the Company undertakes no obligation to publicly
update such statements.
CONTACT:
Christopher M. Micklas
Chief Financial Officer
Direct: 713.609.2114
Fax: 713.609.2168
cmicklas@houwire.com
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