Company: NCNO
Filing Date: 2025-05-09
Form Type: DEF 14A
Source: 0001193125-25-116870
Chunk: 67

Company: nCino, Inc.
Filing Date: 2025-05-09
Form: DEF 14A
Chunk 67
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 successors would be elected to one-year terms at each future annual meeting of stockholders. Beginning at the 2028 annual meeting of stockholders, the declassification of our board of directors would be complete, and all directors would be subject to annual election to one-year terms.

The proposed amendment does not change the number of directors or the board of director’s authority to change that number and to fill any vacancies or newly created directorships. In addition, prior to the 2028 annual meeting of stockholders, any person appointed to fill a vacancy on our board of directors during the year will serve until the annual meeting at which the term of the class to which such person has been appointed expires or until such person’s successor has been duly elected and qualified, or until such person’s earlier death, resignation or removal.

Reasons for Amendment

Over a number of years, our board of directors has periodically considered the advantages and disadvantages of maintaining a classified board structure and concluded that this structure was in the best interests of the Company and its stockholders. There are valid arguments in favor of and in opposition to a classified board structure. Proponents of a classified board structure believe it facilitates long-term strategic planning, enhances the independence of non-employee directors, and allows for the retention of experienced and knowledgeable directors over time, while maintaining the board’s accountability to the company’s stockholders. On the other hand, our board of directors believes that corporate governance standards have evolved and that many investors and commentators now believe that the election of directors is the primary means for stockholders to influence corporate governance policies and increase the board’s and management’s accountability to stockholders. Annual elections of all directors will provide our stockholders with the opportunity to register their views on the performance of the entire board of directors each year. Our board of directors and its Nominating and Corporate Governance Committee considered the arguments in favor of and against continuation of the classified board structure and determined that it would be in the best interests of the Company and our stockholders to transition to a declassified board of directors. Finally, the proposed amendments will provide that any director appointed to fill a vacancy or newly created directorship will hold office until the next election for the class to which such director is appointed, or following the completion of the declassification, any director appointed to fill a vacancy or newly created directorship will serve for a term expiring at the next annual meeting and will remain in office until such person’s successor is elected and qualified (or the director’s earlier death, resignation or removal).**

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