Company: KVHI
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001104659-25-040173
Chunk: 48

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 48
---
 exceeds $120,000 in a single calendar year, excluding transactions in which standing pre-approval has been given. Pre-approved transactions include: • compensation of directors and executive officers provided that such compensation is approved by the board of directors or compensation committee or such compensation plan or other arrangement is generally available to full-time employees in the same jurisdiction; and • transactions where the related party’s interest arises solely from ownership of our common stock and such interest is proportionate to the interests of stockholders. The audit committee is responsible for reviewing the material facts of all related-party transactions, subject to the exceptions described above. The audit committee will either approve or disapprove the entry into the related-party transaction. If advance approval is not feasible, the transaction will be considered and, if the audit committee determines it to be appropriate, ratified at the audit committee’s next regularly scheduled meeting. In determining whether to approve or ratify a transaction with a related party, the audit committee will take into account among other factors that it determines to be appropriate: • whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances; • the business reasons for the transaction; • whether the transaction would impair the independence of an outside director; and • the extent of the related party’s interest in the transaction. Except as stated below, as of the date of this proxy statement there have been no reportable related-party transactions since January 1, 2024, nor are there any pending related-party transactions. Cooperation Agreement On February 3, 2023, we entered into a cooperation agreement with Black Diamond, our largest stockholder, and 33 KVH Industries, Inc. 2025 Proxy Statement TABLE OF CONTENTS BOARD OF DIRECTORS AND COMMITTEES OF THE BOARD Stephen H. Deckoff, currently one of our directors. Mr. Deckoff was not a director of KVH at the time we entered into the cooperation agreement. Pursuant to the cooperation agreement, we (i) granted Black Diamond a waiver, during the Standstill Period (as defined below), under our stockholder rights plan, allowing Black Diamond to acquire up to 25% of our outstanding common stock without being deemed an “Acquiring Person” under the plan (which has since expired), (ii) permitted Mr. Deckoff to serve as an observer on our board of directors and (iii) agreed to nominate and support Mr. Deckoff as an independent Class III director at the 2023 annual meeting, subject to certain limitations