Box, Inc. Appoints John Park as Series A Director and to the Compensation Committee and Audit Committee
May 18, 2021 at 05:02 pm EDT
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Box, Inc. entered into an Investment Agreement (the Investment Agreement) with Powell Investors III L.P, KKR-Milton Credit Holdings L.P., KKR-NYC Credit C L.P., Tailored Opportunistic Credit Fund, and CPS Holdings (US) L.P., which are managed or advised by KKR Credit Advisors (US) LLC or Affiliates thereto (collectively, KKR), relating to the issuance and sale of 500,000 shares of the Company's Series A Convertible Preferred Stock, par value $0.0001 per share (the Series A Preferred Stock), for an aggregate purchase price of $500 million (the Issuance). KKR has the right to designate one member of the Board at the closing of the transactions contemplated by the Investment Agreement. KKR has designated John Park as the Series A Director and, accordingly, effective as of the Closing Date, the Board has appointed Mr. Park to serve as a Class III director to serve a term expiring at the 2023 annual meeting of the Company. Upon joining the Board, the Board appointed Mr. Park to the compensation committee and audit committee of the Board.
Box, Inc. provides a cloud content management platform that enables organizations of all sizes to securely manage cloud content while allowing easy, secure access and sharing of this content from anywhere, on any device. The Companyâs Software-as-a-Service platform, users can work with their content as they need from secure external collaboration and sharing, to workspaces and portals, to e-signature processes and content workflows improving employee productivity and accelerating business processes. It offers Web, mobile and desktop applications for the Content Cloud on a single platform, as well as the ability to develop custom applications. Its offerings include Box Sign, Box Shield, Box Relay, Box Zones, Box KeySafe, Box Governance, Box Notes, and Box Shuttle. Box Shield is an advanced security offering that helps customers reduce the risk of accidental content leakage and protect their business from insider threats and account compromise, as well as threat detection.