BlackLine, Inc. (NASDAQ:BL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
On September 21, 2017, the Board of Directors (the “Board”) of BlackLine, Inc. (“BlackLine” or the “Company”) appointed Kevin Thompson to serve as a member of the Board, effective October 1, 2017. Mr. Thompson will serve in the class of directors whose term expires at the annual meeting of stockholders to be held in 2018. Mr. Thompson will also join the Audit Committee of the Board (the “Audit Committee”).
Mr. Thompson is currently President and Chief Executive Officer of SolarWinds Inc., an enterprise information technology infrastructure management software company, and has held several positions since he joined the company in 2006. Prior to joining SolarWinds, Mr. Thompson was Chief Financial Officer of Surgient, Inc., a software company, from November 2005 until March 2006 and was Senior Vice President and Chief Financial Officer at SAS Institute, a business intelligence software company, from September 2004 until November 2005. From October 2000 until August 2004, Mr. Thompson served as Executive Vice President and Chief Financial Officer of Red Hat, Inc., an enterprise software company. Mr. Thompson holds a B.B.A. from the University of Oklahoma. He has also serves on the board of directors of Instructure, Inc. and from 2013 to 2016 served on the board of directors of Barracuda Networks and from 2006 until its acquisition by Oracle Corporation in 2016 served on the board of directors of Netsuite Inc.
In accordance with the Company’s Outside Director Compensation Policy, which was described in the Company’s proxy statement for its 2017 annual meeting of stockholders, Mr. Thompson is entitled to cash and equity compensation for service on the Board and its Audit Committee. Mr. Thompson will also enter into BlackLine’s standard form of indemnification agreement, which has been previously filed with the SEC.
Mr. Thompson was selected to the Board to the terms of the Stockholders Agreement, dated October 27, 2016, between the Company and certain stockholders named therein (the “Stockholders Agreement”) which required the Board to increase the size of the Board by one director and appoint to the Board and Audit Committee an individual that qualifies as an Independent Director and as an audit committee financial expert prior to the first anniversary of the date of the Company’s initial public offering. to the terms of the Stockholders Agreement, Mr. Thompson was nominated by Silver Lake Sumeru (as defined in the Stockholders Agreement) to serve as a member of the Board and as a member of the Audit Committee. He was then elected by the full Board. There are no family relationships between Mr. Thompson and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed to Item 404(a) of Regulation S-K.
|Item 9.01||Financial Statements and Exhibits.|
BLACKLINE, INC. ExhibitEX-99.1 2 exh_991.htm EXHIBIT 99.1 Exhibit 99.1 For Immediate Release SOLARWINDS CEO KEVIN THOMPSON JOINS BLACKLINE BOARD OF DIRECTORS Finance & Accounting,…To view the full exhibit click
About BlackLine, Inc. (NASDAQ:BL)
BlackLine, Inc. is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. The Company’s platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance. Its platform consists of seven core cloud-based products, including Account Reconciliation, Task Management, Transaction Matching, Journal Entry, Variance Analysis, Consolidation Integrity Manager and Daily Reconciliation. The Company’s solutions include Reconciliation Management and Financial Close Management, Intercompany Hub and Insights. The Company’s platform integrates with a range of general ledger systems, financial systems and in-house databases, customer applications and data, and over 30 enterprise resource planning (ERP) systems, including NetSuite, Oracle and Workday. The Company offers its customers implementation and consulting services.