The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On January 3, 2016, Starboard Value LP (together with its affiliates, “Starboard”) entered into a Nomination and Standstill Agreement with the Issuer (the “Agreement”). The following description of the Agreement is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Pursuant to the terms of the Agreement, the Issuer agreed to immediately increase the size of the Board of Directors (the “Board”) from eight (8) to nine (9) directors and appoint Peter A. Feld, Ian D. Clough and George I. Stoeckert (collectively, the “New Appointees”) to the Board. The Issuer also agreed, among other things, to: (i) recommend, support and solicit proxies for the election of the New Appointees to the Board at the Issuer’s 2016 annual meeting of stockholders (the “2016 Annual Meeting”); (ii) appoint Mr. Feld as Chairman of the Corporate Governance and Nominating Committee (the “Governance Committee”) and as a member of each of the Compensation Committee and the Finance Committee; (iii) appoint at least one New Appointee to each committee of the Board, including the Governance Committee, which shall be comprised of four (4) directors during the Standstill Period (as defined below); (iv) initiate a process for selecting a new chief executive officer of the Issuer to be overseen by the Governance Committee; (v) elect a non-executive Chairman of the Board, which must be reasonably acceptable to Starboard; (vi) disband the Executive Committee; (vii) use its reasonable best efforts to hold the 2016 Annual Meeting no later than June 1, 2016; and (viii) keep the size of the Board at nine (9) directors unless it obtains Starboard’s prior written consent to enlarge the size of the Board. The Agreement also provides that if any of the New Appointees (or any replacement director) is unable to serve as a director, resigns or is removed as a director prior to the end of the Standstill Period and at such time Starboard’s combined beneficial and economic ownership is the lesser of three percent (3.0%) of the Issuer’s then outstanding Shares and 1,466,572 Shares, Starboard will have the ability to recommend a substitute director(s) who meets certain independence and experience criteria for approval by the Governance Committee.
In addition, the Issuer agreed to determine that each of Messrs. Clough and Stoeckert is deemed to be (i) a member of the Incumbent Board (as defined in the definition of “Change in Control” under the Issuer’s Change in Control Agreements with each of its named executive officers) and (ii) a member of the Board as of the beginning of any applicable two-year measurement period for the purposes of the definition of “Change in Control” under the Issuer’s 2013 Equity Incentive Plan and any related plans or agreements referencing such definition.
Pursuant to the terms of the Agreement, Starboard agreed, among other things: (i) not to nominate any person for election at the 2016 Annual Meeting; (ii) not to submit any proposal for consideration at, or bring any other business before, the 2016 Annual Meeting; (iii) not to initiate, encourage or participate in any “withhold” or similar campaign with respect to the 2016 Annual Meeting; and (iv) to appear in person or by proxy at the 2016 Annual Meeting and vote all Shares beneficially owned by it (a) in favor of the Issuer’s nominees and the ratification of the appointment of KPMG LLP as the Issuer’s independent registered public accounting firm and (b) in accordance with the Board’s recommendations with respect to the Issuer’s “say-on-pay” proposal and any other proposal presented at the 2016 Annual Meeting unless Institutional Shareholder Services Inc. or Glass Lewis & Co., LLC recommends otherwise with respect to any such proposals.
Starboard also agreed to certain customary standstill provisions until the earlier of (i) fifteen (15) business days prior to the deadline for the submission of stockholder nominations for the 2017 annual meeting of stockholders or (ii) one hundred and thirty (130) days prior to the anniversary date of the 2016 Annual Meeting (the “Standstill Period”). The standstill provisions generally prohibit Starboard from taking specified actions with respect to the Issuer and its securities, including, among others: (i) soliciting or participating in the solicitation of proxies; (ii) joining any “group” or becoming party to any voting arrangement or agreement; (iii) seeking or encouraging others to submit nominations for the election or removal of directors; (iv) making stockholder proposals at any annual or special meeting of stockholders or offers with respect to mergers, acquisitions and other business combinations; or (v) seeking board representation other than as provided in the Agreement.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
On January 3, 2016, Starboard and the Issuer entered into the Agreement defined and described in Item 4 above and attached as Exhibit 99.1 hereto.
To date, Starboard V&O Fund has entered into certain cash-settled total return swap agreements with Société Générale as the counterparty (the “Swap Agreements”) that constitute economic exposure to an aggregate of 1,456,045 notional Shares, or approximately 3% of the outstanding Shares. The Swap Agreements provide Starboard V&O Fund with economic results that are comparable to the economic results of ownership but do not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the Shares that are the subject of the Swap Agreements.
Item 7. | Material to be Filed As Exhibits. |
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Nomination and Standstill Agreement by and among Starboard Value LP, Starboard Value and Opportunity Master Fund Ltd, Starboard Value and Opportunity S LLC, Starboard Value and Opportunity C LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Starboard Value R LP, Starboard Value R GP LLC, Jeffrey C. Smith, Mark R. Mitchell, Peter A. Feld, and The Brink's Company, dated January 3, 2016. |
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: January 5, 2016
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD By: Starboard Value LP, its investment manager STARBOARD VALUE AND OPPORTUNITY S LLC By: Starboard Value LP, its manager STARBOARD VALUE AND OPPORTUNITY C LP By: Starboard Value R LP its general partner STARBOARD VALUE R LP By: Starboard Value R GP LLC, its general partner STARBOARD VALUE LP By: Starboard Value GP LLC, its general partner | | STARBOARD VALUE GP LLC By: Starboard Principal Co LP, its member STARBOARD PRINCIPAL CO LP By: Starboard Principal Co GP LLC, its general partner STARBOARD PRINCIPAL CO GP LLC STARBOARD VALUE R GP LLC |
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By: | |
| Name: | Jeffrey C. Smith |
| Title: | Authorized Signatory |
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JEFFREY C. SMITH |
Individually and as attorney-in-fact for Mark R. Mitchell and Peter A. Feld |