Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 19, 2022, the Board of Directors (the "Board") of Fortress Value
Acquisition Corp. IV (the "Company") elected Teddy B. Bartley to serve as a
director of the Company. The Board also appointed Mr. Bartley to serve as a
member of the Audit Committee, Compensation Committee and Nominating and
Corporate Governance Committee, having previously determined that Mr. Bartley
satisfied all applicable requirements to serve on such committees, including
without limitation the applicable independence requirements of the New York
Stock Exchange and the Securities Exchange Act of 1934, as amended. Upon
Mr. Bartley's appointment to the Audit Committee, Compensation Committee and
Nominating and Corporate Governance Committee, Joshua A. Pack, a member of those
respective committees not meeting such independence requirements was removed.
Following the appointment of Mr. Bartley, the Company's Audit Committee,
Compensation Committee and Nominating and Corporate Governance Committee each
consists of Claudio Reyna, David Weinreb and Teddy B. Bartley. Mr. Bartley will
serve until the second Annual Meeting of Stockholders or until his successor
shall be elected and duly qualified.
Mr. Bartley has served as the President and Managing Member of NRJ Holdings
since September 2010. Mr. Bartley also recently served as the Chief Executive
Officer, President and Managing Member of NRJ TV LLC, which owns and operates
television stations, from December 2010 through December 2021. Mr. Bartley
currently serves as a Trustee for the University of Mary Hardin-Baylor.
Mr. Bartley received his BBA in Finance and Economics from the University of
Mary Hardin-Baylor and received his MBA from Baylor University. The Company
believes Mr. Bartley is well qualified to serve on the Board due to his
management and investment experience.
There are no arrangements or understandings between Mr. Bartley and any other
person pursuant to which he was elected as a director of the Company, and there
are no family relationships between Mr. Bartley and any of the Company's other
directors or executive officers.
In connection with Mr. Bartley's appointment, he and the Company entered into
(i) an indemnification agreement and (ii) a joinder to each of the letter
agreement and the registration rights agreement, each dated as of March 15,
2021, entered into by the Company with its directors (and the other parties
thereto) in connection with the Company's initial public offering. Each of the
director indemnification agreement, the letter agreement and the registration
rights agreement was described in, and the forms of which were filed as exhibits
to, the Company's registration statement relating to the Company's initial
public offering (File No. 333-253306).
In connection with his appointment as a director of the Company, Mr. Bartley
will receive 25,000 founder shares from the Company's sponsor, Fortress Value
Acquisition Sponsor IV LLC.
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