LivePerson, Inc. Enters into Cooperation Agreement with Vector Capital Group

On October 20, 2024, LivePerson, Inc. (NASDAQ:LPSN) finalized a Cooperation Agreement with Vector Capital VI, L.P., Vector Capital Management, L.P., and Vector Capital, L.L.C. (collectively known as the “Vector Group”). This collaboration aims to focus on various aspects, including board refreshment. As per the agreement, LivePerson and the Vector Group have outlined specific steps for the upcoming 2024 Annual Meeting.

These steps involve nominating Dan Fletcher as one of the two proposed board nominees, appointing a mutually agreed candidate following the meeting, and either not re-nominating or accepting the resignation of a current board director before December 31, 2024. Additionally, LivePerson committed to selecting a new Chair of the Board by the end of the year.

The agreement includes provisions where the Vector Group commits to voting in favor of board-approved director nominees and other proposals at stockholder meetings. It also incorporates standstill provisions, restricting the Vector Group from certain activities that could influence LivePerson’s affairs. The parties agreed upon mutual non-disparagement clauses.

Yael Zheng, a board member, announced her voluntary resignation from LivePerson, effective after the 2024 Annual Meeting, citing no disputes with the company. Subsequently, on October 23, 2024, LivePerson issued a press release disclosing the Cooperation Agreement and other relevant details.

The Company disclosed its intent to file a proxy statement and a GOLD universal proxy card with the SEC for the 2024 Annual Meeting on November 4, 2024. Stockholders are advised to carefully review these documents, which will provide critical information about the meeting agenda.

Apart from the filing, LivePerson submitted Exhibit 10.1, detailing the Cooperation Agreement, and Exhibit 99.1, which contains the press release. Both documents shed light on the ongoing developments within the company.

The Cooperation Agreement is set to conclude on December 31, 2025, unless terminated earlier as per specific conditions. For comprehensive details regarding the agreement, interested parties are encouraged to refer to the full text filed as Exhibit 10.1.

Although Yael Zheng’s departure represents a change in the company’s board composition, LivePerson is working towards a smooth transition and maintaining its corporate governance standards amidst these shifts.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read LivePerson’s 8K filing here.

About LivePerson

LivePerson, Inc engages in conversational artificial intelligence. It enables brands to leverage the Conversational Cloud's intelligence engine to connect with consumers through an integrated suite of mobile and online business messaging technologies. The company offers the Conversational Cloud, an enterprise-class digital customer conversation platform, which enables businesses and consumers to connect through conversational channels, such as voice, in-app, and mobile messaging.