Concurrent Computer Corporation (NASDAQ:CCUR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Directors
Effective as of July 14, 2017, each of Steve G. Nussrallah, Charles Blackmon and Larry Enterline (the “Resigning Directors”) tendered his resignation from the Board and all Board committees thereof. The resignations of Messrs. Nussrallah, Blackmon and Enterline did not involve any disagreement with the Board, the Company or its management on any matter relating to the Company’s operations, policies or practices. In connection with the Resigning Directors’ release of any claims against the Company, the Company agreed to accelerate the vesting of 5,400 shares of restricted stock held by each of the Resigning Directors, and to make a one-time payment to each of the Resigning Directors of $52,000, which amount includes unpaid meeting fees through the date of resignation.
Item 8.01.Other Events.
On July 14, 2017, the Board appointed Wayne Barr, Jr. to fill the position of Chairman of the Board left vacant by the resignation of Mr. Nussrallah, effective immediately, and to serve as such until his resignation or removal. In addition, the Board appointed Mr. Barr as chairman of the Audit Committee. The Board also appointed Robert M. Pons as the chairman of the Compensation Committee and appointed Dilip Singh as chairman of the Nominating Committee, filling positions left vacant by the resignation of Messrs. Blackmon, Enterline and Nussrallah, respectively.
The Board also amended the Company’s director compensation policy as set forth in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on September 13, 2016 to (i) reduce the additional annual retainer that the Chairman of the Board receives to $5,000 instead of $25,000 and (ii) reduce the additional annual retainer that the Chairmen of the Audit, Compensation or Nominating Committee receive to $2,500 annually, from $7,500 previously.
Reduction in Board Size
Furthermore, the Board (i) approved a reduction in the size of the Board from seven (7) to four (4) members to eliminate the seats of each of the Resigning Directors and (ii) dissolved the Executive Committee, each action effective immediately.
Following these actions, the Company’s Board and Committee composition is as follows:
|Wayne Barr, Jr. (Chairman of the Board)||Chair||X||X|
|Robert M. Pons||X||Chair||X|
About Concurrent Computer Corporation (NASDAQ:CCUR)
Concurrent Computer Corporation is a software and solutions company that develops applications on a foundation of high performance Linux and storage technologies. The Company’s business is composed of two segments: products and services. Its content delivery solutions consist of software, hardware and services for streaming video content to various consumer devices and storing and managing content in the network. Its streaming video and storage products and services are deployed by service providers to support consumer-facing video applications, including live broadcast video, video-on-demand (VOD) and time-shifted video services, such as cloud-based digital video recording (cDVR). Its multi-workload, scale-out storage products are suited for a range of enterprise information technology (IT) and video applications. Its real-time solutions consist of real-time Linux operating system versions, development and performance optimization tools, simulation software and other system software.