Here is the wording of the proposal that was approved.
Where does it says this is "non-binding"?
Lawyers? How can this get appealed before the meeting?
Link:
http://www.sec.gov/Archives/edgar/data/836564/000101968710004265/patriot_defr14a-113010.htm
Mr. Victor Innocenti, whose address is 132 Sheath Drive, Columbia, South Carolina and who has indicated that he beneficially owned 200,000 shares of Patriot common stock at December 31, 2009, has advised us that he intends to introduce the following proposal at the 2010 Annual Meeting.
Vote Required; Board Recommendation
In order for Proposal No. 3 to pass, the affirmative vote of a majority of the shares present in person or by proxy and entitled to vote at the annual meeting is required. Further, because Proposal No. 3 is a stockholder proposal, only proxies and ballots indicating votes “FOR,” “AGAINST” or “ABSTAIN” on the proposal or providing the designated proxies with the right to vote in their judgment and discretion on the proposal are counted to determine the number of shares present and entitled to vote. Broker non-votes and abstentions as to the proposal will have the same effect as votes against this proposal.
For the reasons set forth below, the Board unanimously recommends a vote AGAINST this proposal.
