I. GENERAL INFORMATION
This Information Statement has been filed with the Securities and Exchange Commission (the SEC) and is being mailed or otherwise furnished to the registered stockholders of AXA Equitable Holdings, Inc., a Delaware corporation (EQH), solely for the purpose of informing you that the holder of a majority of the outstanding shares of EQH common stock (the Common Stock) has executed a written consent approving the corporate action described herein.
On February 25, 2019, the Compensation Committee of EQHs Board of Directors (the Board) approved an amendment to the AXA Equitable Holdings, Inc. 2019 Omnibus Incentive Plan (the Plan) increasing the number of shares of Common Stock available for issuance in connection with equity awards granted under the Plan by two million shares (the Amendment) for a total of 7,200,000 shares available under the Plan. In order to eliminate the costs and management time involved in holding a meeting of the stockholders, and in order to effect the Amendment promptly, we obtained a written consent from the stockholder that held a majority of the outstanding shares of the Common Stock as of the close of business on February 28, 2019 (the Record Date).
This Information Statement is dated April 1, 2019. Only stockholders of record on the Record Date are entitled to receive this Information Statement.
II. INFORMATION CONCERNING THE CORPORATE ACTION TAKEN
Approval of Adoption of the Amendment
The Compensation Committee of the Board approved the Amendment at its regularly scheduled meeting on February 25, 2019. Adoption of the Amendment was approved on February 28, 2019 by the written consent of AXA S.A. (AXA), the holder of 313,162,500 shares of the Common Stock as of the Record Date, representing approximately 60.0% of the shares of outstanding Common Stock on the Record Date.
Description of the Amendment
The Amendment increased the number of Common Stock available for issuance in connection with equity awards granted under the Plan by two million shares.
Subject to adjustment as described in the Plan, the aggregate number of shares of Common Stock available for issuance under the Plan will now be equal to 7,200,000 shares of Common Stock. Shares issued under the Plan may be authorized but unissued shares or shares reacquired by EQH. The number or amount of shares of stock, other property or cash covered by outstanding awards, the number and type of shares of stock that have been authorized for issuance under the Plan, the exercise or purchase price of each outstanding award, and the other terms and conditions of outstanding awards, will be subject to adjustment in the event of any stock dividend, extraordinary dividend, stock split or share combination or any recapitalization, merger, consolidation, exchange of shares, spin-off, liquidation or dissolution of EQH or other similar transaction affecting our Common Stock.
This description of the Plan is subject to, and qualified in its entirety by, the Plan, which has been filed in its amended form as Exhibit 10.61 to the EQH Form 10-K filed with the SEC on March 8, 2019.
Approval of the Corporate Action
Section 228 of the DGCL and our Certificate of Incorporation provide that any action required to be taken at any annual or special meeting of stockholders of a corporation, or any action which may be taken at any annual or special meeting of such stockholders, may be taken without a meeting, without prior notice and without a vote, if consents in writing shall be signed by the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting. Accordingly, the written consent by the holder of a majority of the outstanding shares of the Common Stock is sufficient to approve the adoption of the Plan.
On the Record Date, EQHs authorized capital stock consisted of 2,000,000,000 shares of Common Stock, of which 522,335,074 shares were issued and outstanding. Each outstanding share of Common Stock entitles the holder thereof to one vote on all matters submitted to a vote of the stockholders.