Quantum Corporation (NYSE:QTM) 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
May 1, 2017 Mr. Marc E. Rothman, Executive Vice President and Chief
Financial Officer of VeriFone, Inc. and Mr. Adalio T. Sanchez,
President of S Group Advisory, LLC have been appointed to the Board
of Directors (the Board) of the Company effective May 4, 2017.
Messrs. Rothman and Sanchez were appointed to the Board to the
terms of the settlement agreement, dated as of March 2, 2017 (the
Settlement Agreement) between VIEX Capital Advisors, LLC and the
Company. Mr. Rothman has been appointed to the Companys Audit
Committee and Mr. Sanchez has been appointed to the Companys
Leadership and Compensation Committee.
appointments are set forth in their respective offer letters, which
are filed with this report as Exhibits 10.1 and 10.2 and
incorporated herein by reference and the Settlement Agreement which
was filed by the Company on Form 8-K on March 3, 2017. They will
participate in the Companys standard compensation and benefits
program for outside directors. In addition, Messrs. Rothman and
Sanchez entered into the Company’s Director Change of Control
Agreement and the Company’s Indemnification Agreement, in the
forms filed by the Company on Form 8-K on May 10, 2011 and April 4,
2007 respectively.
Messrs. Rothman and Sanchez (or any immediate family member
thereof) requiring disclosure under Item 404(a) of Regulation S-K.
appointment of Messrs. Rothman and Sanchez, John Mutch and Jon
Gacek resigned from the Board, effective May 1, 2017. There were no
disagreements between the directors and the Company. Mr. Gacek
continues to serve as the Chief Executive Officer of the Company.
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Exhibit
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Description
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10.1
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Offer Letter to Mr. Rothman, dated May 1, 2017
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10.2
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Offer Letter to Mr. Sanchez, dated May 1, 2017
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About Quantum Corporation (NYSE:QTM)
Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. It works with a network of distributors, value-added resellers (VARs), direct marketing resellers (DMRs), original equipment manufacturers (OEMs) and other suppliers to meet customers’ evolving needs. Its scale-out storage portfolio includes StorNext software, appliances and full systems called StorNext Pro Solutions, as well as Xcellis workflow storage, QXS disk storage, Lattus extended online storage and Q-Cloud Archive and Vault services. Its StorNext offerings enable customers to manage large unstructured data sets in an information workflow. Quantum Corporation (NYSE:QTM) Recent Trading Information
Quantum Corporation (NYSE:QTM) closed its last trading session up +0.42 at 8.80 with 479,170 shares trading hands.