ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On January 25, 2022, the Board of Directors of Axon Enterprise, Inc. (“Axon” or the “Company”) accepted the resignation of Dr. Richard H. Carmona for his retirement from the Axon Board effective the date of Axon’s next annual shareholder meeting, which is expected to occur in late May 2022. Dr. Carmona submitted his resignation pursuant to the Company’s governance guidelines for director tenure, having served on the Board since 2007. Dr. Carmona currently serves on our Scientific and Medical Committee and as the chair of our Nominating and Corporate Governance Committee. Dr. Carmona’s resignation was not a result of a disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
ITEM 5.03. AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR
On January 25, 2022 the Company’s Board of Directors adopted and approved amendments (the “Amendments”) to the Company's Bylaws.
The Amendments, which were effective as of January 25, 2022, (i) provide that the voting standard required to decide the election of a director nominee at any meeting of stockholders is by a majority of the votes properly cast for and against such nominee, unless the vote is contested, and (ii) lowers the threshold for stockholders to call a Special Meeting from a majority to 25%. The Amendments also made other conforming changes to the Bylaws. On January 31, 2022, the Company issued a press release related to the Amendments.
The foregoing description of the Amendments is not complete and is qualified in all respects by reference to the full text of the Bylaws, as amended and restated, a copy of which is filed as Exhibit 3.1 hereto and incorporated herein by reference.
ITEM 8.01 OTHER EVENTS
On January 31, 2022, Axon issued a press release announcing the retirement of Dr. Richard Carmona from the Board of Directors, as discussed above, as well as the amendments to its bylaws and other governance initiatives it was pursuing, including its plans to submit to stockholders at the Company’s 2022 annual meeting a proposal to declassify its Board of Directors (the “Declassification Proposal”).
A copy of the press release is filed with this Form 8-K at Exhibit 99.1.
Other Information
Axon plans to file with the Securities and Exchange Commission (the "SEC"), and furnish to its stockholders, a proxy statement in connection with the Declassification Proposal. The Proxy Statement will contain important information about the Declassification Proposal as well as other matters. STOCKHOLDERS OF AXON ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT AXON AND THE DECLASSIFICATION PROPOSAL. Stockholders will be able to obtain free copies of these documents and other documents filed with the SEC by Axon through the website maintained by the SEC at www.sec.gov. In addition, stockholders will be able to obtain free copies of these documents from Axon by contacting the Company's Investor Relations by email at ir@axon.com, or by going to the Company's Investor Relations page on its website at investor.axon.com.
Participants in the Solicitation
The directors and executive officers of Axon may be deemed to be participants in the solicitation of proxies from the stockholders of Axon in connection with the Declassification Proposal. The following directors and executive officers of the Company are participants in the Company’s solicitation: Michael Garnreiter, Director, Hadi Partovi, Director, Mark W. Kroll, Director, Dr. Richard Carmona, Director, Matthew McBrady, Director, Julie Anne Cullivan, Director, Caitlin Kalinowski, Directors, Adriane Brown, Director, Patrick W. Smith, Director and Chief Executive Officer, Luke S. Larson,
