[8-K] Landstar System Inc Reports Material Event
Digimarc Corporation (DMRC) filed an 8-K announcing a Cooperation Agreement with activist investor Altai Capital Management and its principal, Rishi Bajaj. Effective 28-Jul-2025, the Board expanded from seven to eight directors and appointed Bajaj to fill the new seat until the 2026 annual meeting. In exchange, the Investors agreed to a stand-still period that lasts until the first day after the 2026 AGM: they will vote all DMRC shares they control in line with Board recommendations, except where both ISS and Glass Lewis advise otherwise or in an Extraordinary Transaction. The pact also contains customary non-disparagement, confidentiality and solicitation restrictions.
Bajaj will receive DMRC’s standard non-employee director compensation and an indemnification agreement; no related-party transactions or family relationships were disclosed. A press release (Ex. 99.1) announcing the agreement and appointment was issued on 29-Jul-2025. The Cooperation Agreement itself is filed as Ex. 10.1.
Digimarc Corporation (DMRC) ha presentato un modulo 8-K annunciando un Accordo di Cooperazione con l'investitore attivista Altai Capital Management e il suo principale rappresentante, Rishi Bajaj. A partire dal 28 luglio 2025, il Consiglio di Amministrazione è passato da sette a otto membri e Bajaj è stato nominato per occupare il nuovo posto fino all'assemblea annuale del 2026. In cambio, gli Investitori hanno accettato un periodo di stand-still che durerà fino al giorno successivo all'assemblea generale del 2026: voteranno tutte le azioni DMRC di cui dispongono in linea con le raccomandazioni del Consiglio, salvo che ISS e Glass Lewis consiglino diversamente o in caso di una Transazione Straordinaria. L'accordo prevede anche le consuete clausole di non denigrazione, riservatezza e restrizioni sulla sollecitazione.
Bajaj riceverà la normale retribuzione prevista per i direttori non dipendenti di DMRC e un accordo di indennizzo; non sono state segnalate transazioni con parti correlate o rapporti familiari. Un comunicato stampa (Ex. 99.1) che annuncia l'accordo e la nomina è stato pubblicato il 29 luglio 2025. L'Accordo di Cooperazione è depositato come Ex. 10.1.
Digimarc Corporation (DMRC) presentó un formulario 8-K anunciando un Acuerdo de Cooperación con el inversor activista Altai Capital Management y su principal, Rishi Bajaj. A partir del 28 de julio de 2025, la Junta Directiva se amplió de siete a ocho directores y Bajaj fue nombrado para ocupar el nuevo asiento hasta la reunión anual de 2026. A cambio, los Inversores acordaron un período de stand-still que dura hasta el día siguiente a la junta anual de 2026: votarán todas las acciones de DMRC que controlan según las recomendaciones de la Junta, excepto cuando tanto ISS como Glass Lewis aconsejen lo contrario o en una Transacción Extraordinaria. El pacto también incluye las habituales restricciones de no desprestigio, confidencialidad y solicitud.
Bajaj recibirá la compensación estándar para directores no empleados de DMRC y un acuerdo de indemnización; no se divulgaron transacciones con partes relacionadas ni relaciones familiares. Se emitió un comunicado de prensa (Ex. 99.1) anunciando el acuerdo y el nombramiento el 29 de julio de 2025. El Acuerdo de Cooperación se presenta como Ex. 10.1.
Digimarc Corporation(DMRC)는 행동주의 투자자 Altai Capital Management와 그 대표인 Rishi Bajaj와의 협력 계약을 발표하는 8-K를 제출했습니다. 2025년 7월 28일부로 이사회는 7명에서 8명으로 확대되었으며, Bajaj는 2026년 연례 주주총회까지 새 이사로 임명되었습니다. 그 대가로 투자자들은 2026년 AGM 다음 날까지 지속되는 스탠드스틸(stand-still) 기간에 동의했으며, ISS와 Glass Lewis가 달리 권고하지 않는 한 또는 특별 거래가 아닌 한, 자신들이 보유한 모든 DMRC 주식을 이사회 권고에 따라 투표하기로 했습니다. 이 협약에는 통상적인 비방 금지, 비밀 유지 및 권유 제한 조항도 포함되어 있습니다.
Bajaj는 DMRC의 표준 비임원 이사 보수와 면책 계약을 받게 되며, 관련 당사자 거래나 가족 관계는 공개되지 않았습니다. 협약과 임명을 발표하는 보도자료(Ex. 99.1)는 2025년 7월 29일에 발행되었습니다. 협력 계약서 자체는 Ex. 10.1로 제출되었습니다.
Digimarc Corporation (DMRC) a déposé un formulaire 8-K annonçant un accord de coopération avec l'investisseur activiste Altai Capital Management et son principal, Rishi Bajaj. À compter du 28 juillet 2025, le conseil d'administration est passé de sept à huit administrateurs et Bajaj a été nommé pour occuper ce nouveau siège jusqu'à l'assemblée générale annuelle de 2026. En échange, les investisseurs ont accepté une période de stand-still qui dure jusqu'au lendemain de l'assemblée générale de 2026 : ils voteront toutes les actions DMRC qu'ils contrôlent conformément aux recommandations du conseil, sauf si ISS et Glass Lewis conseillent le contraire ou en cas de transaction extraordinaire. L'accord comprend également les clauses habituelles de non-dénigrement, de confidentialité et de restrictions de sollicitation.
Bajaj recevra la rémunération standard des administrateurs non salariés de DMRC ainsi qu'un accord d'indemnisation ; aucune transaction avec des parties liées ou relation familiale n'a été divulguée. Un communiqué de presse (Ex. 99.1) annonçant l'accord et la nomination a été publié le 29 juillet 2025. L'accord de coopération lui-même est déposé en tant qu'Ex. 10.1.
Digimarc Corporation (DMRC) reichte ein 8-K ein und gab eine Kooperationsvereinbarung mit dem aktivistischen Investor Altai Capital Management und dessen Hauptvertreter Rishi Bajaj bekannt. Ab dem 28. Juli 2025 wurde der Vorstand von sieben auf acht Direktoren erweitert, und Bajaj wurde ernannt, um den neuen Sitz bis zur Hauptversammlung 2026 zu besetzen. Im Gegenzug stimmten die Investoren einer Stand-Still-Periode zu, die bis zum Tag nach der HV 2026 andauert: Sie werden alle von ihnen kontrollierten DMRC-Aktien gemäß den Empfehlungen des Vorstands abstimmen, außer wenn sowohl ISS als auch Glass Lewis anders raten oder bei einer außergewöhnlichen Transaktion. Das Abkommen enthält auch die üblichen Klauseln zu Nicht-Diskreditierung, Vertraulichkeit und Abwerbeverboten.
Bajaj erhält die übliche Vergütung für nicht-angestellte Direktoren von DMRC sowie eine Entschädigungsvereinbarung; keine Geschäfte mit verbundenen Parteien oder familiäre Beziehungen wurden offengelegt. Eine Pressemitteilung (Ex. 99.1), die die Vereinbarung und Ernennung ankündigt, wurde am 29. Juli 2025 veröffentlicht. Die Kooperationsvereinbarung selbst ist als Ex. 10.1 eingereicht.
- Proxy contest avoidance: stand-still and voting alignment reduce litigation and solicitation costs.
- Activist insight on board: Altai Capital’s presence could enhance strategic oversight and shareholder focus.
- Limited duration: cooperation ends after 2026 AGM, potentially reviving activism thereafter.
- Board expansion dilution: increasing board size may lessen individual accountability without clear performance metrics.
Insights
TL;DR: Activist joins board under stand-still, reducing proxy risk and aligning votes through 2026.
The agreement neutralises a potential proxy contest by giving Altai Capital a board seat while binding the investor to support management proposals for roughly one year. This curtails short-term governance disruption and signals constructive activism. The limited term keeps pressure on management to deliver strategic progress before the 2026 AGM. Non-disparagement and solicitation limits further lower headline risk. Financial impact is indirect but positive: fewer legal expenses, greater strategic focus, and potential credibility with other shareholders through Altai’s involvement.
TL;DR: Governance move is modest; valuation catalyst depends on future operational wins.
While adding an activist director can accelerate change, the Cooperation Agreement stops short of concrete operational commitments. The stand-still ensures near-term stability but may also limit more forceful actions that sometimes unlock value. Market reaction will hinge on whether Bajaj influences capital allocation or product strategy before the 2026 window closes. Net impact today is neutral; upside will surface only if strategic shifts follow.
Digimarc Corporation (DMRC) ha presentato un modulo 8-K annunciando un Accordo di Cooperazione con l'investitore attivista Altai Capital Management e il suo principale rappresentante, Rishi Bajaj. A partire dal 28 luglio 2025, il Consiglio di Amministrazione è passato da sette a otto membri e Bajaj è stato nominato per occupare il nuovo posto fino all'assemblea annuale del 2026. In cambio, gli Investitori hanno accettato un periodo di stand-still che durerà fino al giorno successivo all'assemblea generale del 2026: voteranno tutte le azioni DMRC di cui dispongono in linea con le raccomandazioni del Consiglio, salvo che ISS e Glass Lewis consiglino diversamente o in caso di una Transazione Straordinaria. L'accordo prevede anche le consuete clausole di non denigrazione, riservatezza e restrizioni sulla sollecitazione.
Bajaj riceverà la normale retribuzione prevista per i direttori non dipendenti di DMRC e un accordo di indennizzo; non sono state segnalate transazioni con parti correlate o rapporti familiari. Un comunicato stampa (Ex. 99.1) che annuncia l'accordo e la nomina è stato pubblicato il 29 luglio 2025. L'Accordo di Cooperazione è depositato come Ex. 10.1.
Digimarc Corporation (DMRC) presentó un formulario 8-K anunciando un Acuerdo de Cooperación con el inversor activista Altai Capital Management y su principal, Rishi Bajaj. A partir del 28 de julio de 2025, la Junta Directiva se amplió de siete a ocho directores y Bajaj fue nombrado para ocupar el nuevo asiento hasta la reunión anual de 2026. A cambio, los Inversores acordaron un período de stand-still que dura hasta el día siguiente a la junta anual de 2026: votarán todas las acciones de DMRC que controlan según las recomendaciones de la Junta, excepto cuando tanto ISS como Glass Lewis aconsejen lo contrario o en una Transacción Extraordinaria. El pacto también incluye las habituales restricciones de no desprestigio, confidencialidad y solicitud.
Bajaj recibirá la compensación estándar para directores no empleados de DMRC y un acuerdo de indemnización; no se divulgaron transacciones con partes relacionadas ni relaciones familiares. Se emitió un comunicado de prensa (Ex. 99.1) anunciando el acuerdo y el nombramiento el 29 de julio de 2025. El Acuerdo de Cooperación se presenta como Ex. 10.1.
Digimarc Corporation(DMRC)는 행동주의 투자자 Altai Capital Management와 그 대표인 Rishi Bajaj와의 협력 계약을 발표하는 8-K를 제출했습니다. 2025년 7월 28일부로 이사회는 7명에서 8명으로 확대되었으며, Bajaj는 2026년 연례 주주총회까지 새 이사로 임명되었습니다. 그 대가로 투자자들은 2026년 AGM 다음 날까지 지속되는 스탠드스틸(stand-still) 기간에 동의했으며, ISS와 Glass Lewis가 달리 권고하지 않는 한 또는 특별 거래가 아닌 한, 자신들이 보유한 모든 DMRC 주식을 이사회 권고에 따라 투표하기로 했습니다. 이 협약에는 통상적인 비방 금지, 비밀 유지 및 권유 제한 조항도 포함되어 있습니다.
Bajaj는 DMRC의 표준 비임원 이사 보수와 면책 계약을 받게 되며, 관련 당사자 거래나 가족 관계는 공개되지 않았습니다. 협약과 임명을 발표하는 보도자료(Ex. 99.1)는 2025년 7월 29일에 발행되었습니다. 협력 계약서 자체는 Ex. 10.1로 제출되었습니다.
Digimarc Corporation (DMRC) a déposé un formulaire 8-K annonçant un accord de coopération avec l'investisseur activiste Altai Capital Management et son principal, Rishi Bajaj. À compter du 28 juillet 2025, le conseil d'administration est passé de sept à huit administrateurs et Bajaj a été nommé pour occuper ce nouveau siège jusqu'à l'assemblée générale annuelle de 2026. En échange, les investisseurs ont accepté une période de stand-still qui dure jusqu'au lendemain de l'assemblée générale de 2026 : ils voteront toutes les actions DMRC qu'ils contrôlent conformément aux recommandations du conseil, sauf si ISS et Glass Lewis conseillent le contraire ou en cas de transaction extraordinaire. L'accord comprend également les clauses habituelles de non-dénigrement, de confidentialité et de restrictions de sollicitation.
Bajaj recevra la rémunération standard des administrateurs non salariés de DMRC ainsi qu'un accord d'indemnisation ; aucune transaction avec des parties liées ou relation familiale n'a été divulguée. Un communiqué de presse (Ex. 99.1) annonçant l'accord et la nomination a été publié le 29 juillet 2025. L'accord de coopération lui-même est déposé en tant qu'Ex. 10.1.
Digimarc Corporation (DMRC) reichte ein 8-K ein und gab eine Kooperationsvereinbarung mit dem aktivistischen Investor Altai Capital Management und dessen Hauptvertreter Rishi Bajaj bekannt. Ab dem 28. Juli 2025 wurde der Vorstand von sieben auf acht Direktoren erweitert, und Bajaj wurde ernannt, um den neuen Sitz bis zur Hauptversammlung 2026 zu besetzen. Im Gegenzug stimmten die Investoren einer Stand-Still-Periode zu, die bis zum Tag nach der HV 2026 andauert: Sie werden alle von ihnen kontrollierten DMRC-Aktien gemäß den Empfehlungen des Vorstands abstimmen, außer wenn sowohl ISS als auch Glass Lewis anders raten oder bei einer außergewöhnlichen Transaktion. Das Abkommen enthält auch die üblichen Klauseln zu Nicht-Diskreditierung, Vertraulichkeit und Abwerbeverboten.
Bajaj erhält die übliche Vergütung für nicht-angestellte Direktoren von DMRC sowie eine Entschädigungsvereinbarung; keine Geschäfte mit verbundenen Parteien oder familiäre Beziehungen wurden offengelegt. Eine Pressemitteilung (Ex. 99.1), die die Vereinbarung und Ernennung ankündigt, wurde am 29. Juli 2025 veröffentlicht. Die Kooperationsvereinbarung selbst ist als Ex. 10.1 eingereicht.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
On July 29, 2025, Landstar System, Inc. (“Landstar” or the “Company”) issued a press release announcing results for the second quarter of fiscal 2025. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in Item 7.01 concerning the presentation to Landstar investors is hereby incorporated into this Item 2.02 by reference.
The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
| Item 7.01 | Regulation FD Disclosure |
A slide presentation, dated July 29, 2025, is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The slide presentation provides information that may be referred to by the Company on its conference call with investors scheduled to occur on July 29, 2025 in connection with the Company’s release of results for the second quarter of fiscal 2025.
The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
| Item 9.01 | Financial Statements and Exhibits |
Exhibits
| 99.1 | Press Release, dated July 29, 2025, of Landstar System, Inc. | |
| 99.2 | Slide Presentation, dated July 29, 2025, of Landstar System, Inc. | |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LANDSTAR SYSTEM, INC. | ||||||
| Date: July 29, 2025 | By: | /s/ James P. Todd | ||||
| Name: | James P. Todd | |||||
| Title: | Vice President, Chief Financial Officer and Assistant Secretary | |||||
FAQ
Why was Rishi Bajaj added to Digimarc's (DMRC) board?
How long does the Digimarc–Altai Capital stand-still last?
What voting commitments did Altai Capital make in the agreement?
Does the agreement affect Digimarc's financial guidance?
Will Rishi Bajaj receive additional compensation?
