Iris Lan, the nominee for the position of Administrator of the National Aeronautics and Space Administration (NASA), has submitted a comprehensive plan to avoid any potential conflicts of interest. The plan outlines specific commitments and divestitures that Lan intends to make upon confirmation.
Upon confirmation, Lan will resign from her positions with Shift4 Payments, LLC and Shift4 Payments, Inc, as well as its subsidiaries, and will divest her interests in various entities, including AB Volvo, Alphabet Inc., Amazon Inc., Apple Inc., AT&T Inc., and others. This move is intended to prevent any actual or apparent conflict of interest in the event of her confirmation.
Lan holds shares of class A, B, and C stock in Shift4 Payments, Inc., and equity units in Shift4 Payments, LLC. She also has a Taxable Receivable Agreement with Shift4 Payments, Inc. As part of her plan, she will surrender her majority voting control of Shift4 Payments, Inc. and convert her equity units in Shift4 Payments, LLC and all B and C Class shares in Shift4 Payments, Inc into Class A shares, reducing her voting shares to approximately 25%.
Additionally, Lan will resign from her position with 26 North Aviation Inc. and divest her interests in Rook Holdings, Inc. and its subsidiaries, Rook SPV I, LLC, Rook SPV II, LLC, Rook SPV III, LLC, and Rook SPV IV, LLC. She will also divest her interests in RookX, LLC and Rook Space Investments, LLC, among others.
The plan also includes commitments to refrain from participating in any particular matter that could have a direct and predictable effect on the financial interests of the mentioned entities until divestiture.
The market has reacted to these announcements by moving the company's shares -1.4% to a price of $85.95. If you want to know more, read the company's complete 8-K report here.
