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4-Traders Homepage  >  Equities  >  Nasdaq  >  Brocade Communications Systems, Inc.    BRCD

Delayed Quote. Delayed  - 02/09 03:59:59 pm
7.77 USD   -1.77%
04:35p BROCADE COMMUNI : Elects Kim Goodman to Its Board of Directors
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BROCADE COMMUNICATIONS SYSTEMS : Change in Directors or Principal Officers, Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year, Financial Statements and Exhibits (form 8-K)

02/09/2016 | 05:04pm US/Eastern
Item 5.02.   Departure of Directors or Certain Officers; Election of Directors;
             Appointment of Certain Officers; Compensatory Arrangements of
             Certain Officers.


On February 8, 2016, the Board of Directors (the "Board") of Brocade Communications Systems, Inc. (the "Company") elected Kim C. Goodman, the former President of American Express Global Business Travel of American Express Company, as a director, effective immediately. Ms. Goodman will stand for re-election at the Company's next annual meeting of stockholders, which is expected to be held in April 2016. Ms. Goodman has not yet been appointed to serve on any committee of the Board. In connection with her appointment to the Board, Ms. Goodman is entitled to cash compensation in accordance with the Company's director compensation policy, which provides for a base annual retainer of $40,000, an additional annual retainer based on her service on any Board committees, and $1,000 for each Board or Board committee meeting attended in person or by telephone in excess of certain amounts. Ms. Goodman is also entitled to equity compensation pursuant to the Company's 2009 Director Plan, including an automatic grant of 4,215 restricted stock units on the date of her election. The restricted stock units will vest in full on the date of the Company's next annual meeting of stockholders, provided she continues to serve as a director of the Company.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

In connection with Ms. Goodman's election to the Board, the Board amended Section 3.2 of the Company's Bylaws to increase the authorized number of directors of the Company from nine to ten, effective on February 8, 2016. A copy of the Company's Amended and Restated Bylaws is attached hereto as Exhibit 3.1.



Item 9.01.  Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number     Exhibit Description
3.1        Amended and Restated Bylaws of Brocade Communications Systems, Inc.,
           effective as of February 8, 2016.



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© Edgar Online, source Glimpses

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