KVH Industries adopts limited-duration shareholder rights plan; triggers at 15% ownership, expires in 2023

KVH INDUSTRIES INC DE

Board unanimously adopted limited-duration (expiring after 2023 annual meeting unless ratified) stockholder rights plan.
Rights become exercisable if any person or group acquires 15% or more of outstanding common stock.
Plan includes qualifying offer clause allowing 10% holders to call special meeting to exempt an all-cash all-shares offer.
Plan designed to give Board time to evaluate strategic alternatives, including use of proceeds from sale of inertial navigation business.
Redeemable by Board at $0.01 per right; no dead-hand or slow-hand features.

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