Summary
This 8-K filing by The Nasdaq Stock Market, Inc. (NDAQ) on May 13, 2005, primarily reports on a change in its Board of Directors. In accordance with an Amended and Restated Securityholders Agreement, Nasdaq has appointed Glenn Hutchins, a representative from Silver Lake Partners (SLP), to its Board of Directors. Mr. Hutchins' appointment is effective May 9, 2005, and he will serve as a Class 1 Director until the 2007 annual meeting. He has also been appointed to the Board's Finance and Compensation Committees.
Key Highlights
- 1Appointment of Glenn Hutchins to Nasdaq's Board of Directors.
- 2Mr. Hutchins represents Silver Lake Partners (SLP), a key securityholder.
- 3The appointment is in accordance with an Amended and Restated Securityholders Agreement dated April 22, 2005.
- 4Mr. Hutchins will serve as a Class 1 Director with a term expiring at the 2007 annual meeting.
- 5Mr. Hutchins has been appointed to the Board's Finance and Compensation Committees.
- 6This action fulfills Nasdaq's obligation to have an SLP representative on its Board.
Frequently Asked Questions
Glenn Hutchins is a Managing Director of the general partner of Silver Lake Partners (SLP). His appointment to the Nasdaq board is a requirement under an Amended and Restated Securityholders Agreement, ensuring SLP has representation.
Mr. Hutchins has been appointed as a Class 1 Director and his term will expire at the 2007 annual meeting of Nasdaq stockholders.
Mr. Hutchins has been appointed to serve on the Board's Finance and Compensation Committees.
This appointment is in fulfillment of an existing Securityholders Agreement. While the filing references a previous 8-K dated April 28, 2005 (Item 1.01), the primary driver for this specific filing is the board appointment as per the agreement.