ScanSource Receives Shareholder Approval for 2024 Omnibus Incentive Compensation Plan

ScanSource, Inc. recently announced that at its annual shareholders meeting on December 10, 2024, shareholders approved the ScanSource, Inc. 2024 Omnibus Incentive Compensation Plan (the “2024 Plan”). This plan, which had already received approval from the Company’s Board of Directors and Compensation Committee, replaces the previous 2021 Omnibus Incentive Compensation Plan.

The 2024 Plan allows for various types of awards, including stock options, stock appreciation rights, restricted stock, performance units, dividend equivalents, and other stock-based incentives. Eligible recipients encompass employees, officers, non-employee consultants, and non-employee directors of ScanSource and its affiliates.

Under the terms of the 2024 Plan, a maximum of 2,234,543 shares of the Company’s common stock can be issued upon settlement of awards. The plan also introduces restrictions on participant awards, minimum vesting schedules, and provisions on changes in control. The administration and approval of awards under the 2024 Plan will be overseen by the Compensation Committee or the Board.

Moreover, ScanSource conducted its Annual Meeting where various proposals were voted upon. Shareholders approved the election of a slate of eight directors to hold office until the next annual meeting. Additionally, shareholders voted in favor of approving the compensation of named executive officers, the appointment of Grant Thornton LLP as independent auditors for fiscal 2025, and ultimately, the ScanSource, Inc. 2024 Omnibus Incentive Compensation Plan.

For further details on the 2024 Plan, shareholders can refer to the definitive proxy statement filed with the Securities and Exchange Commission on October 25, 2024. The full terms of the 2024 Plan, detailed in Exhibit 10.1, are available for review. Furthermore, a Form of Restricted Stock Unit Award Certificate, attached as Exhibit 10.2, will be utilized for award grants under the 2024 Plan as the Company continues its efforts towards effective incentive compensation strategies.

The Company’s comprehensive 8-K filing provides a detailed overview of the decisions undertaken at the Annual Meeting and the approval of the ScanSource, Inc. 2024 Omnibus Incentive Compensation Plan.

As per the signature on the document, Michael L. Baur, Chief Executive Officer of ScanSource, signed the report on December 10, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read ScanSource’s 8K filing here.

About ScanSource

ScanSource, Inc engages in the distribution of technology products and solutions in the United States, Canada, and Brazil. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies.