Company: PRSU
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0000950170-25-052380
Chunk: 5

Company: Pursuit Attractions & Hospitality, Inc.
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 5
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 with our needs.

Our Bylaws provide that, from time to time, the Board shall fix the number of directors. Currently, we have seven directors on our Board. Our Board is divided into three classes, each with staggered three-year terms. The current term of the Class III directors will expire at the Annual Meeting, and the terms of the Class I and Class II directors will expire at the annual meetings of shareholders in 2026 and 2027, respectively. Five of our current directors – David W. Barry, Beverly K. Carmichael, Denise M. Coll, Virginia L. Henkels and Joshua E. Schechter – are assigned to one of the three classes. The remaining directors – Jill H. Bright and Brian P. Cassidy – were previously elected annually for a one-year term by a vote of the Company’s 5.5% Convertible Series A Preferred Stock, all of which was held by Crestview Partners IV GP, L.P. and affiliated entities (the “Crestview Parties”), pursuant to the certificate of designations for that class of preferred stock. Effective December 31, 2024, all outstanding shares of preferred stock were converted into common stock, and, as such, the directors that were previously elected by holders of preferred stock will now be assigned into one of the three Board classes and elected by holders of the Company’s common stock.

Pursuant to the terms of the Stockholders Agreement, dated August 5, 2020, by and among the Company and the Crestview Parties, for so long as the Crestview Parties have, in the aggregate, record and beneficial ownership of 67% of the total number of shares of common stock issuable on conversion of their original preferred stock investment (the “Initial Share Ownership”), the Crestview Parties are entitled to designate two nominees for election to the Board at an annual meeting of shareholders by all holders entitled to vote in the election of directors. Should they not meet the 67% threshold, the Crestview Parties are entitled to designate one director nominee for election to the Board at an annual meeting of shareholders by all holders entitled to vote in the election of directors and appoint one non-voting Board observer for so long as they have, in the aggregate, record and beneficial ownership of at least 33% of the Initial Share Ownership. Pursuant to these rights, the Crestview Parties are currently entitled to designate two nominees for election to the Board and have designated Jill H. Bright and Brian P. Cassidy to be elected to the Board.