KVH Industries enters support agreement with Black Diamond Capital

KVH Industries announced that it has entered into a support agreement with Black Diamond Capital Management, L.L.C. and certain of its affiliates. Pursuant to the Agreement, the company has committed to nominate and support Black Diamond Managing Principal Stephen Deckoff as an independent Class III director at the company’s 2023 Annual Meeting of Stockholders, subject to certain conditions. Deckoff will begin serving as a non-voting observer of the company’s Board of Directors. Additionally, the company has granted Black Diamond a waiver under the company’s stockholder rights plan allowing Black Diamond to acquire up to 25% of the company’s outstanding common stock. The company will accept the resignation of one of its incumbent directors, which resignation will become effective at the 2023 Annual Meeting. Following the election of Deckoff at the 2023 Annual Meeting, the KVH Board will continue to have seven directors.