Viasat Inc. (VSAT) has entered into a cooperation agreement with Carronade Capital Management, expanding its board from eight to ten directors. This agreement comes as Viasat trails the S&P 500 by 6 points on a five-year CAGR basis. Carronade, holding a 3.8% stake, secures two independent board seats.
Viasat Inc. has agreed to appoint two independent directors, Shekar Ayyar and Jinhy Yoon, to its board, expanding it from eight to ten members. The Strategic Review Committee will also include these new directors, who will enjoy equal compensation and responsibilities as other non-management directors. Olshan Frome Wolosky represented Carronade, while Latham & Watkins advised Viasat.
Carronade Capital Management, which initiated its stake in Viasat with a 0.35% ownership in March 2025, has progressively increased its position to 3.8%. The stock has surged by 656.2% since Carronade’s initial filing, climbing from $8.9 to its current close of $67.3. This recovery follows a significant 89% drawdown from its peak in November 2021.
The agreement includes a standstill provision effective until the 2027 Annual Meeting nomination deadline, restricting Carronade from engaging in certain shareholder actions without board approval. Carronade commits to supporting board-nominated directors and agrees to limit its ownership transactions during this period. The Investor Group will also receive reimbursement for up to $150,000 in documented expenses related to the agreement.