April 15, 2020
ZAGG Inc (NASDAQ: ZAGG) (ZAGG or the Company), a leading global mobile lifestyle company, has announced that the Board of Directors (the Board) has appointed Ron Garriques and Edward Terino as members of the Board effective immediately, expanding the Board to seven members. The Board also announced that, effective immediately, it has changed its cash and stock-based Director compensation to an all stock compensation program in an effort to preserve cash and more closely align Director compensation to stockholder interests.
As part of the appointment of the new Directors, the Company entered into a cooperation agreement with each of Roumell Asset Management, owner of 4.00%, and AREX Capital Management, owner of 7.64%, that includes customary standstill and voting commitments. Both firms have agreed to vote their shares in favor of the Company’s slate of director nominees at the Company’s 2020 annual meeting of stockholders. The full agreements between the Company and Roumell and the Company and AREX will be filed on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.
Latham & Watkins LLP represents ZAGG in connection with this matter with a corporate team led by members of the firm’s Activism Practice, including Century City partner Steven Stokdyk and Chicago partner Christopher Drewry, with associates Scott Westhoff and Eduard Grigoryan.