To accommodate the election of Adler, the Board also adopted a resolution to increase the authorized number of directors on the Board. Effective as of January 1, 2006, the exact number of directors of the Company was increased from six to seven.
After the effective date of Adler's appointment, the Board will have seven directors comprised of six independent directors (as determined in accordance with NASDAQ's independence requirements) and one employee director. Adler has been appointed to serve on the Compensation and Human Resources and the Corporate Governance Committee and Nominating Committee.
There are no arrangements or understandings pursuant to which Adler was selected as a director of the Company. However, Adler is the CEO of Seidensticker, which has a supply arrangement with the Company that will require disclosure pursuant to Item 404 of the Securities and Exchange Commission's Regulation S-K.
Ashworth Inc is a designer of men's and women's golf-inspired lifestyle sportswear distributed domestically and internationally in golf pro shops, resorts, upscale department and specialty stores and to corporate customers. Ashworth products include three main brand extensions. Ashworth Collection is a range of upscale sportswear designed to be worn on and off course.
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