Sep 7 2010
Orchid Cellmark, Inc (Nasdaq:ORCH) ("Orchid Cellmark " or the "Company") and Accipiter Capital Management, LLC ("Accipiter") today jointly announced that Orchid Cellmark and Accipiter (together with its affiliates) have reached an agreement in connection with the nomination of candidates for election to Orchid Cellmark's Board of Directors.
Pursuant to the agreement, Accipiter will nominate two individuals for election to the Orchid Cellmark Board who are suitable based on an assessment by the Company's Board. Such nominees will serve as Class I directors of the Company with three-year terms ending in 2013. Orchid Cellmark's 2010 annual meeting of stockholders is scheduled for November 9, 2010. Additionally, subsequent to the 2010 annual meeting, the Company will engage a consultant to conduct a board compensation study and will implement compensation and stock ownership guidelines requiring all Board members to be in compliance with such guidelines within the earlier of nine months of the adoption of the guidelines or the date of the 2011 annual meeting of stockholders.
A complete version of the agreement will be filed as an exhibit to a current report on Form 8-K to be filed shortly by the Company.
Source : Orchid Cellmark,