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Mitek Systems shareholders vote down increase to stock-incentive grants

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Mitek Systems shareholders vote down increase to stock-incentive grants

Mitek Systems Inc. shareholders voted down an amendment to the company's 2012 stock-incentive plan that would have increased the number of common shares available for equity grants by 1.5 million.

Mitek Systems' board encouraged shareholders to vote in favor of the increase, arguing in a filing that at the current rate it is awarding grants and the anticipated hiring of new employees, the number of common shares available for equity grants will run out within the next year and affect the company's hiring competitiveness.

Increasing the number of available shares would satisfy equity-grant requirements up until the 2021 annual shareholders meeting, the board said.