Katapult amends merger deal to expand board to 10 members

Katapult Holdings (NASDAQ: KPLT) amended its merger agreement and stockholders agreement on June 17, 2026, expanding its planned board size from nine to ten members following its previously announced merger deal with CCF Holdings LLC and Aaron's Intermediate Holdco, Inc.

The original merger agreement, dated December 11, 2025, had called for the Katapult board to be increased to nine members, with Lynn DeVault, Gene Schutt, and Orlando Zayas set to be appointed. Under the amended terms, Philip Bartow III will also be appointed to the board, bringing the total to ten members. All four directors will be placed in the class whose term ends at the second annual meeting of stockholders following the closing of the merger.

The amended stockholders agreement also adjusts the threshold for further board expansion. Under the original agreement, any increase above nine directors within three years of closing required approval from 80% of the then-current board. The amendment raises that threshold to ten directors, with the same 80% approval requirement, but adds a condition that the affirmative vote must include at least one of Lynn DeVault or Will Jones, or a substitute director designated under the stockholders agreement to replace either of them.

You May Also Be Interested In

• Mapfre to acquire Safety Insurance Group in $1.54B all-cash deal
• Brown-Forman declares quarterly dividend, elects directors at annual meeting
• Everyday People Financial shareholders approve name change and asset sale