Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 21, 2021, TZP Strategies Acquisition Corp. (the "Company") announced
the appointment of Mr. Stewart Wallace as a new director of the Company.
Mr. Wallace has been appointed to serve on the audit committee, the nominating
committee and the compensation committee of the Company, with such appointment
effective upon becoming a director of the Company.
Stewart Wallace, 59 is a recently retired investment banking professional who
was the Vice Chairman of Wells Fargo Securities from March 2009 through 2019.
Mr. Wallace has 35 years of experience advising multinational corporations,
Boards of Directors and foreign governments in raising capital and executing
strategic initiatives in a variety of industry sectors.
The board of directors of the Company has affirmatively determined that
Mr. Wallace meets the applicable standards for an independent director under
both the rules of the Nasdaq Capital Market and Rule 10A-3 under the Securities
Exchange Act of 1934.
There are no family relationships between Mr. Wallace and any director,
executive officer, or person nominated or chosen by the Company to become an
executive officer of the Company. There are no transactions between the Company
and Mr. Wallace that are subject to disclosure under Item 404(a) of Regulation
S-K.
In connection with his appointment, Mr. Wallace is expected to enter into an
indemnity agreement and a letter agreement with the Company on the same terms as
the indemnity agreements and letter agreement entered into by the directors and
officers of the Company at the time of the Company's initial public offering.
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