On August 4, 2016, the Board of Directors (the "Board") of Ubiquiti Networks, Inc. (the "Company") appointed Michael E. Hurlston to the Board effective August 4, 2016. Mr. Hurlston was appointed as a Class I member of the Board and is expected to serve as a member of the Audit Committee and Nominating and Governance Committee, and as the chairman of the Compensation Committee. Mr. Hurlston is Senior Vice President and General Manager, Wireless Communications and Connectivity Division at Broadcom Limited, a leading developer and supplier of a broad range of semiconductor solutions.
The Board has determined that Mr. Hurlston is an independent director under the applicable NASDAQ listing rules and will be entitled to compensation as a non-employee director in accordance with the Company's non-employee director compensation practices described under the heading "Directors' Compensation" in the Company's Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on October 27, 2015.
There is no understanding or arrangement between Mr. Hurlston and any other person or persons with respect to his election as a director and there are no family relationships between Mr. Hurlston and any other director or executive officer or person nominated or chosen by the Company to become a director or executive officer. Mr. Hurlston will be a party to the Company's standard form Director Indemnification Agreement. Mr. Hurlston does not have any material interest in any transaction that would require disclosure pursuant to Item 404(a) of Regulation S-K.
UBIQUITI NETWORKS, INC. |
By: | /s/ Robert J. Pera |
Name: Robert J. Pera | |
Title: Chief Executive Officer |