UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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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.
Resignation of Chief Revenue Officer
On March 6, 2024, Justin Foster, Chief Revenue Officer of Presto Automation Inc. (the “Company”), announced his resignation; Mr. Foster’s last day with the Company will be March 18, 2024.
Change in Chairperson of the Board
On March 7, 2024, the Company announced that its board of directors (the “Board”) elected Edward Scheetz, Lead Independent Director, as chairman of the Board, effective immediately, replacing the prior chairman, Krishna Gupta.
Appointment of Stephen Herbert
Also on March 7, 2024, the Board appointed Stephen Herbert to the Board. Mr. Herbert will serve as a Class III director with a term expiring at the Company’s 2025 annual meeting of stockholders. The board decreased the size of the Board by one from eight to seven directors, effective immediately.
As previously disclosed, on November 16, 2023, the Company and certain significant shareholders entered into an Amended and Restated Governance Agreement (the “Governance Agreement”). Pursuant to the Governance Agreement, the REMUS Stockholders (as defined in the Governance Agreement) have the right to appoint two directors to the Board. The REMUS Stockholders, pursuant to the Governance Agreement, nominated Mr. Herbert to the Board.
Stephen Herbert, 60, is the Chief Executive Officer and Chairman of Armada Acquisition Corp I. Mr. Herbert was affiliated with USAT in various positions from April 1996 to October 2019, most recently as CEO from November 2011 until he left the company. During his tenure at USAT, Mr. Herbert was recognized for his innovative leadership, including by Smart CEO, and as an EY Entrepreneur of the Year Finalist in the Greater Philadelphia area, and USAT received the following awards: Frost and Sullivan for Customer Value Leadership in the Integrated Financial Services and Retail Market, IoT Evolution Smart Machines Innovation, and a Deloitte Fast 500 Company. From 1986 to April 1996, Mr. Herbert was employed by Pepsi-Cola, the beverage division of PepsiCo, Inc., in various capacities, most recently as Manager of Market Strategy where he was responsible for directing development of market strategy for the vending channel, and subsequently, the supermarket channel for Pepsi-Cola in North America. Mr. Herbert graduated with a Bachelor of Science degree from Louisiana State University. He serves on the LSU, Dean’s Advisory Council for the College of Humanities, and the LSU Foundation – National Board – the group that leads the University’s present $1.5 billion capital campaign.
There is no arrangement or understanding between Mr. Herbert and any other persons pursuant to which such director was selected as a director of the Company.
On October 13, 2023, the Company and Mr. Herbert entered into a consulting agreement, as subsequently amended, pursuant to which the Company agreed to pay Mr. Herbert $15,000 per month in exchange for certain services relating to the Company’s Touch business. The consulting agreement terminated on February 15, 2024.
Mr. Herbert will receive compensation for his service on the Board on the same basis as all other non-employee directors of the Company.
SIGNATURES
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. | |||
| Date: March 11, 2024 | By: | /s/ Susan Shinoff | |
| Name: | Susan Shinoff | ||
| Title: | General Counsel and Corporate Secretary | ||