Accel entertainment, inc. announces management changes
On november 20, 2019 (the closing date), accel entertainment, inc. (f/k/a tpg pace holdings corp.), a delaware corporation (new pace), consummated the previously announced business combination pursuant to that certain transaction agreement, dated as of june 13, 2019 (as amended on july 22, 2019 and october 3, 2019 and as it may further be amended from time to time, the transaction agreement), by and among new pace, each of the shareholders of accel entertainment, inc., an illinois corporation (accel) named as sellers therein (each a seller and collectively, including those accel shareholders joined to the transaction agreement pursuant to that certain drag-along agreement, dated as of june 13, 2019, by and among new pace and each of the sellers who had duly executed and delivered a signature page to the transaction agreement as of june 13, 2019, the sellers) and david w. ruttenberg and john s. bakalar (as successor to gordon rubenstein) (each of david w. ruttenberg and john s. bakalar in their capacity as a shareholder representative and collectively, the shareholder representatives). on november 20, 2019, mr. tamraz ceased to be the executive vice president of corporate development and secretary, mr. davidson ceased to be the chief financial officer and mr. peterson ceased to be the chief executive officer and president of new pace. additionally on november 20, 2019, messrs. bonderman, leat, suss, walsh and youngblood ceased to be directors of new pace. on november 20, 2019, each of messrs. andrew rubenstein, gordon rubenstein, david w. ruttenberg, kenneth b. rotman and karl peterson and mses. eden godsoe and kathleen philips were appointed to serve as directors of new pace effective immediately following the consummation of the business combination. mr. peterson was appointed as chairman of the board. the board appointed mr. ruttenberg and mses. godsoe and philips to serve on the audit committee, with ms. philips serving as its chair. the board appointed mr. peterson and mses. philips and godsoe to serve on the compensation committee, with ms. godsoe serving as its chair. the board appointed messrs. ruttenberg and peterson and ms. philips to serve on the nominating and governance committee, with mr. peterson serving as its chair. the board appointed messrs. ruttenberg and peterson and ms. godsoe to serve on the compliance committee, with mr. ruttenberg serving as its chair. in accordance with the amended and restated certificate of incorporation of new pace, the board is divided into three classes, each comprising as nearly as possible one-third of the directors and serving three-year terms with only one class of directors being elected in each year. messrs. peterson and a. rubenstein were assigned to class i, messrs. a. rubenstein and g. rubenstein were assigned to class ii, and mr. rotman and mses. godsoe and philips were assigned to class iii. each class i director will have a term that expires at new pace's annual meeting of stockholders in 2020, each class ii director will have a term that expires at new pace's annual meeting of stockholders in 2021 and each class iii director will have a term that expires at new pace's annual meeting of stockholders in 2022, or in each case until their respective successors are duly elected and qualified, or until their earlier resignation, removal or death. in connection with the consummation of the business combination, on november 20, 2019, mr. a. rubenstein was appointed to serve as new pace's chief executive officer and president and mr. brian carroll was appointed to serve as chief financial officer.
