[8-K] Comtech Telecommunications Reports Material Event
Comtech Telecommunications appointed Lloyd A. Sprung as an independent director. Mr. Sprung, age 55, is founder and Managing Member of LAS Advisors and brings extensive corporate finance, capital markets and restructuring experience from prior senior roles at UBS, Evercore, Miller Buckfire and Merrill Lynch. The Board determined he meets Nasdaq independence standards and assigned him to the Audit Committee and the Strategic Review Committee. His appointment satisfies the Companys obligation to appoint an independent director as required under the Credit Agreement dated June 17, 2024. He will receive standard non-employee director compensation described in the Companys proxy and will enter into the Companys standard indemnification agreement. A press release announcing the appointment was filed as Exhibit 99.1.
Comtech Telecommunications ha nominato Lloyd A. Sprung come amministratore indipendente. Il sig. Sprung, 55 anni, 猫 fondatore e Managing Member di LAS Advisors e apporta un'ampia esperienza in finanza aziendale, mercati dei capitali e ristrutturazioni maturata in precedenti ruoli dirigenziali presso UBS, Evercore, Miller Buckfire e Merrill Lynch. Il Consiglio ha ritenuto che soddisfi gli standard di indipendenza di Nasdaq e lo ha assegnato al Comitato Revisione Contabile e al Comitato per la Revisione Strategica. La sua nomina soddisfa l'obbligo della Societ脿 di nominare un amministratore indipendente come previsto dal Credit Agreement del 17 giugno 2024. Ricever脿 la consueta remunerazione prevista per i direttori non esecutivi descritta nella proxy della Societ脿 e stipuler脿 il consueto accordo di indennizzo della Societ脿. Un comunicato stampa che annuncia la nomina 猫 stato depositato come Exhibit 99.1.
Comtech Telecommunications nombr贸 a Lloyd A. Sprung como director independiente. El Sr. Sprung, de 55 a帽os, es fundador y Managing Member de LAS Advisors y aporta una amplia experiencia en finanzas corporativas, mercados de capitales y reestructuraciones, adquirida en cargos directivos previos en UBS, Evercore, Miller Buckfire y Merrill Lynch. El Consejo determin贸 que cumple los est谩ndares de independencia de Nasdaq y lo asign贸 al Comit茅 de Auditor铆a y al Comit茅 de Revisi贸n Estrat茅gica. Su nombramiento satisface la obligaci贸n de la Compa帽铆a de designar un director independiente seg煤n lo exigido por el Credit Agreement de fecha 17 de junio de 2024. Percibir谩 la compensaci贸n est谩ndar para directores no empleados descrita en el proxy de la Compa帽铆a y suscribir谩 el acuerdo de indemnizaci贸n est谩ndar de la Compa帽铆a. Se present贸 un comunicado de prensa anunciando el nombramiento como Exhibit 99.1.
Comtech Telecommunications電� Lloyd A. Sprung鞚� 霃呺 鞚挫偓搿� 鞛勲獏頄堨姷雼堧嫟. Sprung 鞌�(55靹�)電� LAS Advisors鞚� 靹る鞛愳澊鞛� Managing Member搿滌劀 UBS, Evercore, Miller Buckfire 氚� Merrill Lynch鞐愳劀鞚� 瓿犾渼歆� 瓴巾棙鞚� 韱淀暣 旮办梾旮堨湹, 鞛愲掣鞁滌灔 氚� 甑“臁办爼 攵勳暭鞚� 韽創鞚� 瓴巾棙鞚� 鞝滉车頃╇媹雼�. 鞚挫偓須岆姅 攴戈皜 雮橃姢雼�(Nasdaq) 霃呺靹� 旮办鞚� 於╈”頃滊嫟瓿� 韺愲嫧頃橁碃 攴鸽ゼ 臧愳偓鞙勳洂須岇檧 鞝勲灥瓴�韱犾渼鞗愴殞鞐� 氚办爼頄堨姷雼堧嫟. 攴胳潣 鞛勲獏鞚� 2024雲� 6鞗� 17鞚检瀽 鞁犾毄瓿勳暯(Credit Agreement)鞐� 霐半澕 鞖旉惮霅橂姅 霃呺 鞚挫偓 靹犾瀯 鞚橂毳� 於╈”頃╇媹雼�. 攴鸽姅 須岇偓鞚� 鞙勳瀯鞛�(proxy)鞐� 靹る獏霅� 鞚茧皹鞝侅澑 牍勳瀯鞗� 鞚挫偓 氤挫垬毳� 氚涥矊 霅橂┌ 須岇偓鞚� 響滌 氅挫眳(氤错樃) 瓿勳暯鞚� 觳搓舶頃� 瓴冹瀰雼堧嫟. 鞛勲獏 氚滍憸 氤措弰鞛愲電� Exhibit 99.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Comtech Telecommunications a nomm茅 Lloyd A. Sprung administrateur ind茅pendant. M. Sprung, 55 ans, est le fondateur et Managing Member de LAS Advisors et apporte une vaste exp茅rience en finance d'entreprise, march茅s de capitaux et restructurations acquise lors de fonctions dirigeantes pr茅c茅dentes chez UBS, Evercore, Miller Buckfire et Merrill Lynch. Le Conseil a d茅termin茅 qu'il satisfait aux crit猫res d'ind茅pendance du Nasdaq et l'a affect茅 au comit茅 d'audit et au comit茅 de revue strat茅gique. Sa nomination satisfait l'obligation de la Soci茅t茅 de d茅signer un administrateur ind茅pendant telle que requise par le Credit Agreement en date du 17 juin 2024. Il percevra la r茅mun茅ration standard des administrateurs non salari茅s d茅crite dans la procuration de la Soci茅t茅 et signera la convention d'indemnisation standard de la Soci茅t茅. Un communiqu茅 annon莽ant la nomination a 茅t茅 d茅pos茅 en tant qu'Exhibit 99.1.
Comtech Telecommunications hat Lloyd A. Sprung zum unabh盲ngigen Direktor ernannt. Herr Sprung, 55 Jahre alt, ist Gr眉nder und Managing Member von LAS Advisors und bringt umfangreiche Erfahrungen in Unternehmensfinanzierung, Kapitalm盲rkten und Restrukturierungen aus fr眉heren F眉hrungspositionen bei UBS, Evercore, Miller Buckfire und Merrill Lynch mit. Der Vorstand stellte fest, dass er die Unabh盲ngigkeitskriterien der Nasdaq erf眉llt, und wies ihn dem Pr眉fungsausschuss sowie dem Strategie眉berpr眉fungsausschuss zu. Seine Ernennung erf眉llt die Verpflichtung des Unternehmens, einen unabh盲ngigen Direktor gem盲脽 dem Kreditvertrag (Credit Agreement) vom 17. Juni 2024 zu bestellen. Er erh盲lt die 眉bliche Verg眉tung f眉r nicht angestellte Direktoren, wie in der Vollmachtserkl盲rung (Proxy) des Unternehmens beschrieben, und schlie脽t die standardm盲脽ige Entsch盲digungsvereinbarung des Unternehmens ab. Eine Pressemitteilung zur Bekanntgabe der Ernennung wurde als Exhibit 99.1 eingereicht.
- Appointment satisfies Credit Agreement obligation with TCW Asset Management Company LLC, removing a compliance requirement
- Experienced finance and restructuring professional added with senior roles at UBS, Evercore, Miller Buckfire and Merrill Lynch
- Board committees assignment to Audit and Strategic Review Committees aligns with his expertise
- No related-party transactions disclosed and compensation follows standard proxy arrangements, reducing potential conflicts
- None.
Insights
TL;DR: Appointment fills a contractual requirement and adds senior finance expertise to the board.
The selection of Mr. Sprung appears targeted to satisfy a specific contractual requirement with the Administrative Agent and to strengthen board capabilities in finance and restructuring. His background at major advisory firms is directly relevant to oversight of complex capital structures and strategic reviews. Service on the Audit and Strategic Review Committees aligns with his experience, which may provide practical benefits in creditor negotiations and strategic options. The absence of related-party transactions and the use of standard compensation and indemnification forms reduce governance concerns.
TL;DR: Materiality is limited but meaningful due to the Credit Agreement obligation being satisfied.
From a financial perspective, the appointment is material primarily because it fulfills an explicit covenant under the Credit Agreement dated June 17, 2024, removing a potential compliance risk. There is no disclosed equity or compensation arrangement beyond standard proxy-described fees, and no transactions requiring Item 404 disclosure, which suggests limited near-term financial impact. The addition of an advisor with private debt and restructuring experience could influence the companys dealings with lenders and strategic review outcomes.
Comtech Telecommunications ha nominato Lloyd A. Sprung come amministratore indipendente. Il sig. Sprung, 55 anni, 猫 fondatore e Managing Member di LAS Advisors e apporta un'ampia esperienza in finanza aziendale, mercati dei capitali e ristrutturazioni maturata in precedenti ruoli dirigenziali presso UBS, Evercore, Miller Buckfire e Merrill Lynch. Il Consiglio ha ritenuto che soddisfi gli standard di indipendenza di Nasdaq e lo ha assegnato al Comitato Revisione Contabile e al Comitato per la Revisione Strategica. La sua nomina soddisfa l'obbligo della Societ脿 di nominare un amministratore indipendente come previsto dal Credit Agreement del 17 giugno 2024. Ricever脿 la consueta remunerazione prevista per i direttori non esecutivi descritta nella proxy della Societ脿 e stipuler脿 il consueto accordo di indennizzo della Societ脿. Un comunicato stampa che annuncia la nomina 猫 stato depositato come Exhibit 99.1.
Comtech Telecommunications nombr贸 a Lloyd A. Sprung como director independiente. El Sr. Sprung, de 55 a帽os, es fundador y Managing Member de LAS Advisors y aporta una amplia experiencia en finanzas corporativas, mercados de capitales y reestructuraciones, adquirida en cargos directivos previos en UBS, Evercore, Miller Buckfire y Merrill Lynch. El Consejo determin贸 que cumple los est谩ndares de independencia de Nasdaq y lo asign贸 al Comit茅 de Auditor铆a y al Comit茅 de Revisi贸n Estrat茅gica. Su nombramiento satisface la obligaci贸n de la Compa帽铆a de designar un director independiente seg煤n lo exigido por el Credit Agreement de fecha 17 de junio de 2024. Percibir谩 la compensaci贸n est谩ndar para directores no empleados descrita en el proxy de la Compa帽铆a y suscribir谩 el acuerdo de indemnizaci贸n est谩ndar de la Compa帽铆a. Se present贸 un comunicado de prensa anunciando el nombramiento como Exhibit 99.1.
Comtech Telecommunications電� Lloyd A. Sprung鞚� 霃呺 鞚挫偓搿� 鞛勲獏頄堨姷雼堧嫟. Sprung 鞌�(55靹�)電� LAS Advisors鞚� 靹る鞛愳澊鞛� Managing Member搿滌劀 UBS, Evercore, Miller Buckfire 氚� Merrill Lynch鞐愳劀鞚� 瓿犾渼歆� 瓴巾棙鞚� 韱淀暣 旮办梾旮堨湹, 鞛愲掣鞁滌灔 氚� 甑“臁办爼 攵勳暭鞚� 韽創鞚� 瓴巾棙鞚� 鞝滉车頃╇媹雼�. 鞚挫偓須岆姅 攴戈皜 雮橃姢雼�(Nasdaq) 霃呺靹� 旮办鞚� 於╈”頃滊嫟瓿� 韺愲嫧頃橁碃 攴鸽ゼ 臧愳偓鞙勳洂須岇檧 鞝勲灥瓴�韱犾渼鞗愴殞鞐� 氚办爼頄堨姷雼堧嫟. 攴胳潣 鞛勲獏鞚� 2024雲� 6鞗� 17鞚检瀽 鞁犾毄瓿勳暯(Credit Agreement)鞐� 霐半澕 鞖旉惮霅橂姅 霃呺 鞚挫偓 靹犾瀯 鞚橂毳� 於╈”頃╇媹雼�. 攴鸽姅 須岇偓鞚� 鞙勳瀯鞛�(proxy)鞐� 靹る獏霅� 鞚茧皹鞝侅澑 牍勳瀯鞗� 鞚挫偓 氤挫垬毳� 氚涥矊 霅橂┌ 須岇偓鞚� 響滌 氅挫眳(氤错樃) 瓿勳暯鞚� 觳搓舶頃� 瓴冹瀰雼堧嫟. 鞛勲獏 氚滍憸 氤措弰鞛愲電� Exhibit 99.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Comtech Telecommunications a nomm茅 Lloyd A. Sprung administrateur ind茅pendant. M. Sprung, 55 ans, est le fondateur et Managing Member de LAS Advisors et apporte une vaste exp茅rience en finance d'entreprise, march茅s de capitaux et restructurations acquise lors de fonctions dirigeantes pr茅c茅dentes chez UBS, Evercore, Miller Buckfire et Merrill Lynch. Le Conseil a d茅termin茅 qu'il satisfait aux crit猫res d'ind茅pendance du Nasdaq et l'a affect茅 au comit茅 d'audit et au comit茅 de revue strat茅gique. Sa nomination satisfait l'obligation de la Soci茅t茅 de d茅signer un administrateur ind茅pendant telle que requise par le Credit Agreement en date du 17 juin 2024. Il percevra la r茅mun茅ration standard des administrateurs non salari茅s d茅crite dans la procuration de la Soci茅t茅 et signera la convention d'indemnisation standard de la Soci茅t茅. Un communiqu茅 annon莽ant la nomination a 茅t茅 d茅pos茅 en tant qu'Exhibit 99.1.
Comtech Telecommunications hat Lloyd A. Sprung zum unabh盲ngigen Direktor ernannt. Herr Sprung, 55 Jahre alt, ist Gr眉nder und Managing Member von LAS Advisors und bringt umfangreiche Erfahrungen in Unternehmensfinanzierung, Kapitalm盲rkten und Restrukturierungen aus fr眉heren F眉hrungspositionen bei UBS, Evercore, Miller Buckfire und Merrill Lynch mit. Der Vorstand stellte fest, dass er die Unabh盲ngigkeitskriterien der Nasdaq erf眉llt, und wies ihn dem Pr眉fungsausschuss sowie dem Strategie眉berpr眉fungsausschuss zu. Seine Ernennung erf眉llt die Verpflichtung des Unternehmens, einen unabh盲ngigen Direktor gem盲脽 dem Kreditvertrag (Credit Agreement) vom 17. Juni 2024 zu bestellen. Er erh盲lt die 眉bliche Verg眉tung f眉r nicht angestellte Direktoren, wie in der Vollmachtserkl盲rung (Proxy) des Unternehmens beschrieben, und schlie脽t die standardm盲脽ige Entsch盲digungsvereinbarung des Unternehmens ab. Eine Pressemitteilung zur Bekanntgabe der Ernennung wurde als Exhibit 99.1 eingereicht.
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM | ||
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
| Date of Report (Date of earliest event reported) | Commission File Number | |||||||
| (Exact name of registrant as specified in its charter) | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
| (Address of Principal Executive Offices) (Zip Code) | ||||||||
( | ||||||||
| (Registrant’s telephone number, including area code) | ||||||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
| Exhibit No. | Description | ||||
99.1 | Press Release, dated August 18, 2025, issued by Comtech Telecommunications Corp. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document). | ||||
Name: Michael A. Bondi
Title: Chief Financial Officer
Source:
FAQ
Who was appointed to Comtechs board and what is his background?
Why is Lloyd Sprungs appointment material for CMTL?
Which Board committees will Mr. Sprung join at Comtech (CMTL)?
Will Mr. Sprung receive special compensation or have related-party transactions?
Did Comtech file a press release about the appointment?
