Obsidian Energy Announces Voting Results from the 2020 Annual and Special Meeting of Shareholders

Source Press Release
Company Obsidian Energy Ltd. 
Tags People
Date July 30, 2020

OBSIDIAN ENERGY LTD. (TSX: OBE) (OTCQX: OBELF)  ("Obsidian Energy" or the "Company") is pleased to announce that at its annual and special meeting of shareholders held on July 30, 2020, Obsidian Energy's shareholders approved all resolutions outlined in the Notice of 2020 Annual and Special Meeting and Management Proxy Circular dated June 15, 2020 (the "Information Circular"), which is available on SEDAR at  , on EDGAR at , and on Obsidian Energy's website at .

1.  Appointment of Auditor

By resolution passed by show of hands, Ernst & Young LLP, Chartered Accountants, was appointed as auditor of the Issuer for the ensuing year. 

2.  Election of Directors

By resolutions passed by ballot vote, the following eight nominees proposed by management were elected as directors of the Company to hold office until the next annual meeting of Shareholders or until their successors are elected or appointed:

  Votes For  Percent  Votes Withheld  Percent 
John Brydson  20,492,819  59.27%  14,085,100  40.73% 
Raymond D. Crossley  19,105,688  55.25%  15,472,231  44.75% 
Michael J. Faust  30,814,842  89.12%  3,763,077  10.88% 
William A. Friley  19,151,253  55.39%  15,426,666  44.61% 
Maureen Cormier Jackson  19,097,246  55.23%  15,480,673  44.77% 
Edward H. Kernaghan  19,661,525  56.86%  14,916,394  43.14% 
Stephen Loukas  23,083,703  66.76%  11,494,216  33.24% 
Gordon Ritchie  23,549,505  68.11%  11,028,414  31.89% 

3.  Non-Binding Advisory Vote on the Corporation's Approach to Executive Compensation

By resolution passed by ballot vote, an advisory resolution was passed to approve the Company's approach to executive compensation as outlined in the Information Circular.  The results of the ballot were as follows: 

Votes For  Percent  Votes Against  Percent 
17,630,021  50.99%  16,947,899  49.01% 

4.  Approval of Amendment to Stock Option Plan

By resolution passed by ballot vote, a resolution was passed to approve the amendment to the stock option plan, as outlined in the Information Circular.  The results of the ballot were as follows: 

Votes For  Percent  Votes Against  Percent 
17,493,022  50.59%  17,084,898  49.41% 

5.  Approval of Unallocated Options Pursuant to the Stock Option Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the stock option plan until July 30, 2023 was approved.  The results of the ballot were as follows: 

Votes For  Percent  Votes Against  Percent 
17,618,132  50.95%  16,959,788  49.05% 

6.  Approval of Amendment to Restricted and Performance Share Unit Plan

By resolution passed by ballot vote, a resolution was passed to approve the amendment to the restricted and performance share unit plan, as outlined in the Information Circular.  The results of the ballot were as follows: 

Votes For  Percent  Votes Against  Percent 
17,552,474  50.76%  17,025,446  49.24% 

7.  Approval of Unallocated Units Pursuant to the Restricted and Performance Share Unit Plan

By resolution passed by ballot vote, all unallocated options to acquire common shares under the restricted and performance share unit plan, until July 30, 2023 was approved.  The results of the ballot were as follows: 

Votes For  Percent  Votes Against  Percent 
17,557,206  50.83%  17,000,714  49.17% 

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd