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Verisign Inc. (NASDAQ:VRSN) announced the appointment of Matthew J. Desch to its board of directors, effective Monday. The addition increases the board’s size from seven to eight members, according to a statement based on a filing with the Securities and Exchange Commission.
Desch is currently the chief executive officer and a director at Iridium Communications Inc., a company specializing in global mobile, voice, and data satellite communications. He has held these roles since 2009. His appointment comes as Verisign shows strong market performance, with the stock delivering a 31% return year-to-date.
As a non-employee director at Verisign, Desch will receive an annual cash retainer of $50,000 and an annual equity award grant of $250,000 in restricted stock units. For new directors, the equity award and cash retainer are prorated based on the date of appointment. For deeper insights into Verisign’s financial metrics and governance, including additional ProTips, check out the comprehensive research available on InvestingPro.
Verisign also stated it will enter into an indemnity agreement with Desch, requiring the company to indemnify him against certain liabilities related to his service as a director and to advance expenses for any related proceedings. The company’s standard form of indemnity agreement was previously filed with the SEC.
According to the filing, there was no arrangement or understanding between Desch and any other party regarding his appointment, and no transactions involving Desch and Verisign or its subsidiaries that require disclosure under SEC regulations.
This information is based on a press release statement and details provided in Verisign’s recent SEC filing.
In other recent news, VeriSign, Inc. announced a significant development involving Berkshire Hathaway. Affiliates of Berkshire Hathaway have entered into an agreement to sell 4.3 million shares of VeriSign common stock at a price of $285 per share. This secondary offering is expected to generate approximately $1.23 billion for the selling stockholders. The transaction is structured so that all proceeds will go to the selling stockholders, with VeriSign not selling any shares or receiving any proceeds. The sale aims to reduce Berkshire Hathaway’s ownership stake in VeriSign below the 10% threshold, which would otherwise trigger additional regulatory obligations. J.P. Morgan Securities LLC is managing the offering. Berkshire Hathaway has been a VeriSign stockholder since 2012. The offering is set to close soon, with the stock price representing a discount to VeriSign’s previous closing price.
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