Apr 4, 2006 : Web.com Announces Meeting Results

📅 April 4, 2006 - (WEB HOST INDUSTRY REVEIW) -- Web hosting provider Web.com (web.com ) announced on Monday that its three proposals were all approved by shareholders at its 2006 Annual Meeting of Shareholders held on Friday, March 31.

The shareholders elected Jack Balousek, Pat Crecine, Efrem Gerszberg, Seymour Holtzman, Alex Kazerani, Bob Lee, Robert Slezak, and Jeffrey M. Stibel to serve on the board of directors. They also approved a proposal to increase the Web.com's authorized shares of common stock by five million shares, bringing the total number of authorized shares to 26 million.

Finally, Web.com's shareholders approved the company's 2006 Equity Incentive Plan, which reserves one million shares of the Company's common stock for issuance under the Plan. Other remarks at the shareholder meeting included Web.com CEO Jeffrey M. Stibel welcoming Joseph A. Newcomb as the company's executive VP and general counsel.

In connection with his employment, Newcomb has agreed to receive no cash salary until Web.com becomes profitable on an EBITDA basis. He did, however, receive an award of shares of the company's common stock, subject to certain vesting restrictions, and a grant of options to purchase shares of the company's common stock.

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URL source: http://www.thewhir.com/marketwatch/040406_Web_com_Announces_Meeting_Results.cfm

Company: Web.com

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