Spok Holdings, Inc
For the period ended Dec 31, 2024. Filed Apr 29, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2024 · Filed Apr 29, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934 (Amendment No. ___)
Filed by the Registrant þ Filed by a Party other than the Registrant ¨
Check the appropriate box:
| ¨ | Preliminary Proxy Statement |
|---|---|
| ¨ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| þ | Definitive Proxy Statement |
| ¨ | Definitive Additional Materials |
| ¨ | Soliciting Material Pursuant to §240.14a-12 |
| SPOK HOLDINGS, INC. | |
| (Name of Registrant as Specified in its Charter) | |
| (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) | |
| Payment of Filing Fee (Check all boxes that apply): | |
| þ | No fee required. |
| ¨ | Fee paid previously with preliminary materials. |
| ¨ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Notice of Annual Meeting of Stockholders
2025 Proxy Statement
April 29, 2025
Dear Fellow Stockholder:
It is my pleasure to invite you to join us at the 2025 Annual Meeting of Stockholders (the "Annual Meeting") of Spok Holdings, Inc. (the "Company") to be held on Tuesday, July 22, 2025, at 10:00 a.m., Eastern Time. This year's Annual Meeting will again be conducted via live webcast as a virtual meeting of stockholders. You will be able to attend the Annual Meeting online by visiting www.virtualshareholdermeeting.com/SPOK2025, and you will be able to submit your questions and vote your shares electronically by attending the Annual Meeting at this virtual location.
We are pleased to use the latest technology to increase access, to improve communication and to obtain cost savings for our stockholders and the Company. Use of a virtual meeting will enable increased stockholder attendance and participation as stockholders can participate from any location.
Details regarding how to attend the meeting online and the business to be conducted at the Annual Meeting are more fully described in the Notice of Annual Meeting and Proxy Statement.
At this year’s meeting, we will vote on the election of six directors and the ratification of the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm. We will also conduct an advisory vote to approve the compensation of the Company’s named executive officers for 2024.
We follow the U.S. Securities and Exchange Commission rule that allows companies to furnish proxy materials to their stockholders over the Internet. We believe this expedites stockholders' receipt of proxy materials, lowers the annual meeting costs and conserves natural resources. Thus, we are mailing to many stockholders a Notice of Internet Availability of Proxy Materials (“Notice”), rather than copies of the Proxy Statement and our Annual Report to Stockholders for the fiscal year ended December 31, 2024. The Notice contains instructions on how to access the proxy materials online, vote online and obtain your copy of our proxy materials. The Notice or a full set of proxy materials will be mailed on or about June 12, 2025 to stockholders of record as of May 27, 2025, the record date for the Annual Meeting.
Your voice is very important. Regardless of whether you plan to participate in the Annual Meeting, I urge you to date, sign and return your proxy card, or use telephone or Internet voting prior to the meeting, so that your shares of common stock will be represented and voted at the meeting. We appreciate your continued confidence in the Company and your support for our strategy, and we look forward to your participation in the Annual Meeting on July 22, 2025.
Sincerely,
/s/ Christine M. Cournoyer
Christine M. Cournoyer
Chair of the Board of Directors
| Spok Holdings, Inc.Notice of 2025 Annual Meeting of Stockholders | |
|---|---|
| DATE AND TIME: | Tuesday, July 22, 2025, 10:00 a.m., Eastern Time |
| PLACE: | Online at: www.virtualshareholdermeeting.com/SPOK2025 |
| ITEMS OF BUSINESS: | 1. To elect six nominees as directors to the Board of Directors; 2. To ratify the appointment of Grant Thornton LLP as our independent registered public accounting firm for the year ending December 31, 2025; 3. To hold an advisory vote to approve 2024 named executive officer compensation ("Say-on-Pay"); and4. To transact such other business as may properly come before the meeting. |
| ATTENDANCE AND VOTING: | You are entitled to attend and vote at the virtual Annual Meeting if you were a stockholder of record as of the close of business on May 27, 2025, the record date, or you hold a valid proxy for the Annual Meeting. A complete list of such stockholders will be open to the examination of any stockholder for a period of 10 days prior to the Annual Meeting for a purpose germane to the Annual Meeting at the Company’s offices at 3000 Technology Drive, Suite 400, Plano, Texas 75074. Your proxy materials will contain a 16-digit number that must be used to gain access to the Annual Meeting. |
| INTERNET AVAILABILITY: | We are using the Internet as our primary means of furnishing proxy materials to most of our stockholders. Rather than sending our stockholders a paper copy of our proxy materials, we are sending them a Notice of Internet Availability of Proxy Materials ("Notice") with instructions for accessing the material and voting via the Internet. This Proxy Statement and our 2024 Annual Report to Stockholders are available free of charge at www.virtualshareholdermeeting.com/SPOK2025 or on our website, www.spok.com. |
| PROXY VOTING: | We cordially invite you to participate in the Annual Meeting. Your participation is important regardless of the number of shares you own. Stockholders of record and beneficial owners will be able to vote their shares electronically at the Annual Meeting. Or you may vote prior to the Annual Meeting by telephone, through the Internet or by mailing your completed proxy card. For specific instructions on how to vote your shares, please refer to the section entitled "Questions and Answers About the Annual Meeting and Voting" starting on page 6 of the proxy statement. |
|---|
By Order of the Board of Directors,
/s/Sharon Woods Keisling
Sharon Woods Keisling
Corporate Secretary and Treasurer
April 29, 2025
Plano, Texas
Forward-Looking Statements
This proxy statement contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that may cause the actual results of Spok Holdings, Inc. (the "Company," “we,” “our” or “us”) to be materially different from the future results expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expectations include, but are not limited to, our ability to manage wireless network rationalization to lower our costs without causing disruption of service to our customers; our ability to retain key management personnel and to attract and retain talent within the organization; the productivity of our sales organization and our ability to deliver effective customer support; our ability to identify potential acquisitions, finance, consummate and successfully integrate such acquisitions, and achieve the expected benefits of such acquisitions; economic conditions, such as recessionary economic cycles, higher interest rates, inflation and higher levels of unemployment; risks related to our overall business strategy, including maximizing revenue and cash generation from our established businesses and returning capital to stockholders through dividends and repurchases of shares of our common stock; competition for our services and products from new technologies or those offered and/or developed from firms that are substantially larger and have much greater financial and human capital resources; continuing decline in the number of paging units we have in service with customers, commensurate with a continuing decline in our wireless revenue; our ability to address changing market conditions with new or revised software solutions; undetected defects, bugs, or security vulnerabilities in our products; our dependence on the United States healthcare industry; long sales cycle of our software solutions and services; our reliance on third-party vendors to supply us with wireless paging equipment; our ability to maintain successful relationships with our channel partners; our ability to protect our rights in intellectual property that we own and develop and the potential for litigation claiming intellectual property infringement by us; our use of open source software, third-party software and other intellectual property; our reliance on data centers and other IT Systems (as defined below) and technologies provided by third parties, and technology systems and electronic networks supplied and managed by third parties; cyberattacks, data breaches, system disruptions or other compromises to our or our critical third parties’ IT Systems (as defined below), data, products or services; our ability to realize the benefits associated with our deferred income tax assets; future impairments of our long-lived assets or goodwill; risks related to data privacy and protection-related laws and regulation; and our ability to manage changes related to regulation, including laws and regulations affecting hospitals and the healthcare industry generally, as well as other risks described from time to time in our periodic reports and other filings with the Securities and Exchange Commission ("SEC"). Although the Company believes the expectations reflected in the forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The Company disclaims any intent or obligation to update any forward-looking statements, except as required by law. Certain statements contained in this proxy statement, particularly pertaining to our environmental, social and governance (“ESG”) performance, goals, and initiatives, are subject to additional risks and uncertainties, including regarding gathering and verification of information and related methodological considerations; our ability to implement various initiatives under expected timeframes, cost, and complexity; our dependency on third parties to provide certain information and to comply with applicable laws and policies; and other unforeseen events or conditions. These factors, as well as others, may cause results to differ materially and adversely from those expressed in any of our forward-looking statements. Additionally, we may provide information herein that is not necessarily “material” under the federal securities laws for SEC reporting purposes, but that is informed by various ESG standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. Much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control. Similarly, such information often describes aspects of our ESG efforts or related policies and initiatives, but there can be no assurance and words such as “ensure,” “prevent,” or similar language should not be taken to mean that such efforts will be successfully implemented in all situations.
| PROXY STATEMENT TABLE OF CONTENTS | |
|---|---|
| Proxy Statement Summary | 1 |
| Questions and Answers About the Annual Meeting and Voting | 6 |
| Board of Directors and Governance Matters | 10 |
| Board Leadership Structure | 10 |
| Board Responsibility, Composition and Meetings | 10 |
| Governance Guidelines, Policies and Codes | 10 |
| Board’s Risk Oversight Role | 11 |
| Committees of the Board of Directors | 12 |
| Directors | 13 |
| Process for Nominating Directors | 13 |
| Director Qualifications | 14 |
| Director Independence Determinations | 14 |
| Compensation of Directors | 14 |
| Non-Executive Director Compensation Actions for 2025 | 15 |
| Stock Ownership Guidelines for Non-Executive Directors and Prohibitions on | |
| Pledging and Hedging | 15 |
| Board Tenure | 15 |
| Annual Performance Evaluation | 16 |
| Stockholders' Communications | 16 |
| Audit Committee Matters | 17 |
| Audit Committee Report | 17 |
| Independent Registered Public Accounting Firm Fees | 18 |
| Pre-Approval Policies and Procedures | 18 |
| Compensation Committee Matters | 19 |
| Introduction | 19 |
| Compensation Committee Interlocks and Insider Participation | 19 |
| Compensation Committee Procedures | 19 |
| Compensation Committee Report | 21 |
| Executive Compensation | 22 |
| Executive Officers | 22 |
| Compensation Discussion and Analysis – Table of Contents | 23 |
| Compensation Discussion and Analysis | 24 |
| Introduction | 24 |
| Executive Summary | 24 |
| Stockholder Outreach | 27 |
| Executive Compensation Design | 28 |
| 2024 Executive Compensation Program Decisions | 29 |
| Other Considerations | 36 |
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| Compensation Tables | 38 |
|---|---|
| Background | 38 |
| Summary Compensation Table | 38 |
| All Other Compensation Table | 39 |
| Grants of Plan-Based Awards | 39 |
| Outstanding Equity Awards | 40 |
| Stock Awards Vested | 40 |
| Payments upon Termination or Termination Due to Change in Control | 41 |
| Employment Agreement and Termination Arrangements – CEO | 41 |
| Termination Arrangements – NEOs (Excluding the CEO) | 44 |
| Change in Control Arrangements – NEOs (Excluding the CEO) | 45 |
| Severance Recovery Policy | 47 |
| Pay versus Performance | 49 |
| Proposals Requiring Your Vote | 55 |
| Proposal 1 – Election of Directors | 55 |
| Proposal 2 – Ratification of Appointment of Independent Registered Public Accounting Firm | 59 |
| Proposal 3 – Advisory Vote to Approve Named Executive Officer Compensation | 60 |
| Security Ownership of Certain Beneficial Owners and Management | 61 |
| Directors, Officers and Certain Other Beneficial Owners | 61 |
| Securities Authorized for Issuance under Equity Compensation Plans | 62 |
| Related Party Transactions and Code of Business Conduct and Ethics | 63 |
| Transactions with Related Parties | 63 |
| Review, Approval or Ratification of Transactions with Related Parties | 63 |
| Code of Business Conduct and Ethics | 63 |
| Stockholder Proposals and Company Documents | 64 |
| Other Matters | 64 |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.