Company: NCNO
Filing Date: 2025-02-10
Form Type: 8-K
Source: 0001902733-25-000014
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Company: nCino, Inc.
Filing Date: 2025-02-10
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On February 10, 2025, nCino, Inc., a Delaware corporation (the “ Company”), announced its entry into a cooperation agreement (the “ Cooperation Agreement”) with HMI Capital Management, L. P. (collectively with its affiliates, “ HMI”).

Pursuant to the Cooperation Agreement, the Board of Directors (the “ Board”) of the Company has (i) increased the size of the Board from nine (9) to ten (10) directors, (ii) appointed Justin Nyweide as a Class II director of the Board with a term expiring at the 2025 annual meeting of stockholders (the “2025 Annual Meeting”), and (iii) appointed Justin Nyweide to the Audit Committee of the Board.

The Company has agreed to include Justin Nyweide on its slate of director nominees for the 2025 Annual Meeting and to solicit proxies for the election, and support and recommend for the election, of Justin Nyweide at the 2025 Annual Meeting in the same manner as for the Company’s other director nominees.

During the Standstill Period (as defined below), prior to any Minimum Ownership Event (as defined in the Cooperation Agreement), in the event that Justin Nyweide is no longer able to serve as a director of the Company, the Board will appoint, at HMI’s sole election, subject to the Board’s customary procedures in connection with the onboarding of directors, (i) Marco Hellman or (ii) any person mutually acceptable to the Board and HMI, to the Board.

During the Standstill Period, HMI has agreed to vote all of its shares of the Company in accordance with the Board’s recommendations on all proposals or business that may be the subject of stockholder action at stockholder meetings, except (i) if Institutional Shareholder Services issues a voting recommendation that differs from the Board’s recommendation for a proposal (other than with respect to director elections), HMI may follow such alternative recommendation, and (ii) HMI may vote in its sole discretion with respect to any proposals with respect to an Extraordinary Transaction (as defined in the Cooperation Agreement) that is subject to a vote of the Company’s stockholders.

The Cooperation Agreement also contains customary standstill, non-disparagement and expense reimbursement provisions. The Cooperation Agreement will terminate upon the end of the Standstill Period, unless the Cooperation Agreement is earlier terminated in accordance with its terms. The Standstill Period began