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Oportun Financial Corporation (NASDAQ:OPRT) ("Oportun" or the "Company"), a mission-driven financial services company, today announced it has entered into a multi-year cooperation agreement (the "Agreement") with Findell Capital Management LLC (collectively with its affiliates, "Findell") to end the contested director election.
Under the terms of the Agreement, Findell has agreed to support and vote in favor of Oportun's nominees, CEO Raul Vazquez and Carlos Minetti, at the 2025 Annual Meeting of Stockholders (the "Annual Meeting") and the Oportun Board of Directors (the "Board") has agreed to appoint Warren Wilcox to the Board as a Class III director following the Annual Meeting, with a term expiring at the Company's 2028 Annual Meeting of Stockholders. Following the appointment of Mr. Wilcox, the Board will consist of nine directors. One incumbent director will retire at or before Oportun's 2026 Annual Meeting of Stockholders.
In connection with the Agreement, Findell has agreed to withdraw its notice of intent to nominate a director candidate for election to the Board at the Annual Meeting. The Agreement also contains customary standstill and non-disparagement provisions and voting commitments, and will remain in effect until 15 days before the nomination deadline for the Company's 2028 Annual Meeting.
Posted In: OPRT
