Item 5.03 Amendments to Articles of Incorporation or Bylaws? Change in Fiscal Year.
On
Pursuant to the Articles Supplementary and resolutions unanimously approved by the Company's Board, effectiveJuly 22, 2022 , the Board has been divided into three classes as follows: (i)Gwen Henry andBernard J. Michael in Class I, each to serve until the Company's annual meeting of stockholders to be held in 2022 and until a successor is duly elected and qualifies? (ii)Stephen L. Davis andMitchell A. Sabshon in Class II, each to serve until the Company's annual meeting of stockholders to be held in 2023 and until a successor is duly elected and qualifies? and (iii)Lee A. Daniels andDaniel L. Goodwin in Class III, each to serve until the Company's annual meeting of stockholders to be held in 2024 and until a successor is duly elected and qualifies. At each annual meeting of the stockholders, each successor to the class of directors whose term expires at that meeting will be elected to hold office for a term continuing until the annual meeting of stockholders held in the third year following the year of their election and until a successor to that director is duly elected and qualifies. The number of directorships in each class may be changed from time to time by the Board to reflect matters such as an increase or decrease in the number of directors so that each class, to the extent possible, will have the same number of directors. The foregoing summary of the Articles Supplementary is qualified in its entirety by reference to the full text of the Articles Supplementary, which is attached hereto as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 5.03.
Item 8.01 Other Events.
The Company is supplementing the risk factors set forth under "Item 1A. Risk Factors" in its Annual Report on Form 10-K for the year endedDecember 31, 2021 filed onMarch 16, 2022 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2022 filed onMay 11, 2022 with the additional risk factors set forth below.
We have a classified board, which may discourage a third party from acquiring us in a manner that might result in a premium price to our stockholders.
Our board of directors is divided into three classes of directors. At each annual meeting, directors of one class are elected to serve until the annual meeting of stockholders held in the third year following the year of their election and until their successors are duly elected and qualify. The classification of our board of directors may have the effect of discouraging offers to acquire us and of increasing the difficulty of consummating any transaction that could result from such offers, even if the acquisition would be in our stockholders' best interests, and may therefore prevent our stockholders from receiving a premium price for their stock in connection with a change in control of us, including an extraordinary transaction (such as a merger, tender offer or sale of all or substantially all our assets) .
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 3.1 Articles Supplementary relating to the
Company's election to be subject
to Section 3-803 of the MGCL 104 Cover Page Interactive Data File (embedded
within the Inline XBRL document)
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