IMMERSION CORPORATION (NASDAQ:IMMR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 9, 2019, the Board of Directors (the “Board”) of Immersion Corporation (the “Company”) increased the size of the Board from six directors to eight directors, and, following the recommendation of the Company’s Nominating and Corporate Governance Committee, appointed Mr. William Martin and Mr. Matthew Frey, to each serve as Directors of the Company until the Company’s 2020 annual meeting of stockholders.
Mr. Martin is the Chairman, Chief Investment Officer, and Founder of Raging Capital Management, LLC, an investment firm located near Princeton, New Jersey. He has extensive experience as a board member, investor, and entrepreneur. He has served on numerous public company boards, including nine years on the board of Bankrate, Inc., which was acquired in 2009; the board of Salary.com, Inc., which was acquired in 2010; and the board of Vitesse Semiconductor Corp., which was acquired in 2015.
Mr. Frey has more than 25 years of experience leading and advising public companies. Currently, he is the Chief Financial Officer of Qumulo, Inc., the leader in enterprise-proven, hybrid cloud file storage. Prior to Qumulo, he was CEO of Optimum Energy and a board member at Vitesse Semiconductor. He has also held executive leadership roles at World Wide Packets (acquired by Ciena for $300 million) and Data Base, Inc.
There are no arrangements or understandings between Mr. Martin, Mr. Frey and any other person to which Mr. Martin or Mr. Frey were selected as Directors nor are there any transactions between Mr. Martin and the Company or Mr. Frey and the Company that would be reportable under Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.
> In accordance with the Company’s non-employee director compensation policy, as disclosed in the Company’s proxy statement for the 2019 Annual Meeting of Stockholders, each of Mr. Martin and Mr. Frey will receive: (i) an annual retainer fee of $25,000; (ii) an initial grant of restricted stock awards having a value equal to $125,000 on the date of the previous annual shareholder meeting, prorated based on the number of days since the previous annual shareholder meeting, 50% of which will vest on the first anniversary of the grant date; and (iii) an annual grant of restricted stock awards having a value equal to $125,000 on the date of the annual shareholder meeting, 50% of which will vest on the first anniversary of the grant date.
Mr. Martin and Mr. Frey will also be executing the Company’s standard form of indemnification agreement.
About IMMERSION CORPORATION (NASDAQ:IMMR)
Immersion Corporation is a licensing company focused on the creation, design, development and licensing of haptic technologies that allow people to use their sense of touch when operating digital devices. The Company develops, licenses and supports a range of software and intellectual property (IP). It is focused on the markets, including mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical, and commercial. It provides advanced tactile software, related tools and technical assistance to certain customers, and offers licenses to its patented IP to other customers. Its licenses enable customers to deploy haptically-enabled devices, content and other offerings, which they sell under own brand names. It holds patents, covering digital technologies and including ways in which touch-related technology can be incorporated into and between hardware products and components, systems software, application software, and digital content.
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