Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 7, 2021, the Board of Directors (the "Board") of Cloudera, Inc. (the
"Company") elected Gary Hu to the Board effective immediately. Mr. Hu is a
director designated by Icahn Enterprises, L.P. ("Icahn Enterprises") in
accordance with the Voting and Standstill Agreement between the Company and
Icahn Enterprises and certain of its affiliates, dated August 12, 2019. Mr. Hu
replaces Nicholas Graziano, who had been an Icahn Enterprises designee and
resigned from the Company's Board of Directors, effective January 7, 2021. Jesse
Lynn continues as the other Icahn Enterprises board designee. Mr. Hu will serve
as a member of the class of directors serving until the Company's 2021 annual
meeting of stockholders, or until his earlier death, resignation or removal.
Mr. Hu currently serves as a Portfolio Manager of Icahn Capital L.P. ("Icahn
Capital"), the investments arm of Icahn Enterprises, which is a diversified
holding company. Prior to joining Icahn Capital in 2020, he held investment
management roles at Silver Point Capital, a credit focused investment fund, and
Stockbridge Investors, the public securities affiliate of Berkshire Partners, a
leading middle market private equity firm. Mr. Hu graduated summa cum laude from
the University of Pennsylvania with a BS Econ in Finance and Accounting from the
Wharton School and a BAS in Computer Science from the School of Engineering and
Applied Sciences
As a non-employee director, Mr. Hu will receive compensation in accordance with
the Company's non-employee director compensation program. Pursuant to this
program, upon the effective date of his appointment to the Board, Mr. Hu
received an award of restricted stock units with a grant date fair value of
$230,000 (the "Initial Award"), which will vest fully on June 15, 2021. Mr. Hu
will be eligible for annual cash retainers in the amount of $35,000 for service
as a member of the Board. Mr. Hu will also enter into an indemnification
agreement with the Company consistent with the form agreement executed with each
of the Company's current officers and directors.
Mr. Graziano's resignation was not a result of any disagreement with the Company
or any matter relating to the Company's operations, policies (including
accounting or financial policies) or practices. In addition, in connection with
Mr. Graziano's resignation from the Board, all of Mr. Graziano's outstanding
equity awards from the Company shall accelerate and vest in full.
Item 9.01 - Financial Statements and Exhibits
Number Description
99.1 Press release, dated January 7, 2021
Cover Page Interactive Data File (the cover page XBRL tags are embedded
104 within the inline XBRL document).
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