Square, Inc. (NYSE:SQ) 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.
On September18, 2017, the board of directors (the “Board”) of Square, Inc. (the “Company”) increased the size of the Board to ten directors and appointed Naveen Rao to the Board as a Class III director and as a member of the Compensation Committee.
Mr.Rao, age 42, currently serves as Corporate Vice President and General Manager of the Artificial Intelligence Products Group at Intel Corporation, after serving as Vice President and General Manager of Artificial Intelligence Solutions from August 2016 to March 2017. In February 2014, Mr.Rao co-founded Nervana Systems, Inc. and served as Chief Executive Officer until Nervana’s acquisition by Intel in August 2016. There is no arrangement or understanding between Mr.Rao and any other persons to which Mr.Rao was appointed as a director. Furthermore, there are no family relationships between Mr.Rao 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 Item404(a) of Regulation S-K.
Mr.Rao will receive the Company’s standard remuneration for non-employee directors in accordance with the Company’s Outside Director Compensation Policy, as described in the proxy statement relating to the Company’s 2017 annual meeting of stockholders. Mr.Rao has also executed the Company’s standard form of indemnification agreement.
A copy of the press release announcing Mr.Rao’s appointment is filed as Exhibit 99.1 to this Current Report on Form 8-K.
Item 5.02 Financial Statements and Exhibits.
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ExhibitNo. |
Description |
| 99.1 | Press Release, dated September21, 2017. |
Square, Inc. ExhibitEX-99.1 2 d447294dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Square Names Naveen Rao,…To view the full exhibit click here
About Square, Inc. (NYSE:SQ)
Square, Inc. enables payment processing, and also offers financial and marketing services. The Company provides sellers various tools to start, run, manage and grow their businesses. It serves sellers of all sizes, ranging from a single vendor at a farmers’ market to multinational businesses. It serves as a payment service provider, acting as the touch point for the seller to the rest of the payment chain. Square Register is a point of sale (POS) software application for iPhone operating software (iOS) and Android, and is available to sellers across the world. Square Reader for magnetic stripe cards plugs into the standard headset jack of a mobile device, enabling swiped transactions. Square Customer Engagement helps sellers analyze and understand their businesses, engage their buyers in ongoing conversations, and promote their offerings through e-mail marketing. Caviar offers a food delivery service to help restaurants reach new customers.
