Business
Tix Corporation Announces New Board of Directors
Tix Corporation Announces New Board of Directors.
About this update from Tix Corporation
[{"type":"text","content":"\n STUDIO CITY, CA, Oct. 07, 2019 (GLOBE NEWSWIRE) -- Tix Corporation (the “Company”) (OTCQX: TIXC) today announced that it reached an agreement with HSB Capital Partners, L.P. and Haren Bhakta, stockholders of the Company (together, “HSB”), resolving certain disputes regarding the election of directors at the 2019 annual meeting of stockholders of the Company. Pursuant to the agreement, four incumbent directors of the Company who were re-elected at the 2019 annual meeting of stockholders of the Company, Andrew Pells, Steven Zelinger, Aaron Bregman and Mesfin Eyob, will resign and be replaced by three HSB designees. Namely, Haren Bhakta, Michael Fisk and Jeremy Weiner, who together with the remaining incumbent directors re-elected at the meeting, Mitch Francis, Norman Feirstein, Jordan Fiksenbaum and David Saxe, will comprise the Company’s Board of Directors (the “Board”). Also, pursuant to the terms of the agreement, the Company’s bylaws were amended as described below, Norman Feirstein was appointed as the Chairman of the Board, the Company agreed to include Haren Bhakta, Michael Fisk and Jeremy Weiner as nominees for election to the Board on the slate of nominees in the Company’s proxy statement and on its proxy card relating to the 2020 annual meeting of the stockholders of the Company. The Company and HSB have also agreed to mutual releases of claims. The agreement further provides that: (i) HSB is subject to certain standstill restrictions until the day that is thirty (30) calendar days prior to the first day of the notice period specified in the advance notice provision for director nominations set forth in the Company’s bylaws, applicable to the 2021 annual meeting of the stockholders of the Company (the “Standstill Period”); (ii) during the Standstill Period, HSB must vote or consent in favor of each of the directors nominated by the Board and recommended by the Board in the election of directors and against any stockholder proposal to remove any such members of the Board; and (iii) that up to a two percent (2%) increase in the beneficial ownership of the outstanding Common Stock by the HSB Group is exempted under the Amended and Restated Rights Agreement, between the Company and Computershare Trust Company, N.A., dated as of January 2, 2014, amende...