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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 6, 2023, Kim Lopdrup resigned from the Board of Directors (the “Board”) of Presto Automation Inc. (the “Company”), effective immediately. Mr. Lopdrup’s resignation was not the result of any disagreement with the Company or its management with respect to any matter relating to the Company’s operations, policies or practices.
On February 8, 2023, the Board appointed Scott Raskin to the Board of Directors, effective immediately. Mr. Raskin will serve as a Class III director with a term expiring at the Company’s 2025 annual meeting of stockholders. In addition, Mr. Raskin has been appointed to serve on the Compensation Committee and as its Chair.
Mr. Raskin, age 61, has served as President of Quotient Technology Inc., a digital media and promotions technology company, since 2019 and previously served on its Board of Directors as Lead Independent Director and the Chair of the Compensation Committee from 2017 to 2019. Mr. Raskin served as Chairman of the Board of Neology Inc., a provider of integrated, end-to-end solutions for tolling, electronic vehicle registration and public safety markets, from 2019 to 2022 and as Chairman of the Board of MariaDB Corporation, a new-generation cloud database company, from 2015 to 2022. Mr. Raskin was previously President and Chief Executive Officer of Spigit, Inc., an innovation management software company, from 2016 to 2019.
There is no arrangement or understanding between Mr. Raskin and any other persons pursuant to which Mr. Raskin was selected as a director of the Company. The Company is not aware of any transaction in which Mr. Raskin has an interest requiring disclosure under Item 404(a) of Regulation S-K.
Mr. Raskin will be entitled to compensation for his service on the Board on the same basis as all other non-employee directors of the Company.