Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 27, 2022, the board of directors (the "Board") of McLaren Technology
Acquisition Corp. (the "Company") increased the size of the Board to seven
members and appointed Sheila Bangalore as an independent director and member of
the first class of directors of the Company, effective as of such date.
Sheila Bangalore, 44, is an executive with global business experience spanning
public and private multinational technology (B2B/C), and specialty materials
businesses over nearly 20 years. Since February 2022, Ms. Bangalore has served
as a Venture Partner at Springtide Ventures, a venture capital firm focused on
investment in cutting-edge healthcare technology businesses. Ms. Bangalore also
serves as Co-Chair of the Nominations Committee of the Board of Directors for
the International Institute for Conflict Prevention and Resolution, a non-profit
organization promoting the prevention and resolution of conflict, and on the
Governance and Strategic Planning Committees of the Board of Directors for the
United Way of Southern Nevada. Previously, from April 2020 to May 2021, Ms.
Bangalore served as Chief Strategy Officer, General Counsel and Corporate
Secretary of MP Materials (NYSE: MP), a regulated specialty materials company
she helped take public in 2020. MP's IPO raised $545 million in capital, with a
$200 million private investment in public equity. At MP, Ms. Bangalore promoted
ESG and optimization strategies while overseeing legal, compliance and corporate
governance on behalf of the company. Prior to MP, she spent close to 15 years in
senior legal and business roles at various companies: at Zappos.com, from March
2014 to February 2015, to grow the mobile footprint; at Aristocrat Technologies,
a global gaming technology company and wholly owned subsidiary of Aristocrat
Leisure Limited (ASX: ALL), from March 2015 to April 2020, to scale gaming
technology businesses; and at Bally Technologies, a global gaming technology
company and wholly owned subsidiary of Light and Wonder (NASDAQ: SGMS), from
2007 to 2014. Ms. Bangalore began her career practicing corporate law at Bilzin
Sumberg, LLP. Across technology, Ms. Bangalore is regularly spotlighted for her
professional and community impact, including by Global Gaming Business Magazine
as an Emerging Leader of Gaming in 2016; by Global Gaming Women through a Pay It
Forward award for her contributions towards the promotion, development and
education of women in gaming technology in 2017; and by the Association of
Corporate Counsel, a 45,000-member worldwide in-house counsel organization, for
her work on a global DE&I mentorship program in 2018. Ms. Bangalore received her
MBA in Finance from the Wharton School at the University of Pennsylvania; her
Juris Doctorate from the Washington University School of Law in St. Louis; and
her Bachelor of Arts in English Literature from Tufts University.
There are no family relationships between Ms. Bangalore and any director,
executive officer, or person nominated or chosen by the Company to become an
executive officer of the Company. There are no transactions between the Company
and Ms. Bangalore that are subject to disclosure under Item 404(a) of Regulation
S-K.
In connection with the appointment, the Company and Ms. Bangalore entered into a
certain letter agreement and indemnification agreement, as of April 27, 2022,
which are substantially similar to the letter agreement and indemnification
agreements, respectively, entered into by the other directors in connection with
the Company's initial public offering.
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