P10 Provides Corporate Governance Updates
May 08 2024 - 4:07PM
P10, Inc. (NYSE: PX) (the “Company”), a leading private
markets solutions provider, today announced several
enhancements to its governance structure and policy.
Robert Alpert informed the P10 Board of Directors (the “Board”)
of his decision to step down as Executive Chairman, effective June
14, 2024, concurrent with the P10 Annual Meeting. Mr. Alpert will
continue to serve on the Board as a director.
Additionally, the Board voted to appoint Luke Sarsfield to the
role of Chairman of the Board, also effective June 14, 2024, and
intends to appoint a Lead Independent Director at the P10 Annual
Meeting.
“I want to thank Robert for his time as Executive Chair and look
forward to our continued work on the Board,” said Luke Sarsfield,
P10 Chief Executive Officer. “Robert’s role as Executive Chairman
was intended to help me, and our senior team effect a successful
leadership transition, and he now feels that transition is
complete. He will continue to serve on the board as a director. I’m
excited to step into this role as I work with our Board and
management team to execute our strategic initiatives and advance
alignment across our strategies.”
The Company’s Board also determined that its stockholder rights
plan is no longer necessary for the preservation of federal income
tax benefits and unanimously voted to terminate the rights plan
effective as of the close of business on May 8, 2024.
The stockholder rights plan, which was previously set to expire
in October 2024, was intended to help preserve the value of certain
income tax assets, primarily tax net operating loss carryforwards.
Stockholders do not have to take any action as a result of this
termination.
These updates come in short succession after the previously
announced appointment of Tracey Benford as an independent Class II
director in April. Ms. Benford serves on the Company’s Audit
Committee, Compensation Committee, and Nominating and Corporate
Governance Committee.
About P10
P10 is a leading multi-asset class private markets solutions
provider in the alternative asset management industry. P10’s
mission is to provide its investors differentiated access to a
broad set of investment solutions that address their diverse
investment needs within private markets. As of March 31, 2024,
P10 has a global investor base of more than 3,600 investors across
50 states, 60 countries, and six continents, which includes some of
the world’s largest pension funds, endowments, foundations,
corporate pensions, and financial institutions.
Visit www.p10alts.com.
Forward-Looking Statements
Some of the statements in this release may constitute
“forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995. Words such as “will,” “expect,” “believe,” “estimate,”
“continue,” “anticipate,” “intend,” “plan” and similar expressions
are intended to identify these forward-looking statements.
Forward-looking statements discuss management’s current
expectations and projections relating to our financial position,
results of operations, plans, objectives, future performance, and
business. The inclusion of any forward-looking information in this
release should not be regarded as a representation that the future
plans, estimates, or expectations contemplated will be achieved.
Forward-looking statements reflect management’s current plans,
estimates, and expectations, and are inherently uncertain. All
forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions and other important factors that may
cause actual results to be materially different; global and
domestic market and business conditions; successful execution of
business and growth strategies and regulatory factors relevant to
our business; changes in our tax status; our ability to maintain
our fee structure; our ability to attract and retain key employees;
our ability to manage our obligations under our debt agreements;
our ability to make acquisitions and successfully integrate the
businesses we acquire; assumptions relating to our operations,
financial results, financial condition, business prospects and
growth strategy; and our ability to manage the effects of events
outside of our control. The foregoing list of factors is not
exhaustive. For more information regarding these risks and
uncertainties as well as additional risks that we face, you should
refer to the “Risk Factors” included in our annual report on
Form 10-K for the year ended December 31, 2023,
filed with the U.S. Securities and Exchange Commission (“SEC”) on
March 13, 2024, and in our subsequent reports filed from time to
time with the SEC. The forward-looking statements included in this
release are made only as of the date hereof. We undertake no
obligation to update or revise any forward-looking statement as a
result of new information or future events, except as otherwise
required by law.
Ownership Limitations
P10’s Certificate of Incorporation contains certain provisions
for the protection of tax benefits relating to P10’s net operating
losses. Such provisions generally void transfers of shares that
would result in the creation of a new 4.99% shareholder or result
in an existing 4.99% shareholder acquiring additional shares of
P10.
P10 Investor Contact:info@p10alts.com
P10 Media Contact:Josh
Clarksonjclarkson@prosek.com
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