Twitter (TWTR) Enters Agreement to Appoint Elon Musk to Board

(Updated - April 5, 2022 8:28 AM EDT)

Twitter (NYSE: TWTR) disclosed:

On April 4, 2022, Twitter, Inc. (the “Company”) entered into a letter agreement (the “Agreement”) with Elon Musk, which provides that:

• The Company will appoint Mr. Musk to the Company’s Board of Directors (the “Board”) to serve as a Class II director with a term expiring at the Company’s 2024 Annual Meeting of Stockholders.

• For so long as Mr. Musk is serving on the Board and for 90 days thereafter, Mr. Musk will not, either alone or as a member of a group, become the beneficial owner of more than 14.9% of the Company’s common stock outstanding at such time, including for these purposes economic exposure through derivative securities, swaps, or hedging transactions.

The foregoing summary of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, which is filed as Exhibit 10.1 and incorporated by reference.

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