Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On July 1, 2021, the Board of Directors (the "Board") of Fortress Value
Acquisition Corp. IV (the "Company") elected Leilani Verge to serve as a
director of the Company. Ms. Verge will serve until the second Annual Meeting of
Stockholders or until her successor shall be elected and duly qualified.
Ms. Verge has served as the Co-Chairman and Chief Financial Officer of a
portfolio of business ventures under The Verge Company umbrella since 2017 and
worked for Ernst and Young ("EY") from 1990 to 1996. After EY, Ms. Verge founded
Westside Rentals, where she helped manage a large diverse workforce. Ms. Verge
graduated from USC with an accounting degree and has a California CPA license.
The Company believes Ms. Verge is well qualified to serve on the Board due to
her financial management and investment expertise.
There are no arrangements or understandings between Ms. Verge and any other
person pursuant to which she was elected as a director of the Company, and there
are no family relationships between Ms. Verge and any of the Company's other
directors or executive officers.
In connection with Ms. Verge's appointment, she and the Company entered into
(i) an indemnification agreement and (ii) a joinder to each of the letter
agreement and the registration rights agreement, each dated as of July 1, 2021,
entered into by the Company with its directors (and the other parties thereto)
in connection with the Company's initial public offering. Each of the director
indemnification agreement, the letter agreement and the registration rights
agreement was described in, and the forms of which were filed as exhibits to,
the Company's registration statement relating to the Company's initial public
offering (File No. 333-253306).
In connection with his appointment as a director of the Company, Ms. Verge will
receive 25,000 founder shares from the Company's sponsor, Fortress Value
Acquisition Sponsor IV LLC.
2
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses