Safeguard Scientifics enters agreement with Sierra Capital
Safeguard Scientifics announced that it has entered into an agreement with Sierra Capital Investments, L.P. and its affiliates, which currently own approximately 5.1% of the company's outstanding common stock. Under the terms of the agreement, the Safeguard Board of Directors has appointed two new independent directors, Russell D. Glass and Ira M. Lubert, to the Safeguard Board, effective immediately, and will support their re-election at the 2018 Annual Meeting of Shareholders as part of a five-person slate of nominees recommended by the Safeguard Board. Under the terms of the cooperation agreement, Sierra will vote its shares in favor of all of Safeguard's director nominees, including the new independent directors, at the Company's 2018 Annual Meeting of Shareholders. Sierra will also abide by certain customary standstill provisions until the date that is the earlier of 10 calendar days prior to the expiration of the advance notice period for the submission of shareholder nominations to be considered at Safeguard's 2019 Annual Meeting of Shareholders pursuant to Safeguard's Bylaws and 100 days prior to the first anniversary of Safeguard's 2018 Annual Meeting of Shareholders.