The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (“Amendment No. 2”). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.
Item 2. | Identity and Background. |
Item 2 is hereby amended to add the following:
In connection with the Settlement Agreement defined and described in Item 4 below, the Issuer has agreed to nominate, and support the election of, Louis S. Massimo to the Board of Directors of the Issuer (the “Board”), at the Issuer’s 2013 annual meeting of stockholders (the “2013 Annual Meeting”), and Starboard V&O Fund has withdrawn its nomination of Mr. Massimo and Lee D. Meyer, director nominees of Starboard V&O Fund for election to the Board. Accordingly, Messrs. Massimo and Meyer are no longer members of the Section 13(d) group and shall cease to be Reporting Persons immediately after the filing of this Amendment No. 2. The remaining Reporting Persons will continue filing as a group statements on Schedule 13D with respect to their beneficial ownership of securities of the Issuer to the extent required by applicable law. Each of the remaining 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 March 11, 2013, Starboard (as defined in the Settlement Agreement) and the Issuer entered into a settlement agreement (the “Settlement Agreement”). The following description of the Settlement Agreement is qualified in its entirety by reference to the Settlement Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Pursuant to the terms of the Settlement Agreement, the Issuer agreed, among other things: (i) to increase the size of the Board from eight to nine members; (ii) to nominate Donald C. Templin and Mr. Massimo (the “New Appointees”) for election to the Board at the 2013 Annual Meeting as nominees for the class of directors with terms expiring at the Issuer’s 2016 annual meeting of stockholders (the “2016 Annual Meeting”); (iii) to recommend, support and solicit proxies for the election of the New Appointees at the 2013 Annual Meeting in the same manner as for the Issuer’s other nominees standing for election at the 2013 Annual Meeting; (iv) to use its reasonable best efforts to hold the 2013 Annual Meeting no later than May 31, 2013; (v) that, promptly following the conclusion of the 2013 Annual Meeting, but no later than 30 days thereafter, the Board will take all action necessary to appoint Mr. Templin to the Audit Committee of the Board and to appoint Mr. Massimo to the Compensation Committee of the Board; (vi) to appoint the New Appointees as observers to the Board as of the date of the Settlement Agreement and, subject to attorney-client privilege and their execution of a confidentiality agreement, provide the New Appointees with copies of all notices and written information furnished to the full Board reasonably in advance of each meeting to the extent practicable and permit the New Appointees to be present at all meetings of the full Board; and (vii) to discuss with Starboard in good faith the mutual recommendation of a substitute director in the event that Mr. Massimo or any Replacement Director (as defined in the Settlement Agreement) is unable to serve as a director, resigns or is removed as a director prior to the 2016 Annual Meeting, provided that at such time Starboard beneficially owns in the aggregate at least 3.0% of the then outstanding Shares. The Issuer also agreed to dissolve the Executive Committee of the Board (the “Executive Committee”) on or prior to the date of the Settlement Agreement, and that if a new Executive Committee is created, the Board will take all action necessary in furtherance of the appointment of Mr. Massimo to the Executive Committee.
The Issuer further agreed to amend its Rights Agreement, dated as of January 27, 2005, as amended (the “Rights Agreement”), within five business days following the date of the Settlement Agreement to replace in the definition of Acquiring Person (as defined in the Rights Agreement) any references to “ten percent” or “10%” with “fifteen percent” or “15%”.
Pursuant to the terms of the Settlement Agreement, Starboard agreed, among other things: (i) to irrevocably withdraw its nomination letter submitted to the Issuer on January 15, 2013; (ii) to appear in person or by proxy at the 2013 Annual Meeting and vote all Shares beneficially owned by it (A) in favor of the election of each of the Issuer’s nominees for election to the Board (ratably with respect to all nominees) and (B) in accordance with the Board’s recommendation with respect to the Issuer’s “say-on-pay” proposal, unless Institutional Shareholder Services Inc. recommends otherwise; and (iii) that it and its affiliates and associates will not, directly or indirectly, (A) nominate any person for election at the 2013 Annual Meeting, (B) submit any proposal for consideration at, or bring any other business before, the 2013 Annual Meeting, or (C) initiate, encourage or participate in any “withhold” or similar campaign with respect to the 2013 Annual Meeting.
In addition, Starboard agreed that, from the date of the Settlement Agreement through the earlier of (x) 15 business days prior to the deadline for the submission of stockholder nominations for the Issuer’s 2014 annual meeting of stockholders and (y) 100 days prior to the first anniversary of the 2013 Annual Meeting, neither it nor any of its affiliates or associates under its control or direction will, and it will cause each of its affiliates and associates under its control not to, directly or indirectly, in any manner: (i) engage in any solicitation of proxies or consents or become a “participant” in a “solicitation” as such terms are defined in Regulation 14A under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of proxies or consents with respect to securities of the Issuer; (ii) form, join or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to the Shares, subject to certain exceptions identified in the Settlement Agreement; (iii) deposit any Shares in any voting trust or subject any Shares to any arrangement or agreement with respect to the voting of any Shares, other than any such voting trust, arrangement or agreement solely among the members of Starboard and otherwise in accordance with the Settlement Agreement; (iv) seek or encourage any person to submit nominations in furtherance of a “contested solicitation” for the election or removal of directors with respect to the Issuer or seek, encourage or take any other action with respect to the election or removal of any directors; (v) (A) make any proposal for consideration by stockholders at any annual or special meeting of stockholders of the Issuer, (B) make any offer or proposal with respect to a merger, acquisition, recapitalization, restructuring, disposition or other business combination involving Starboard and the Issuer, or encourage, initiate or support any other third party in any such related activity or (C) make any public communication in opposition to any Issuer acquisition or disposition activity approved by the Board; (vi) seek, alone or in concert with others, representation on the Board except as specifically contemplated under the Settlement Agreement; (vii) seek to advise, encourage, support or influence any person with respect to the voting or disposition of any securities of the Issuer at any annual or special meeting of stockholders; or (viii) make any request or submit any proposal to amend the terms of the Settlement Agreement other than through non-public communications with the Issuer that would not be reasonably determined to trigger public disclosure obligations for Starboard or the Issuer.
On March 12, 2013, the Issuer and Starboard jointly issued a mutually agreeable press release to announce they have reached a Settlement 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 March 11, 2013, Starboard and the Issuer entered into a Settlement Agreement defined and described in Item 4 above and attached as Exhibit 99.1 hereto.
On March 12, 2013, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons who will remain Reporting Persons subsequent to this Amendment No. 2 agreed to the 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 99.2 and is incorporated herein by reference.
Item 7. | Material to be Filed as Exhibits. |
Item 7 is hereby amended to include the following exhibits:
| 99.1 | Agreement, dated as of March 11, 2013, by and among Starboard and Calgon Carbon Corporation. |
| 99.2 | Joint Filing Agreement, dated March 12, 2013, by and among Starboard Value and Opportunity Master Fund Ltd, Starboard Value and Opportunity S LLC, Starboard Value LP, Starboard Value GP LLC, Starboard Principal Co LP, Starboard Principal Co GP LLC, Jeffrey C. Smith, Mark R. Mitchell and Peter A. Feld. |
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: March 12, 2013
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 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 |
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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, Peter A. Feld, Louis S. Massimo and Lee D. Meyer |