Noting objections from some major shareholders, Fisher Communications announced that it has reduced the number of shares authorized under its 2008 Equity Incentive Plan. The plan is due to be voted on at Wednesday’s annual shareholders meeting.
“In the Company’s ongoing effort to be responsive to shareholder concerns, the Board of Directors has voted that, if approved, the Plan will be amended to reduce the number of shares authorized for issuance from 1,060,000 to 300,000,” Fisher said in an announcement. The company noted that it has historically awarded from 85,000 to 115,000 shares to employees under the plan per year. The reduced plan should cover three years, rather than the 10 years anticipated with the original proposal.