Originally Posted by
STILL GROUNDED
Did I miss something? TPG is no longer in the picture, right?
TPG is here ....
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers’ Compensatory Arrangements of Certain Officers.
Upon consummation of the Merger and pursuant to the Investment Agreement, on July 31, 2009, the Board of Directors of the Company voted to increase its size from five to six members and appointed Richard P. Schifter, a managing partner at TPG, to the Board of Directors of the Company. The Board of Directors did not appoint Mr. Schifter to serve on any of its committees.
As of the date of this report, neither Mr. Schifter nor any of his immediate family members is a party, either directly or indirectly, to any transaction that would be required to be reported pursuant to Item 404(a) of Regulation S-K.
Mr. Schifter will be compensated consistent with the compensation programs for non-employee directors of the Company. Following his appointment to the Board, he was automatically granted an option to purchase 10,000 shares of the Company’s common stock pursuant to the Company’s 2007 Equity Incentive Plan.