[8-K] Landstar System Inc Reports Material Event
Digimarc Corporation (DMRC) filed an 8-K announcing a Cooperation Agreement with activist investor Altai Capital Management and its principal, Rishi Bajaj. Effective 28-Jul-2025, the Board expanded from seven to eight directors and appointed Bajaj to fill the new seat until the 2026 annual meeting. In exchange, the Investors agreed to a stand-still period that lasts until the first day after the 2026 AGM: they will vote all DMRC shares they control in line with Board recommendations, except where both ISS and Glass Lewis advise otherwise or in an Extraordinary Transaction. The pact also contains customary non-disparagement, confidentiality and solicitation restrictions.
Bajaj will receive DMRC鈥檚 standard non-employee director compensation and an indemnification agreement; no related-party transactions or family relationships were disclosed. A press release (Ex. 99.1) announcing the agreement and appointment was issued on 29-Jul-2025. The Cooperation Agreement itself is filed as Ex. 10.1.
Digimarc Corporation (DMRC) ha presentato un modulo 8-K annunciando un Accordo di Cooperazione con l'investitore attivista Altai Capital Management e il suo principale rappresentante, Rishi Bajaj. A partire dal 28 luglio 2025, il Consiglio di Amministrazione 猫 passato da sette a otto membri e Bajaj 猫 stato nominato per occupare il nuovo posto fino all'assemblea annuale del 2026. In cambio, gli Investitori hanno accettato un periodo di stand-still che durer脿 fino al giorno successivo all'assemblea generale del 2026: voteranno tutte le azioni DMRC di cui dispongono in linea con le raccomandazioni del Consiglio, salvo che ISS e Glass Lewis consiglino diversamente o in caso di una Transazione Straordinaria. L'accordo prevede anche le consuete clausole di non denigrazione, riservatezza e restrizioni sulla sollecitazione.
Bajaj ricever脿 la normale retribuzione prevista per i direttori non dipendenti di DMRC e un accordo di indennizzo; non sono state segnalate transazioni con parti correlate o rapporti familiari. Un comunicato stampa (Ex. 99.1) che annuncia l'accordo e la nomina 猫 stato pubblicato il 29 luglio 2025. L'Accordo di Cooperazione 猫 depositato come Ex. 10.1.
Digimarc Corporation (DMRC) present贸 un formulario 8-K anunciando un Acuerdo de Cooperaci贸n con el inversor activista Altai Capital Management y su principal, Rishi Bajaj. A partir del 28 de julio de 2025, la Junta Directiva se ampli贸 de siete a ocho directores y Bajaj fue nombrado para ocupar el nuevo asiento hasta la reuni贸n anual de 2026. A cambio, los Inversores acordaron un per铆odo de stand-still que dura hasta el d铆a siguiente a la junta anual de 2026: votar谩n todas las acciones de DMRC que controlan seg煤n las recomendaciones de la Junta, excepto cuando tanto ISS como Glass Lewis aconsejen lo contrario o en una Transacci贸n Extraordinaria. El pacto tambi茅n incluye las habituales restricciones de no desprestigio, confidencialidad y solicitud.
Bajaj recibir谩 la compensaci贸n est谩ndar para directores no empleados de DMRC y un acuerdo de indemnizaci贸n; no se divulgaron transacciones con partes relacionadas ni relaciones familiares. Se emiti贸 un comunicado de prensa (Ex. 99.1) anunciando el acuerdo y el nombramiento el 29 de julio de 2025. El Acuerdo de Cooperaci贸n se presenta como Ex. 10.1.
Digimarc Corporation(DMRC)電� 頄夒彊欤检潣 韴瀽鞛� Altai Capital Management鞕� 攴� 雽�響滌澑 Rishi Bajaj鞕�鞚� 順戨牓 瓿勳暯鞚� 氚滍憸頃橂姅 8-K毳� 鞝滌稖頄堨姷雼堧嫟. 2025雲� 7鞗� 28鞚茧秬搿� 鞚挫偓須岆姅 7氇呾棎靹� 8氇呾溂搿� 頇曤寑霅橃棃鞙茧┌, Bajaj電� 2026雲� 鞐半 欤检＜齑濏殞旯岇 靸� 鞚挫偓搿� 鞛勲獏霅橃棃鞀惦媹雼�. 攴� 雽�臧�搿� 韴瀽鞛愲摛鞚� 2026雲� AGM 雼れ潓 雮犼箤歆� 歆�靻嶋悩電� 鞀ろ儬霌涤姢韹�(蝉迟补苍诲-蝉迟颈濒濒) 旮瓣皠鞐� 霃欖潣頄堨溂氅�, ISS鞕� Glass Lewis臧� 雼Μ 甓岅碃頃橃 鞎婋姅 頃� 霕愲姅 韸闺硠 瓯半灅臧� 鞎勲媽 頃�, 鞛愳嫚霌れ澊 氤挫湢頃� 氇摖 DMRC 欤检嫕鞚� 鞚挫偓須� 甓岅碃鞐� 霐半澕 韴憸頃橁赴搿� 頄堨姷雼堧嫟. 鞚� 順戩暯鞐愲姅 韱奠儊鞝侅澑 牍勲癌 旮堨, 牍勲皜 鞙犾 氚� 甓岇湢 鞝滍暅 臁绊暛霃� 韽暔霅橃柎 鞛堨姷雼堧嫟.
Bajaj電� DMRC鞚� 響滌 牍勳瀯鞗� 鞚挫偓 氤挫垬鞕� 氅挫眳 瓿勳暯鞚� 氚涥矊 霅橂┌, 甏�霠� 雼轨偓鞛� 瓯半灅雮� 臧�臁� 甏�瓿勲姅 瓿店皽霅橃 鞎婌晿鞀惦媹雼�. 順戩暯瓿� 鞛勲獏鞚� 氚滍憸頃橂姅 氤措弰鞛愲(Ex. 99.1)電� 2025雲� 7鞗� 29鞚检棎 氚滍枆霅橃棃鞀惦媹雼�. 順戨牓 瓿勳暯靹� 鞛愳泊電� Ex. 10.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Digimarc Corporation (DMRC) a d茅pos茅 un formulaire 8-K annon莽ant un accord de coop茅ration avec l'investisseur activiste Altai Capital Management et son principal, Rishi Bajaj. 脌 compter du 28 juillet 2025, le conseil d'administration est pass茅 de sept 脿 huit administrateurs et Bajaj a 茅t茅 nomm茅 pour occuper ce nouveau si猫ge jusqu'脿 l'assembl茅e g茅n茅rale annuelle de 2026. En 茅change, les investisseurs ont accept茅 une p茅riode de stand-still qui dure jusqu'au lendemain de l'assembl茅e g茅n茅rale de 2026 : ils voteront toutes les actions DMRC qu'ils contr么lent conform茅ment aux recommandations du conseil, sauf si ISS et Glass Lewis conseillent le contraire ou en cas de transaction extraordinaire. L'accord comprend 茅galement les clauses habituelles de non-d茅nigrement, de confidentialit茅 et de restrictions de sollicitation.
Bajaj recevra la r茅mun茅ration standard des administrateurs non salari茅s de DMRC ainsi qu'un accord d'indemnisation ; aucune transaction avec des parties li茅es ou relation familiale n'a 茅t茅 divulgu茅e. Un communiqu茅 de presse (Ex. 99.1) annon莽ant l'accord et la nomination a 茅t茅 publi茅 le 29 juillet 2025. L'accord de coop茅ration lui-m锚me est d茅pos茅 en tant qu'Ex. 10.1.
Digimarc Corporation (DMRC) reichte ein 8-K ein und gab eine Kooperationsvereinbarung mit dem aktivistischen Investor Altai Capital Management und dessen Hauptvertreter Rishi Bajaj bekannt. Ab dem 28. Juli 2025 wurde der Vorstand von sieben auf acht Direktoren erweitert, und Bajaj wurde ernannt, um den neuen Sitz bis zur Hauptversammlung 2026 zu besetzen. Im Gegenzug stimmten die Investoren einer Stand-Still-Periode zu, die bis zum Tag nach der HV 2026 andauert: Sie werden alle von ihnen kontrollierten DMRC-Aktien gem盲脽 den Empfehlungen des Vorstands abstimmen, au脽er wenn sowohl ISS als auch Glass Lewis anders raten oder bei einer au脽ergew枚hnlichen Transaktion. Das Abkommen enth盲lt auch die 眉blichen Klauseln zu Nicht-Diskreditierung, Vertraulichkeit und Abwerbeverboten.
Bajaj erh盲lt die 眉bliche Verg眉tung f眉r nicht-angestellte Direktoren von DMRC sowie eine Entsch盲digungsvereinbarung; keine Gesch盲fte mit verbundenen Parteien oder famili盲re Beziehungen wurden offengelegt. Eine Pressemitteilung (Ex. 99.1), die die Vereinbarung und Ernennung ank眉ndigt, wurde am 29. Juli 2025 ver枚ffentlicht. Die Kooperationsvereinbarung selbst ist als Ex. 10.1 eingereicht.
- Proxy contest avoidance: stand-still and voting alignment reduce litigation and solicitation costs.
- Activist insight on board: Altai Capital鈥檚 presence could enhance strategic oversight and shareholder focus.
- Limited duration: cooperation ends after 2026 AGM, potentially reviving activism thereafter.
- Board expansion dilution: increasing board size may lessen individual accountability without clear performance metrics.
Insights
TL;DR: Activist joins board under stand-still, reducing proxy risk and aligning votes through 2026.
The agreement neutralises a potential proxy contest by giving Altai Capital a board seat while binding the investor to support management proposals for roughly one year. This curtails short-term governance disruption and signals constructive activism. The limited term keeps pressure on management to deliver strategic progress before the 2026 AGM. Non-disparagement and solicitation limits further lower headline risk. Financial impact is indirect but positive: fewer legal expenses, greater strategic focus, and potential credibility with other shareholders through Altai鈥檚 involvement.
TL;DR: Governance move is modest; valuation catalyst depends on future operational wins.
While adding an activist director can accelerate change, the Cooperation Agreement stops short of concrete operational commitments. The stand-still ensures near-term stability but may also limit more forceful actions that sometimes unlock value. Market reaction will hinge on whether Bajaj influences capital allocation or product strategy before the 2026 window closes. Net impact today is neutral; upside will surface only if strategic shifts follow.
Digimarc Corporation (DMRC) ha presentato un modulo 8-K annunciando un Accordo di Cooperazione con l'investitore attivista Altai Capital Management e il suo principale rappresentante, Rishi Bajaj. A partire dal 28 luglio 2025, il Consiglio di Amministrazione 猫 passato da sette a otto membri e Bajaj 猫 stato nominato per occupare il nuovo posto fino all'assemblea annuale del 2026. In cambio, gli Investitori hanno accettato un periodo di stand-still che durer脿 fino al giorno successivo all'assemblea generale del 2026: voteranno tutte le azioni DMRC di cui dispongono in linea con le raccomandazioni del Consiglio, salvo che ISS e Glass Lewis consiglino diversamente o in caso di una Transazione Straordinaria. L'accordo prevede anche le consuete clausole di non denigrazione, riservatezza e restrizioni sulla sollecitazione.
Bajaj ricever脿 la normale retribuzione prevista per i direttori non dipendenti di DMRC e un accordo di indennizzo; non sono state segnalate transazioni con parti correlate o rapporti familiari. Un comunicato stampa (Ex. 99.1) che annuncia l'accordo e la nomina 猫 stato pubblicato il 29 luglio 2025. L'Accordo di Cooperazione 猫 depositato come Ex. 10.1.
Digimarc Corporation (DMRC) present贸 un formulario 8-K anunciando un Acuerdo de Cooperaci贸n con el inversor activista Altai Capital Management y su principal, Rishi Bajaj. A partir del 28 de julio de 2025, la Junta Directiva se ampli贸 de siete a ocho directores y Bajaj fue nombrado para ocupar el nuevo asiento hasta la reuni贸n anual de 2026. A cambio, los Inversores acordaron un per铆odo de stand-still que dura hasta el d铆a siguiente a la junta anual de 2026: votar谩n todas las acciones de DMRC que controlan seg煤n las recomendaciones de la Junta, excepto cuando tanto ISS como Glass Lewis aconsejen lo contrario o en una Transacci贸n Extraordinaria. El pacto tambi茅n incluye las habituales restricciones de no desprestigio, confidencialidad y solicitud.
Bajaj recibir谩 la compensaci贸n est谩ndar para directores no empleados de DMRC y un acuerdo de indemnizaci贸n; no se divulgaron transacciones con partes relacionadas ni relaciones familiares. Se emiti贸 un comunicado de prensa (Ex. 99.1) anunciando el acuerdo y el nombramiento el 29 de julio de 2025. El Acuerdo de Cooperaci贸n se presenta como Ex. 10.1.
Digimarc Corporation(DMRC)電� 頄夒彊欤检潣 韴瀽鞛� Altai Capital Management鞕� 攴� 雽�響滌澑 Rishi Bajaj鞕�鞚� 順戨牓 瓿勳暯鞚� 氚滍憸頃橂姅 8-K毳� 鞝滌稖頄堨姷雼堧嫟. 2025雲� 7鞗� 28鞚茧秬搿� 鞚挫偓須岆姅 7氇呾棎靹� 8氇呾溂搿� 頇曤寑霅橃棃鞙茧┌, Bajaj電� 2026雲� 鞐半 欤检＜齑濏殞旯岇 靸� 鞚挫偓搿� 鞛勲獏霅橃棃鞀惦媹雼�. 攴� 雽�臧�搿� 韴瀽鞛愲摛鞚� 2026雲� AGM 雼れ潓 雮犼箤歆� 歆�靻嶋悩電� 鞀ろ儬霌涤姢韹�(蝉迟补苍诲-蝉迟颈濒濒) 旮瓣皠鞐� 霃欖潣頄堨溂氅�, ISS鞕� Glass Lewis臧� 雼Μ 甓岅碃頃橃 鞎婋姅 頃� 霕愲姅 韸闺硠 瓯半灅臧� 鞎勲媽 頃�, 鞛愳嫚霌れ澊 氤挫湢頃� 氇摖 DMRC 欤检嫕鞚� 鞚挫偓須� 甓岅碃鞐� 霐半澕 韴憸頃橁赴搿� 頄堨姷雼堧嫟. 鞚� 順戩暯鞐愲姅 韱奠儊鞝侅澑 牍勲癌 旮堨, 牍勲皜 鞙犾 氚� 甓岇湢 鞝滍暅 臁绊暛霃� 韽暔霅橃柎 鞛堨姷雼堧嫟.
Bajaj電� DMRC鞚� 響滌 牍勳瀯鞗� 鞚挫偓 氤挫垬鞕� 氅挫眳 瓿勳暯鞚� 氚涥矊 霅橂┌, 甏�霠� 雼轨偓鞛� 瓯半灅雮� 臧�臁� 甏�瓿勲姅 瓿店皽霅橃 鞎婌晿鞀惦媹雼�. 順戩暯瓿� 鞛勲獏鞚� 氚滍憸頃橂姅 氤措弰鞛愲(Ex. 99.1)電� 2025雲� 7鞗� 29鞚检棎 氚滍枆霅橃棃鞀惦媹雼�. 順戨牓 瓿勳暯靹� 鞛愳泊電� Ex. 10.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Digimarc Corporation (DMRC) a d茅pos茅 un formulaire 8-K annon莽ant un accord de coop茅ration avec l'investisseur activiste Altai Capital Management et son principal, Rishi Bajaj. 脌 compter du 28 juillet 2025, le conseil d'administration est pass茅 de sept 脿 huit administrateurs et Bajaj a 茅t茅 nomm茅 pour occuper ce nouveau si猫ge jusqu'脿 l'assembl茅e g茅n茅rale annuelle de 2026. En 茅change, les investisseurs ont accept茅 une p茅riode de stand-still qui dure jusqu'au lendemain de l'assembl茅e g茅n茅rale de 2026 : ils voteront toutes les actions DMRC qu'ils contr么lent conform茅ment aux recommandations du conseil, sauf si ISS et Glass Lewis conseillent le contraire ou en cas de transaction extraordinaire. L'accord comprend 茅galement les clauses habituelles de non-d茅nigrement, de confidentialit茅 et de restrictions de sollicitation.
Bajaj recevra la r茅mun茅ration standard des administrateurs non salari茅s de DMRC ainsi qu'un accord d'indemnisation ; aucune transaction avec des parties li茅es ou relation familiale n'a 茅t茅 divulgu茅e. Un communiqu茅 de presse (Ex. 99.1) annon莽ant l'accord et la nomination a 茅t茅 publi茅 le 29 juillet 2025. L'accord de coop茅ration lui-m锚me est d茅pos茅 en tant qu'Ex. 10.1.
Digimarc Corporation (DMRC) reichte ein 8-K ein und gab eine Kooperationsvereinbarung mit dem aktivistischen Investor Altai Capital Management und dessen Hauptvertreter Rishi Bajaj bekannt. Ab dem 28. Juli 2025 wurde der Vorstand von sieben auf acht Direktoren erweitert, und Bajaj wurde ernannt, um den neuen Sitz bis zur Hauptversammlung 2026 zu besetzen. Im Gegenzug stimmten die Investoren einer Stand-Still-Periode zu, die bis zum Tag nach der HV 2026 andauert: Sie werden alle von ihnen kontrollierten DMRC-Aktien gem盲脽 den Empfehlungen des Vorstands abstimmen, au脽er wenn sowohl ISS als auch Glass Lewis anders raten oder bei einer au脽ergew枚hnlichen Transaktion. Das Abkommen enth盲lt auch die 眉blichen Klauseln zu Nicht-Diskreditierung, Vertraulichkeit und Abwerbeverboten.
Bajaj erh盲lt die 眉bliche Verg眉tung f眉r nicht-angestellte Direktoren von DMRC sowie eine Entsch盲digungsvereinbarung; keine Gesch盲fte mit verbundenen Parteien oder famili盲re Beziehungen wurden offengelegt. Eine Pressemitteilung (Ex. 99.1), die die Vereinbarung und Ernennung ank眉ndigt, wurde am 29. Juli 2025 ver枚ffentlicht. Die Kooperationsvereinbarung selbst ist als Ex. 10.1 eingereicht.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
On July 29, 2025, Landstar System, Inc. (“Landstar” or the “Company”) issued a press release announcing results for the second quarter of fiscal 2025. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in Item 7.01 concerning the presentation to Landstar investors is hereby incorporated into this Item 2.02 by reference.
The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
| Item 7.01 | Regulation FD Disclosure |
A slide presentation, dated July 29, 2025, is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The slide presentation provides information that may be referred to by the Company on its conference call with investors scheduled to occur on July 29, 2025 in connection with the Company’s release of results for the second quarter of fiscal 2025.
The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
| Item 9.01 | Financial Statements and Exhibits |
Exhibits
| 99.1 | Press Release, dated July 29, 2025, of Landstar System, Inc. | |
| 99.2 | Slide Presentation, dated July 29, 2025, of Landstar System, Inc. | |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LANDSTAR SYSTEM, INC. | ||||||
| Date: July 29, 2025 | By: | /s/ James P. Todd | ||||
| Name: | James P. Todd | |||||
| Title: | Vice President, Chief Financial Officer and Assistant Secretary | |||||
Source:
FAQ
Why was Rishi Bajaj added to Digimarc's (DMRC) board?
How long does the Digimarc鈥揂ltai Capital stand-still last?
What voting commitments did Altai Capital make in the agreement?
Does the agreement affect Digimarc's financial guidance?
Will Rishi Bajaj receive additional compensation?
