Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 24, 2022, the Company's Board of Directors appointed Sunil Rajasekar as
a member of the Board of Directors. Mr. Rajasekar was appointed as a Class I
director. Since November 2018, Mr. Rajasekar has been the President and Chief
Technology Officer of MINDBODY, Inc., a leading technology platform and consumer
marketplace for the fitness, wellness and beauty industries. Prior to joining
MINDBODY, Inc., from October 2016 through October 2018, Mr. Rajasekar was the
General Manager, Engineering and Product Management at eBay, and from October
2012 through October 2016, he was the Chief Technology Officer at Lithium
Technologies. Mr. Rajasekar has served on the board of directors of Harvey Mudd
College since May 2021. Mr. Rajasekar holds an MBA from the University of
Toledo. We believe that Mr. Rajasekar is qualified to serve on our Board of
Directors due to his extensive consumer and enterprise software experience and
business advisory experience.
Mr. Rajasekar has been appointed to serve as a member of the Compensation
Committee. At the time of his appointment to the Board, Mr. Rajasekar did not
hold any shares of the Company's common stock. There are no family relationships
between Mr. Rajasekar and any of our other officers and directors. There are no
arrangements or understandings between Mr. Rajasekar and any other persons,
pursuant to which he was appointed as a Class I director and he has no direct or
indirect material interest in any transaction required to be disclosed pursuant
to Item 404(a) of Regulation S-K.
The Board of Directors appointed Mr. Rajasekar as a Class I director to fill the
vacancy created by the resignation of Mr. Charles Moran, which was effective on
January 19, 2022. Mr. Rajasekar will serve as a member of the class of directors
whose terms expire at the 2024 annual meeting of stockholders.
As a result of Mr. Rajasekar's appointment, the Company believes it has regained
compliance with the NASDAQ Listing Rule 5605(b)(1), which requires that the
Company's Board consist of a majority of independent directors, as such term is
defined under such Rule.
Mr. Rajasekar will receive compensation for his service as a director consistent
with that of our other non-employee directors. A description of our standard
compensation arrangements for non-employee directors is included in our Proxy
Statement filed with the Securities and Exchange Commission on December 28,
2021. Mr. Rajasekar has entered into our standard form indemnification agreement
for non-employee directors, the form of which is filed with the Securities and
Exchange Commission as Exhibit 10.9 to our registration statement on Form S-1
dated July 23, 2020.
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