Company: KVHI
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001104659-25-040173
Chunk: 49

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 49
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. Black Diamond’s observer right terminated on June 7, 2023, the date Mr. Deckoff was elected as a director. In the event of Mr. Deckoff’s inability to serve as a director due to death, disability, incapacity or other compelling reason, Black Diamond will have the right with replace him as a director, subject to our approval (not to be unreasonably withheld or delayed) and the satisfaction of certain conditions. Under the cooperation agreement, Black Diamond agreed to certain voting commitments. Until the effective date of any termination or resignation letter submitted by Mr. Deckoff (or his replacement) (such period, the “Standstill Period”), Black Diamond agreed to appear in person or by proxy at each meeting of our stockholders and to vote all of its shares of our common stock in accordance with the Board’s recommendation with respect to the election, removal and/or replacement of directors. The cooperation agreement also contained other voting commitments that expired upon the conclusion of our 2024 annual meeting of stockholders. During the Standstill Period, Black Diamond is subject to certain standstill provisions, including, among other things, agreeing not to, subject to certain exceptions, (i) acquire cumulative ownership (directly or indirectly) of more than 25% of our outstanding common stock, (ii) transfer its shares of common stock to any third party that would result in such third party owning more than 4.9% of our outstanding common stock, (iii) engage in any solicitation of proxies or consents with respect to any matter or proposal, (iv) nominate or recommend for nomination any person for election to the board, (v) make or be the proponent of any stockholder proposal, (vi) initiate or participate in any tender or exchange offer, merger, consolidation or other extraordinary transaction involving us, (vii) subject any of our voting securities to any voting arrangement or agreement, or (viii) acquire or engage in any transaction involving synthetic equity interests or short interests in us. Black Diamond and we also agreed to certain non-disparagement and no-litigation provisions, subject to certain exceptions. KVH Industries, Inc. 2025 Proxy Statement 34

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| ​ | ​ | AUDIT COMMITTEE REPORT(1)​ | ​ | ​ |

The board of directors appointed an audit committee to monitor the integrity of our company’s consolidated financial statements, its system of internal control over financial reporting and the independence and performance of our independent registered public accounting firm.