Telenav Reaches Agreement With Nokomis Capital Wes Cummins Joins Board of Directors as Independent Director Richard Todaro Resigns From Board of Directors (August 25th, 2016)
SANTA CLARA, Calif., August 24, 2016 - Telenav(r), Inc. (NASDAQ:TNAV), a leader in connected car services, today announced that it reached an agreement with Nokomis Capital pursuant to which the Board will appoint Wes Cummins of Nokomis to its Board of Directors. In connection with the agreement, Richard Todaro will resign from Telenav's Board of Directors. Telenav and Nokomis also agreed to search for an additional independent director and to the extent that such independent director is not identified by January 30, 2017, Brett Hendrickson of Nokomis will be appointed as a Class II director until such time as an independent director is identified.
Telenav, Inc. (August 25th, 2016)
This letter (this "Agreement") constitutes the agreement between Telenav, Inc. (the "Company"), on the one hand, and Nokomis Capital, L.L.C. ("Nokomis") and each of the other related Persons (as defined below) set forth on the signature pages to this Agreement (collectively with Nokomis, the "Nokomis Group"), on the other hand. The Nokomis Group and its Affiliates (as defined below) and Associates (as defined below) are collectively referred to as the "Investors."