Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of New Chief Executive Officer and Director
On January 3, 2022, Comtech Telecommunications Corp. ("Comtech" or the
"Company") announced that Michael Porcelain has been appointed Chief Executive
Officer, effective December 31, 2021, and a member of the Board of Directors,
effective January 3, 2022. Mr. Porcelain, who will also remain President of
Comtech, succeeds Fred Kornberg, who will serve as an advisor to the Company on
technology matters and continue as a director and non-executive Chairman of the
Board.
Mr. Porcelain has served as President since January 2020 and as Chief Operating
Officer of Comtech since October 2018. He previously served as the Company's
Chief Financial Officer from 2006 to 2018, and as Vice President of Finance and
Internal Audit of Comtech from 2002 to 2006. Prior to joining Comtech, Mr.
Porcelain was Director of Corporate Profit and Business Planning for Symbol
Technologies (subsequently acquired by Motorola Technologies, Inc.), a mobile
wireless information solutions company, where he was employed from 1998 to 2002.
Previously, he spent five years in public accounting holding various positions,
including Manager in the Transaction Advisory Services Group of
PricewaterhouseCoopers. Since 1998, he has owned and operated The Independent
Adviser Corporation, a privately held company which holds the rights to use
certain intellectual properties and trademarks (including various Internet
websites) related to the financial planning and advisory industry. Mr. Porcelain
is on the Board of Directors of Air Industries Group, a New York Stock Exchange
listed company and a U.S. defense contractor, and serves as the Chairman of its
Audit Committee. Mr. Porcelain is also a Member of the Board of Directors of the
Fund for Modern Courts, an independent organization that promotes reform and
equal justice in the New York Court system.
Appointment of New Director
On January 3, 2022, Comtech announced that Mark R. Quinlan has been appointed to
Comtech's Board of Directors, effective January 3, 2022. Mr. Quinlan will join
the Executive Compensation Committee.
In 2016, Mr. Quinlan co-founded private investment firm, White Hat Capital
Partners LP, which is focused on building sustainable value in technology
companies serving mission-critical applications. The Firm constructively
partners with its portfolio companies to improve strategy and capital allocation
decisions, implement operational efficiencies, and strengthen governance, all
with a view to improving corporate competitiveness and creating shareholder
value. Prior to founding White Hat, Mr. Quinlan was Managing Director and
Co-Head of the Global Technology Investment Banking Group at Stifel. In
addition, he served as a Member of the firm's Investment Banking Management
Committee as well as the Fairness Committee. Mr. Quinlan joined Stifel in 2010
through its merger with Thomas Weisel Partners. Mr. Quinlan joined Thomas Weisel
Partners in 2000 from Merrill Lynch and was promoted to Partner in 2006. He
joined Merrill Lynch in 1996 following two years with Brown Brothers Harriman &
Co. During his investment banking career, Mr. Quinlan advised numerous corporate
boards on a broad range of strategic and corporate finance decisions. He
maintains extensive senior executive relationships across the technology,
investment management and financial services sectors.
On October 18, 2021, the Company entered into a Subscription Agreement (the
"Subscription Agreement") with certain affiliates and related funds of Magnetar
Capital LLC and White Hat Capital Partners LP, the terms of which are described
in the Company's Form 8-K filed with the U.S. Securities and Exchange Commission
on October 22, 2021 (the "Subscription Agreement Form 8-K"). The information
required by Item 5.07(c) of Form 8-K is incorporated herein by reference to the
disclosure set forth in Item 1.01 of the Subscription Agreement Form 8-K. Mr.
Quinlan was appointed as a director pursuant to the terms of the Subscription
Agreement.
In connection with his appointment, Mr. Quinlan and the Company will enter into
an Indemnification Agreement in the same form as the Form of Indemnification
Agreement which was previously filed as Exhibit Number 10.1 to Company's Form
8-K filed on March 8, 2007.
A copy of the Company's press release announcing the transition from Fred
Kornberg to Michael Porcelain of the role of Chief Executive Officer and the
appointment of new directors is attached as Exhibit 99.1 to this Form 8-K.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
99.1 Press Release , dated January 3, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
Document).
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