09/06/2024 | Press release | Distributed by Public on 09/06/2024 14:16
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 5, 2024, Michael Kaufman tendered his resignation from the Board of Directors (the "Board") of Champion Homes, Inc. (the "Company"), effective as the same date. Mr. Kaufman had been designated as a nominee for director by MAK Champion Investment, LLC (together with its related investment funds, "MAK") under the terms of the Investor Rights Agreement, dated as of June 1, 2018 (the "Investor Rights Agreement"), and his resignation from the Board was required under the Investor Rights Agreement as a result of MAK no longer holding greater than five percent (5%) of the Company's outstanding shares of common stock.
Mr. Kaufman's resignation was not due to any disagreement with the Company or its management relating to the Company's operations, policies or practices. The Board thanks Mr. Kaufman for his dedicated service and many contributions to the Board and wishes him well in his future endeavors. In connection with the departure of Mr. Kaufman from the Board, the Board decreased the size of the Board to eight (8) members.
As of September 5, 2024, no shareholders held the right to nominate any directors to the Board pursuant to the Investor Rights Agreement, and as such, the Investor Rights Agreement automatically terminated without any further action required by any party thereto.