On Nov. 10, 2016, a shareholder filed the first ever Schedule 14N announcing that it used a company’s proxy access bylaw to nominate a director for election at the company’s 2017 annual meeting.   The company’s bylaw, which was adopted in March 2016, provides that a shareholder, or a group of up to 20 shareholders, owning 3% or more of the company’s outstanding common stock continuously for at least three years may nominate and include in the company’s proxy materials directors constituting up to 20% of the board, provided that the shareholders(s) and the nominee(s) satisfy the bylaw requirements.

The shareholder filed both a Schedule 13D/A and Schedule 14N providing the necessary information including information regarding its ownership interest in the company percentage and its nominee.