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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ServiceSource International Inc | NASDAQ:SREV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 1.49 | 1.50 | 0 | 01:00:00 |
|
DATE:
|
| | July 20, 2022 | |
|
TIME:
|
| | 9:00 a.m., Mountain Time | |
|
PLACE:
|
| | Special meeting (the “Special Meeting”) of ServiceSource International, Inc. (“ServiceSource”) to be held live via the internet — please visit www.proxydocs.com/SREV for more details. To attend the special meeting, you must register in advance at www.proxydocs.com/SREV prior to the deadline of July 19, 2022 at 9:00 a.m., Mountain Time. Upon completing your registration, you will receive further instructions via email, including a unique link that will allow you to access the meeting and you will have the ability to submit questions. Please be sure to follow the instructions found on your proxy card and/or voting instruction card and subsequent instructions that will be delivered to you via email. | |
|
RECORD DATE:
|
| | June 13, 2022 | |
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| Annex A: Agreement and Plan of Merger | | | | |
| Annex B: Opinion of ServiceSource’s Financial Advisor | | | | |
| Annex C: Section 262 of the General Corporation Law of the State of Delaware | | | | |
|
Annex D: Complaint filed by Shiva Stein on June 6, 2022 in the United States District Court for the Southern District of New York
|
| | | |
|
Annex E: Complaint filed by Stephen Debien on June 9, 2022 in the United States District Court for the District of Colorado
|
| | | |
|
Annex F: Complaint filed by Maurice Cline on June 10, 2022 in the United States District Court for the District of Colorado
|
| | | |
|
Enterprise Value/Revenue
|
| |||
|
Atento SA
|
| |
0.7x
|
|
|
Ibex Ltd.
|
| |
0.6x
|
|
|
StarTek, Inc.
|
| |
0.4x
|
|
|
Median
|
| |
0.6x
|
|
Date
Announced |
| |
Acquiror
|
| |
Target
|
| |
EV/LTM
Revenue Multiple |
| |||
March 2018 | | |
Startek, Inc.
|
| |
Aegis Ltd.
|
| | | | 0.6x | | |
December 2016 | | |
Altor Equity Partners
|
| |
Transcom WorldWide AB
|
| | | | 0.4x | | |
July 2016 | | |
Convergys Corporation
|
| |
Buw Management Holding GmbH & Co. KG
|
| | | | 0.8x | | |
January 2015 | | |
Alorica, Inc.
|
| |
West Corp. – Agent Services
|
| | | | 0.5x | | |
January 2014 | | |
Convergys Corporation
|
| |
Stream Global Services, Inc.
|
| | | | 0.8x | | |
September 2013 | | |
Concentrix
|
| |
IBM Customer Care
|
| | | | 0.4x | | |
October 2009 | | |
Sykes Enterprises, Incorporated
|
| |
ICT Group, Inc.
|
| | | | 0.5x(1) | | |
Mean | | | | | | | | | | | 0.6x | | |
Median | | | | | | | | | | | 0.5x | | |
| | |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||
| | |
2021A
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |||||||||||||||
Revenue | | | | $ | 196 | | | | | $ | 205 | | | | | $ | 221 | | | | | $ | 251 | | | | | $ | 283 | | |
Adjusted EBITDA
|
| | | $ | 10 | | | | | $ | 13 | | | | | $ | 16 | | | | | $ | 24 | | | | | $ | 35 | | |
Unlevered Free Cash Flow
|
| | | $ | (2) | | | | | $ | (5) | | | | | $ | (1) | | | | | $ | 1 | | | | | $ | 9 | | |
Name(1)
|
| |
Cash
($)(2) |
| |
Health Care
Benefits ($)(3) |
| |
Equity
($)(4) |
| |
Total
($)(5) |
| ||||||||||||
Gary B. Moore (Chief Executive Officer)
|
| | | | 1,562,500 | | | | | | 21,724 | | | | | | 2,900,788 | | | | | | 4,485,012 | | |
Mike Naughton(6) (Chief Operating Officer)
|
| | | | 645,265 | | | | | | — | | | | | | 923,415 | | | | | | 1,568,680 | | |
Chad W. Lyne (Chief Financial Officer)
|
| | | | 700,000 | | | | | | 26,421 | | | | | | 905,248 | | | | | | 1,631,669 | | |
Named Executive Officer
|
| |
Cash Severance Multiple of Base
Salary ($) |
| |
Cash Severance Multiple of
Target Bonus ($) |
| |
Total
($) |
| |||||||||
Gary B. Moore
|
| | | | 937,500 | | | | | | 625,000 | | | | | | 1,562,500 | | |
Mike Naughton(6)
|
| | | | 368,723 | | | | | | 276,542 | | | | | | 645,265 | | |
Chad W. Lyne
|
| | | | 400,000 | | | | | | 300,000 | | | | | | 700,000 | | |
| | |
Single Trigger Benefits
|
| |
Double Trigger Benefits
|
| | | | | | | ||||||||||||||||||||||||||||||
| | |
Unvested Options
|
| |
Unvested
RSUs |
| |
Unvested
PSUs |
| | | | | | | |||||||||||||||||||||||||||
Named Executive
Officer |
| |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Total
($) |
| |||||||||||||||||||||
Gary B. Moore
|
| | | | — | | | | | | — | | | | | | 974,613 | | | | | | 1,461,920 | | | | | | 959,245 | | | | | | 1,438,868 | | | | | | 2,900,788 | | |
Mike
Naughton(6) |
| | | | 16,666 | | | | | | 9,666 | | | | | | 429,166 | | | | | | 643,749 | | | | | | 180,000 | | | | | | 270,000 | | | | | | 923,415 | | |
Chad W. Lyne
|
| | | | 50,000 | | | | | | 29,000 | | | | | | 404,165 | | | | | | 606,248 | | | | | | 180,000 | | | | | | 270,000 | | | | | | 905,248 | | |
Name of Beneficial Owner
|
| |
Number of
shares of ServiceSource Common Stock |
| |
Percent of
Class |
| ||||||
Edenbrook Capital, LLC and its affiliates(1)
|
| | | | 21,027,518 | | | | | | 21.0% | | |
Archon Capital Management LLC and its affiliates(2)
|
| | | | 9,857,533 | | | | | | 9.8% | | |
PRIMECAP Management Company(3)
|
| | | | 8,248,408 | | | | | | 8.2% | | |
Lynrock Lake LP and its affiliates(4)
|
| | | | 7,346,817 | | | | | | 7.3% | | |
Stockholders
|
| |
Number of
shares of ServiceSource Common Stock |
| |
Percent of
Class |
| ||||||
Directors | | | | | | | | | | | | | |
Gary B. Moore(1)
|
| | | | 2,555,491 | | | | | | 2.5% | | |
Andrew M. Baker
|
| | | | 217,975 | | | | | | * | | |
Jane Okun Bomba
|
| | | | 217,975 | | | | | | * | | |
John R. Ferron(2)
|
| | | | 450,000 | | | | | | * | | |
John R. Harris(2)
|
| | | | 300,000 | | | | | | * | | |
John A. Meyer
|
| | | | 217,975 | | | | | | * | | |
Richard G. Walker
|
| | | | 475,177 | | | | | | * | | |
Current Named Executive Officers (“NEOs”) who are not directors | | | | | | | | | | | | | |
Michael Naughton(3)
|
| | | | 302,041 | | | | | | * | | |
Chad Lyne(4)
|
| | | | 427,172 | | | | | | * | | |
All directors and current executive officers as a group(5) (9 persons)
|
| | | | 5,163,806 | | | | | | 5.1% | | |
| | |
Page
|
| |||
ARTICLE I
DEFINITIONS |
| | |||||
| | | | 1 | | | |
ARTICLE II
THE MERGER |
| | | | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
| | | | 2 | | | |
ARTICLE III
EFFECT OF THE MERGER ON CAPITAL STOCK; EXCHANGE OF CERTIFICATES |
| | |||||
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF THE COMPANY |
| | |||||
| | | | 7 | | | |
| | | | 7 | | | |
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| | |
Page
|
| |||
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| | | | 19 | | | |
| | | | 19 | | | |
| | | | 19 | | | |
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF PARENT AND ACQUISITION SUB |
| | |||||
| | | | 20 | | | |
| | | | 20 | | | |
| | | | 20 | | | |
| | | | 21 | | | |
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| | | | 22 | | | |
| | | | 22 | | | |
| | | | 22 | | | |
| | | | 22 | | | |
ARTICLE VI
COVENANTS AND AGREEMENTS |
| | |||||
| | | | 23 | | | |
| | | | 26 | | | |
| | | | 27 | | | |
| | | | 29 | | | |
| | | | 30 | | | |
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Page
|
| |||
ARTICLE VII
CONDITIONS TO THE MERGER |
| | |||||
| | | | 38 | | | |
| | | | 38 | | | |
| | | | 39 | | | |
ARTICLE VIII
TERMINATION, AMENDMENT AND WAIVER |
| | | | | | |
| | | | 39 | | | |
| | | | 41 | | | |
| | | | 42 | | | |
| | | | 43 | | | |
| | | | 43 | | | |
| | | | 43 | | | |
ARTICLE IX
GENERAL PROVISIONS |
| | | | | | |
| | | | 44 | | | |
| | | | 44 | | | |
| | | | 45 | | | |
| | | | 45 | | | |
| | | | 46 | | | |
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| | | |
Centerview Partners LLC
31 West 52nd Street New York, NY 10019
May 9, 2022
|
|
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK |
| |||
|
| | | |
SHIVA STEIN, | | | : | |
| | | : | |
Plaintiff,
|
| | : Civil Action No. 22-cv-4717 | |
| | | : | |
v. | | |
: COMPLAINT FOR VIOLATIONS OF
|
|
| | |
: SECTIONS 14(a) AND 20(a) OF THE
|
|
SERVICESOURCE INTERNATIONAL, | | | : SECURITIES EXCHANGE ACT OF | |
INC., ANDREW M. BAKER, JANE OKUN | | | : 1934 | |
BOMBA, JOHN R. FERRON, JOHN R. | | | : | |
HARRIS, JOHN A. MEYER, GARY B. | | | : JURY TRIAL DEMANDED | |
MOORE, RICHARD G. WALKER, | | | : | |
| | | : | |
Defendants.
|
| | : | |
|
| | : | |
| Dated: June 6, 2022 | | | MELWANI & CHAN LLP | |
Stockholders
|
| |
Number of
shares of ServiceSource Common Stock |
| |
Percent of
Class |
| ||||||
Directors | | | | | | | | | | | | | |
Gary B. Moore
|
| | | | 2,555,491 | | | | | | 2.5% | | |
Andrew M. Baker
|
| | | | 217,975 | | | | | | * | | |
Jane Okun Bomba
|
| | | | 217,975 | | | | | | * | | |
John R. Ferron
|
| | | | 450,000 | | | | | | * | | |
John R. Harris
|
| | | | 300,000 | | | | | | * | | |
John A. Meyer
|
| | | | 217,975 | | | | | | * | | |
Richard G. Walker
|
| | | | 475,177 | | | | | | * | | |
Current Named Executive Officers (“NEOs”) who are not directors | | | | | | | | | | | | | |
Michael Naughton
|
| | | | 302,041 | | | | | | * | | |
Chad Lyne
|
| | | | 427,172 | | | | | | * | | |
All directors and current executive officers as a group (9 persons)
|
| | | | 5,163,806 | | | | | | 5.1% | | |
| | |
Unvested Options
|
| |
Unvested RSUs
|
| |
Unvested PSUs
|
| | ||||||||||||||||||||||||||||||||
Named Executive Officer
|
| |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Shares
(#) |
| |
Value
($) |
| |
Total
($) |
| |||||||||||||||||||||
Gary B. Moore
|
| | | | — | | | | | | — | | | | | | 974,613 | | | | | | 1,461,920 | | | | | | 959,245 | | | | | | 1,438,868 | | | | | | 2,900,788 | | |
Mike Naughton
|
| | | | 16,666 | | | | | | 9,666 | | | | | | 429,166 | | | | | | 643,749 | | | | | | 180,000 | | | | | | 270,000 | | | | | | 923,415 | | |
Chad W. Lyne
|
| | | | 50,000 | | | | | | 29,000 | | | | | | 404,165 | | | | | | 606,248 | | | | | | 180,000 | | | | | | 270,000 | | | | | | 905,248 | | |
Name(1)
|
| |
Cash
($)(2) |
| |
Health Care
Benefits ($)(3) |
| |
Equity
($)(4) |
| |
Total
($)(5) |
| ||||||||||||
Gary B. Moore (Chief Executive Officer)
|
| | | | 1,562,500 | | | | | | 21,724 | | | | | | 2,900,788 | | | | | | 4,485,012 | | |
Mike Naughton (Chief Operating Officer)
|
| | | | 645,265 | | | | | | — | | | | | | 923,415 | | | | | | 1,568,680 | | |
Chad W. Lyne (Chief Financial Officer)
|
| | | | 700,000 | | | | | | 26,421 | | | | | | 905,248 | | | | | | 1,631,669 | | |
| June 9, 2022 | | |
BRODSKY & SMITH, LLC
|
|
| | | | By: | | |
/s/ Marc L. Ackerman
Marc L. Ackerman
Two Bala Plaza, Suite 805 Bala Cynwyd, PA 19004 Phone: (610) 667-6200 Fax: (610) 667-9029 Email: mackerman@brodskysmith.com |
|
| | | | | | | Counsel for Plaintiff | |
| Dated: June 10, 2022 | | | Respectfully submitted, | |
| | | | HALPER SADEH LLP | |
| | | |
By:
/s/ Daniel Sadeh
Daniel Sadeh, Esq.
Zachary Halper, Esq. (to be admitted pro hac vice) 667 Madison Avenue, 5th Floor New York, NY 10065 Telephone: (212) 763-0060 Facsimile: (646) 776-2600
Email:
sadeh@halpersadeh.com
zhalper@halpersadeh.com
|
|
| | | |
Counsel for Plaintiff
|
|
1 Year ServiceSource Chart |
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