iPass agrees to put Shamrock representatives on board

By Lisa Kerner

Charlotte, N.C., Feb. 22 - iPass, Inc. agreed to increase the number of directors on its board to nine following an agreement with shareholders led by Shamrock Activist Value Fund, LP.

As a result, Shamrock managing director Michael McConnell and Peter C. Clapman, retired vice president and chief counsel for TIAA-CREF, will be appointed to the iPass board, according to a schedule 13D filing with the Securities and Exchange Commission.

The agreement also calls for Shamrock to have one representative on the iPass board as long as the investor continues to own not less than 3.5% of the iPass outstanding common stock, and a second representative if Shamrock owns not less than 10% of the outstanding stock.

iPass, located in Redwood Shores, Calif., provides software-enabled enterprise connectivity for remote and mobile workers.

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