The following constitutes Amendment No. 1 (“Amendment No. 1”) to the Schedule 13D filed by the undersigned. This Amendment No. 1 amends the Schedule 13D as specifically set forth herein.
Item 2. | Identity and Background. |
Item 2 is hereby amended to add the following:
The Reporting Persons had been parties to that certain Solicitation Agreement (as defined in Item 4) with the Osmium Group (as defined in Item 4), which agreement contained, among other things, certain voting and other arrangements relating to the 2014 Annual Meeting of Stockholders of the Issuer (the “2014 Annual Meeting”). As a result, the Reporting Persons could have been deemed to be members of a “group,” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), comprised of the Reporting Persons and the Osmium Group. The 2014 Annual Meeting occurred on June 27, 2014 and voting in respect of such meeting was certified on July 2, 2014. The Solicitation Agreement terminated immediately upon such certification and the Reporting Persons are no longer members of a “group” with the Osmium Group, as discussed above. It is the understanding of the Reporting Persons that the Osmium Group will file a Schedule 13D separately from the Reporting Persons also reporting the termination of the “group.”
Each of the Reporting Persons is party to the Joint Filing Agreement, as further described in Item 6.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On May 22, 2014, the Reporting Persons entered into a Solicitation Agreement (the “Solicitation Agreement”) with Osmium Partners, LLC, Osmium Capital, LP, Osmium Capital II, LP, Osmium Spartan, LP, Osmium Diamond, LP and John H. Lewis (collectively, the “Osmium Group” and together with the Reporting Persons, the “Former Group”). Pursuant to the terms of the Solicitation Agreement, the members of the Former Group agreed, amongst other things, to solicit proxies and to vote all of their respective Shares in favor of the election of the Osmium Group’s four (4) director nominees (the “Nominees”) and the approval of certain business proposals submitted by the Osmium Group at the 2014 Annual Meeting. The Nominees were elected by a stockholder vote at the 2014 Annual Meeting, and the results were certified by the independent inspector of election on July 2, 2014. Further, on July 3, 2014, in furtherance of the Solicitation Agreement, the newly comprised board of directors of the Issuer appointed Ian V. Jacobs as an additional independent director.
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended to add the following:
The Solicitation Agreement, dated May 22, 2014, by and among the Reporting Persons and the Osmium Group, terminated automatically upon the certification of the stockholder votes at the 2014 Annual Meeting, as described in Item 4 above.
On July 3, 2014, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the continued joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. A copy of this agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to add the following exhibit:
| 99.1 | Joint Filing Agreement by and among 402 Fund, LP, SCA Partners, LP, 402 Capital, LLC and Ian V. Jacobs, dated July 3, 2014. |
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: July 3, 2014
| 402 Fund, LP |
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| By: | 402 Capital, LLC Investment Manager |
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| By: | /s/ Ian V. Jacobs |
| | Name: | Ian V. Jacobs |
| | Title: | Managing Member |
| SCA Partners, LP |
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| By: | 402 Capital, LLC Investment Manager |
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| By: | /s/ Ian V. Jacobs |
| | Name: | Ian V. Jacobs |
| | Title: | Managing Member |
| 402 Capital, LLC |
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| By: | /s/ Ian V. Jacobs |
| | Name: | Ian V. Jacobs |
| | Title: | Managing Member |
| /s/ Ian V. Jacobs |
| Ian V. Jacobs |