SECURITIES AND EXCHANGE COMMISSION
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PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On January 28, 2024, the board of directors (the “Board”) of Presto Automation Inc. (the “Company” or “Presto”) increased the number of directors that constitute the entire Board from seven directors to eight directors and appointed Matthew MacDonald to the Board. Mr. MacDonald will serve as a Class II directors with a term expiring at the Company’s 2024 annual meeting of stockholders.
Matthew MacDonald, 39, is a Managing Director of Erithmitic Inc, a commercial real estate bridge lending platform which he joined in June 2022. Matt is also the founder of Cottage Avenue, a hospitality-focused investment company and a partner in Great Canadian Heli-Skiing. Matt was a founder of Ventoux Acquisition Holdings, the co-sponsor of Ventoux CCM Acquisition Corporation, the special purpose acquisition company that merged with Presto. Prior to co-founding Ventoux in August 2020, Mr. MacDonald worked at Hyatt Hotels Corporation as the Vice President of Capital Strategy and Wellness Development, where he focused on acquiring hospitality companies and brands. Mr. MacDonald joined Hyatt in January 2017 as a result of Hyatt’s acquisition of Miraval Group, a leading hospitality wellness company. Mr. MacDonald joined Miraval Group, a KSL Capital portfolio company, as Vice President of Development in May 2016 following four years at Starwood Hotels and Resorts. Mr. MacDonald is a graduate of the University of Denver and received a Master in Real Estate Finance from New York University. We believe Mr. MacDonald is qualified to serve on our board of directors because of his experience in sourcing, negotiating and executing merger transactions within the hospitality, leisure, travel and dining sectors.
There is no arrangement or understanding between Mr. MacDonald and any other persons pursuant to which such director was selected as a director of the Company. The Company is not aware of any transaction in which either Mr. MacDonald has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. MacDonald will be entitled to compensation for service on the board on the same basis as all other non-employee directors of the Company.
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 hereunto duly authorized.
|PRESTO AUTOMATION INC.
|/s/ Susan Shinoff
|General Counsel and Corporate Secretary
Dated: February 1, 2024