UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
 
 
 
 
FORM 8-K
 
 
 
 
 
 
 
CURRENT REPORT
 
 
 
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (date of earliest event reported): October 25, 2018
 
 
 
Qumu Corporation  
(Exact name of Registrant as Specified in its Charter)
 
 
Minnesota
 
(State Or Other Jurisdiction Of Incorporation)
 
 
 
000-20728
 
41-1577970
(Commission File Number)
 
(I.R.S. Employer Identification No.)
 
 
 
510 1st Avenue North, Suite 305
 
 
Minneapolis, MN
 
55403
(Address Of Principal Executive Offices)
 
(Zip Code)
 
 
 
 
(612) 638-9100
 
Registrant’s Telephone Number, Including Area Code
 
 
 

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:
 
 
o
Written communications pursuant to Rule 425 under the Securities Act
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
 
 
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. o
 
 
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. o
 
 
 




Items under Sections 2 through 4 and 6 through 8 are not applicable and therefore omitted.
ITEM 1.01      ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
ITEM 5.02      DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS .

On October 25, 2018, Qumu Corporation (the “Company”) entered into an Amendment No. 1 (the “Amendment”) to that certain Standstill Agreement with Harbert Discovery Fund, LP, Harbert Discovery Fund GP, LLC, Harbert Fund Advisors, Inc. and Harbert Management Corporation (collectively, “Harbert”) dated as of December 19, 2017 (the “Agreement”).

Through the Amendment, the Company agreed to nominate and solicit proxies for the election of Kenan Lucas and Neil E. Cox at the 2019 Annual Meeting of Shareholders. Additionally, the Governance Committee recommended and Board of Directors approved Kenan Lucas and Neil E. Cox as nominees for election as directors at the 2019 Annual Meeting of Shareholders. Messrs. Lucas and Cox were appointed to the Company’s Board of Directors in connection with the Agreement and were elected by the Company’s shareholders to the Board of Directors at the 2018 Annual Meeting of Shareholders. Mr. Lucas currently serves on the Governance Committee and Audit Committee of the Board of Directors. Mr. Cox currently serves on the Governance Committee and Compensation Committee of the Board of Directors. Through the Amendment, Messrs. Lucas and Cox may agree to other committee assignments.

Through the Amendment, Harbert also agreed to appear in person or by proxy at the Company’s 2019 Annual Meeting of Shareholders and vote all shares of common stock beneficially owned by it in favor of the election of each of the Company’s nominees for election to the Board of Directors and in accordance with the Board’s recommendation on all other proposals.

Through the Amendment, the Company and Harbert also agreed to extend the “Standstill Period” until the date that is the earlier of (a) 30 days prior to the deadline for the submission of shareholder nominations for the 2020 Annual Meeting of the Shareholders of the Company; and (b) the date that is 150 days prior to the first anniversary of the date of Company’s proxy statement for the 2019 Annual Meeting of Shareholders.

This foregoing summary of the Amendment does not purport to be complete and is subject to and qualified in its entirety by reference to the Amendment attached hereto as Exhibit 10.1.

ITEM 9.01      FINANCIAL STATEMENTS AND EXHIBITS.





SIGNATURE
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, thereunto duly authorized.
 
 
 
 
QUMU CORPORATION
 
 
 
 
By:
/s/ David G. Ristow
 
 
David G. Ristow
 
 
Chief Financial Officer
 
 
 
Date: October 25, 2018
 
 



EXHIBIT 10.1


AMENDMENT NO. 1 TO STANDSTILL AGREEMENT
 
This Amendment No. 1 to Standstill Agreement (this “ Amendment ”) is made and entered into as of October 25, 2018 (the “Effective Date”) by and among Qumu Corporation (the “ Company ”) and Harbert Discovery Fund, LP, Harbert Discovery Fund GP, LLC, Harbert Fund Advisors, Inc. and Harbert Management Corporation (collectively, “ Harbert ”) (each of the Company and Harbert, a “ Party ” to this Amendment, and collectively, the “ Parties ”).
 
RECITALS
 
WHEREAS, the Company and Harbert have entered into that certain Standstill Agreement dated December 19, 2017 (the “ Agreement ”) and desire to amend the Agreement by this Amendment; and

WHEREAS, capitalized terms used and not defined in this Amendment have the meanings ascribed to them in the Agreement; and
 
NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows:
 
1. New Definitions . The Agreement is hereby amended to add the following defined terms:
(a)
The term “ 2019 Annual Meeting ” shall mean 2019 annual meeting of shareholders of the Company (including any other meeting of shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof).
(b)
The term “ 2020 Annual Meeting ” shall mean 2020 annual meeting of shareholders of the Company (including any other meeting of shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof).
(c)
The term “ Standstill Period ” shall mean from the Effective Date until the date that is the earlier of (a) thirty (30) days prior to the deadline for the submission of shareholder nominations for the 2020 Annual Meeting of the Shareholders of the Company; and (b) the date that is one-hundred and fifty (150) days prior to the first anniversary of the date of Company’s proxy statement for the 2019 Annual Meeting; provided that if the Governance Committee at least ten (10) days prior to the end of the Standstill Period takes written action to approve and recommend the Subject Directors as nominees for election at the 2020 Annual Meeting of Shareholders (which it may do in its sole discretion) and the Harbert

1

Director accepts such nomination on or prior to the end of the Standstill Period, then Harbert and the Company will negotiate in good faith to amend the Agreement to extend the Standstill Period and change any other terms as mutually agreed.
2.      Amendments . The Agreement is hereby amended as follows:

(a)
Each reference in the Agreement to the “Standstill Period” shall be a reference to the “Standstill Period” as amended by this Amendment.
(b)
Notwithstanding Section 1(b) of the Agreement to the contrary, Mr. Lucas shall be appointed to serve on each of the Audit Committee and the Governance Committee of the Board and Mr. Cox shall be appointed to serve on each of the Compensation Committee and Governance Committee of the Board or, in each case, to such other committee(s) of the Board as he may agree.
(c)
Each reference in the Agreement to the “2018 Annual Meeting” shall be amended by this Amendment to be a reference to the “2019 Annual Meeting.”
3.      No Implied Amendments . This Amendment shall be effective as of the Effective Date. Except as herein amended, all of the terms of the Agreement shall remain in full force and effect and are ratified in all respects. On and after the Effective Date, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import shall mean and be a reference to the Agreement, as amended by this Amendment.
4.      Incorporation of Agreement Provisions . The provisions of Section 8 (Specific Performance), Section 9 (Severability), Section 10 (Notices), Section 11 (Applicable Law), Section 12 (Counterparts) and Section 13 ( Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries) of the Agreement shall apply to this Amendment as if fully set forth herein, mutatis mutandis .
 


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2

IN WITNESS WHEREOF, this Amendment No. 1 to Standstill Agreement has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.
 
 
QUMU CORPORATION


By: /s/ Vern Hanzlik                     
Vern Hanzlik
Chief Executive Officer


Harbert Discovery Fund, LP

By: Harbert Discovery Fund GP, LLC, its General Partner
 
By: Harbert Management Corporation, its Managing Member
 
By: /s/ Kevin McGovern                
Kevin McGovern
Vice President and Associate General Counsel

Harbert Discovery Fund GP, LLC

By: Harbert Management Corporation, its Managing Member

By: /s/ Kevin McGovern                
Kevin McGovern
Vice President and Associate General Counsel
  
Harbert Fund Advisors, Inc.
    
By: /s/ John McCullough                
John McCullough
Executive Vice President and General Counsel

Harbert Management Corporation
    
By: /s/ John McCullough                
John McCullough
Executive Vice President and General Counsel

[Signature Page to Amendment No. 1 to Standstill Agreement]