Intermolecular, Inc. (NASDAQ:IMI) 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 February 23, 2017, Mr. Wilbert van den Hoek, a director of Intermolecular, Inc. (the “Company”), notified the Company that he would resign from the Company’s Board of Directors (the “Board”), effective immediately. Mr. van den Hoek has served as a director of the Company since May 2015, and his decision to resign did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

In order to achieve a more equal balance of membership among the Company’s three classes of directors following Mr. van den Hoek’s resignation in accordance with the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), the Board determined that one of its members should be reclassified from Class III (with a term expiring at the Company’s 2017 annual meeting of stockholders) to Class I (with a term expiring at the Company’s 2018 annual meeting of stockholders).  Accordingly, on February 28, 2017, Mr. Chris Kramer, the Company’s President and Chief Executive Officer, agreed to resign from his position as a Class III director subject to his immediate reappointment as a Class I director.  The Board accepted Mr. Kramer’s resignation and immediately reappointed him as a Class I director.  The resignation and reappointment of Mr. Kramer was effected solely to rebalance the Board classes in order to comply with the Certificate of Incorporation, and for all other purposes, Mr. Kramer’s service on the Board is deemed to have continued uninterrupted.  

Following Mr. Kramer’s reappointment as a Class I director, the Board decreased the number of authorized directors from seven to six, such that each of the Company’s three classes of directors consists of two members.  

About Intermolecular, Inc. (NASDAQ:IMI)

Intermolecular, Inc. provides thin film solutions. The Company’s high productivity combinatorial (HPC) platform, which consists of its tempus processing tools, its automated characterization methods, and its Informatics analysis software, is purpose-built for research and development (R&D) using combinatorial process systems. It develops technology and Internet protocol (IP) rights focused on materials, processes, integration and device architectures in collaboration with its customers. Its HPC platform consists of tempus HPC processing, automated characterization and informatics and analysis software. The Company offers a series of wet processing tools and dry processing tools. Its informatics software includes workflow management software, analysis and reporting software, security and collaboration management software, and integration services. It caters to semiconductor device, semiconductor materials and equipment and clean energy market companies.

Intermolecular, Inc. (NASDAQ:IMI) Recent Trading Information

Intermolecular, Inc. (NASDAQ:IMI) closed its last trading session up +0.03 at 1.06 with 71,076 shares trading hands.