Reached cooperation agreement with KORR Value L.P., ending proxy fight; KORR withdraws director nominations and demands, agrees to standstill and voting in line with Board.
Appointed Brent O. Hatch as new independent director and Lead Independent Director; board expanded to nine members.
Authorized new $35M share repurchase program, the largest in company history; prior program terminated with $22.9M remaining unused.
Board will search for an additional independent director; current director Frederick Menowitz to retire upon appointment.
Bylaws amended to create Lead Independent Director position.
Frederick A. Menowitz, a current Class I director, will retire from the Board at the earlier of the appointment of the Additional Independent Director and 180 days after the date of the Cooperation Agreement.
Effective as of May 1, 2022, the Board, upon the recommendation of the Board’s Nominating and Governance Committee, increased the size of the Board from eight to nine members and appointed Brent O. Hatch as a Class II director with a term expiring at the Company’s 2022 Annual Meeting to fill the resulting vacancy.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Frederick A. Menowitz departed as Director at MEDALLION FINANCIAL CORP.
Action
will retire
Role
Director
Exact text from the filing
Frederick A. Menowitz, a current Class I director, will retire from the Board at the earlier of the appointment of the Additional Independent Director and 180 days after the date of the Cooperation Agreement.
Brent O. Hatch was appointed as Lead Independent Director at MEDALLION FINANCIAL CORP.
Action
appointed
Role
Lead Independent Director
Exact text from the filing
Effective as of May 1, 2022, the Board, upon the recommendation of the Board’s Nominating and Governance Committee, increased the size of the Board from eight to nine members and appointed Brent O. Hatch as a Class II director with a term expiring at the Company’s 2022 Annual Meeting to fill the resulting vacancy.
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