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0001158172false12-3100011581722025-06-172025-06-1700011581722025-12-312025-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 17, 2025
COMSCORE, INC.
(Exact name of registrant as specified in charter) 
Delaware 001-33520 54-1955550
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
11950 Democracy Drive
Suite 600
Reston, Virginia 20190
(Address of principal executive offices, including zip code)
(703) 438–2000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share SCOR NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 3.03 Material Modification to Rights of Security Holders.

Amendments to Certificate of Incorporation and Certificate of Designations

At an annual meeting of stockholders of comScore, Inc. (the "Company") held on June 17, 2025 (the "Annual Meeting"), the Company's stockholders adopted amendments to the Amended and Restated Certificate of Incorporation of the Company and the Certificate of Designations of the Company's Series B Convertible Preferred Stock, par value $0.001 per share (the "Series B Preferred Stock"). The disclosure set forth in Item 5.03 of this Current Report on Form 8-K is incorporated herein by reference.

Series B Preferred Stockholder Waivers

Overview

On June 24, 2025, at the request of the Company, each holder of the Company's Series B Preferred Stock waived its right to receive on June 30, 2025 the annual dividends otherwise payable by the Company on that date (the "Waivers"). The Company requested the Waivers in order to evaluate the potential impact of a dividend-related stock issuance on the Company's income tax position and deferred tax assets, among other considerations. Under the Waivers and the Certificate of Designations governing the Series B Preferred Stock, the deferred dividends will accrue at a rate of 9.5% per year from June 30, 2025 until paid, with payment to occur on or before December 31, 2025. Additional information regarding the Waivers is set forth below.

June 24, 2025 Waivers

Pursuant to Section 4 of the Certificate of Designations, holders of record of the Series B Preferred Stock are entitled to receive annual dividends on June 30th of each year. The Certificate of Designations permits annual dividends to be paid in the form of cash, shares of the Company's common stock, additional shares of Series B Preferred Stock, or a combination thereof, subject to conditions set forth in the Certificate of Designations. Under the Certificate of Designations, if the Company does not declare and pay a full annual dividend on any dividend payment date, then any dividends otherwise payable on that date will continue to accrue and accumulate at a rate of 9.5% per year.

As previously disclosed, the Company's senior secured financing agreement (the "Credit Agreement") prohibits the payment of cash dividends to holders of the Series B Preferred Stock prior to April 1, 2026 and imposes certain limitations on cash dividends on and after that date. In light of the Credit Agreement restrictions and other factors, including the tax evaluation described above, the Company requested, and each holder of the Series B Preferred Stock agreed, to defer the dividend payment otherwise due on June 30, 2025. Specifically, each holder temporarily waived its right to receive the annual dividends accrued on the Series B Preferred Stock from June 30, 2024 through, but excluding, June 30, 2025 (the "Deferred Dividends"). Under the Certificate of Designations and the Waivers, (i) the Deferred Dividends will accrue and accumulate at a rate of 9.5% per annum from June 30, 2025 until such time as the Deferred Dividends are declared and paid, and (ii) the Company will declare and pay the Deferred Dividends, together with any amounts accrued and accumulated thereon, unless prohibited by Section 170 of the General Corporation Law of the State of Delaware, on or before December 31, 2025. The rate for the annual dividend period beginning June 30, 2025 (other than with respect to the Deferred Dividends) will remain at 7.5% per annum in accordance with the Certificate of Designations.

Except as described above, the Waivers did not modify the voting, liquidation or dividend rights of the holders of Series B Preferred Stock. The foregoing summary of the Waivers does not purport to be complete and is qualified in its entirety by reference to the full text of the Waivers, copies of which are attached as Exhibit 4.1, Exhibit 4.2 and Exhibit 4.3 to this Current Report on Form 8-K and are incorporated herein by reference.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed, the Board of Directors of the Company previously approved, subject to stockholder approval, an amendment to the comScore, Inc. Amended and Restated 2018 Equity and Incentive Compensation Plan (the "Plan") to increase the number of shares of Company common stock available for grant under the Plan by 2,000,000. The Company's stockholders approved the amendment at the Annual Meeting, and the amendment became effective on June 17, 2025. A detailed description of the material terms of the Plan, as amended, appears under the caption "Proposal No. 4 – Approval of an Amendment to the comScore, Inc. 2018 Equity and Incentive Compensation Plan (as Amended and Restated Effective as of July 9, 2020)" in the Company's proxy statement filed with the Securities and Exchange Commission on April 30, 2025, which description is incorporated herein by reference.
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Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On June 20, 2025, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the "COI Certificate of Amendment") with the Secretary of State of the State of Delaware. The COI Certificate of Amendment became effective with the Secretary of State upon filing. As previously disclosed, the COI Certificate of Amendment increases (i) the total number of shares authorized for issuance from 118,750,000 to 121,750,000 and (ii) the number of shares of common stock authorized for issuance from 13,750,000 to 16,750,000.

Also on June 20, 2025, the Company filed a Certificate of Amendment to the Certificate of Designations of the Series B Preferred Stock (the "COD Certificate of Amendment") with the Secretary of State of the State of Delaware. The COD Certificate of Amendment became effective with the Secretary of State upon filing. As previously disclosed, the COD Certificate of Amendment (i) increases the number of authorized shares of preferred stock designated as Series B Preferred Stock from 100,000,000 to 104,000,000 and (ii) clarifies that shares of Series B Preferred Stock issued as payment for accrued dividends on the Series B Preferred Stock, or in lieu thereof, will count toward the $100,000,000 threshold required for the Company to undertake a mandatory conversion (as defined in the Certificate of Designations) of the Series B Preferred Stock.

The foregoing summary of the COI Certificate of Amendment and the COD Certificate of Amendment does not purport to be complete and is subject to, and is qualified in its entirety by, the full text of the COI Certificate of Amendment and the COD Certificate of Amendment, which are filed as Exhibit 3.1 and Exhibit 3.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.

Item 5.07 Submission of Matters to a Vote of Security Holders.

The Annual Meeting was held on June 17, 2025. The final results of voting on the proposals submitted to a vote of the Company's stockholders at the Annual Meeting are set forth below. These results include votes cast by holders of the Company's common stock and Series B Preferred Stock on an as-converted basis, as well as votes cast by holders of the Series B Preferred Stock as a separate class on Proposal No. 5 and Proposal No. 6.

Proposal No. 1

Three Class III directors were elected to serve for terms expiring at the Company's 2028 annual meeting of stockholders, to hold office until their respective successors have been duly elected and qualified. The election results were as follows:
Nominee
For
Withheld
Broker Non-Votes
Itzhak Fisher
6,302,798
1,170,222
1,015,240
Jeff Murphy
6,315,766
1,157,254
1,015,240
Marty Patterson
6,314,397
1,158,623
1,015,240

Proposal No. 2

The compensation of the Company's named executive officers was approved, on a non-binding advisory basis, as follows:
For
Against
Abstain
Broker Non-Votes
5,710,027
1,155,178
607,815
1,015,240

Proposal No. 3

The appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025 was ratified as follows:
For
Against
Abstain
Broker Non-Votes
7,457,340
464,674
566,246
0

Proposal No. 4

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The amendment to the Plan was approved as follows:
For
Against
Abstain
Broker Non-Votes
5,237,739
1,661,891
573,390
1,015,240

Proposal No. 5

The amendment to the Amended and Restated Certificate of Incorporation was adopted by holders of the Company's common stock and Series B Preferred Stock voting on an as-converted basis as follows:
For
Against
Abstain
Broker Non-Votes
6,513,141
1,399,454
575,665
0

The amendment to the Amended and Restated Certificate of Incorporation was adopted by holders of the Series B Preferred Stock voting as a separate class as follows:
For
Against
Abstain
Broker Non-Votes
95,784,903
0
0
0

Proposal No. 6

The amendment to the Certificate of Designations of the Series B Preferred Stock was adopted by holders of the Company's common stock and Series B Preferred Stock voting on an as-converted basis as follows:
For
Against
Abstain
Broker Non-Votes
5,355,354
1,542,425
575,241
1,015,240

The amendment to the Certificate of Designations of the Series B Preferred Stock was adopted by holders of the Series B Preferred Stock voting as a separate class as follows:
For
Against
Abstain
Broker Non-Votes
95,784,903
0
0
0

Proposal No. 7

The issuance of common stock or Series B Preferred Stock as payment for accrued dividends on the Series B Preferred Stock or in lieu thereof, if elected by the disinterested directors (as defined in the Certificate of Designations) or agreed between the disinterested directors and the holders of Series B Preferred Stock, as applicable, was approved in accordance with Nasdaq Listing Rule 5635(d) as follows:
For
Against
Abstain
Broker Non-Votes
5,361,644
1,541,358
570,018
1,015,240

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit No.
Description
3.1
3.2
4.1
4.2
4.3
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


comScore, Inc.
By: /s/ Mary Margaret Curry
Mary Margaret Curry
Chief Financial Officer and Treasurer
Date: June 24, 2025
6
EX-3.1 2 ex-31certificateofincorpor.htm EX-3.1 Document
Exhibit 3.1
Certificate of Amendment of
Amended and Restated
Certificate of Incorporation
of comScore, Inc.
comScore, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, does hereby certify:
FIRST: That on April 16, 2025, the Board of Directors (the “Board”) of the Corporation duly adopted resolutions setting forth a proposed amendment (the “Amendment”) of the Amended and Restated Certificate of Incorporation of the Corporation, as amended, declaring the Amendment to be advisable and submitting the Amendment at a meeting of the stockholders of the Corporation for consideration thereof.
SECOND: That thereafter, pursuant to resolutions of the Board, an annual meeting of stockholders of the Corporation was duly called and held on June 17, 2025, upon notice in accordance with Section 222 of the General Corporation Law of the State of Delaware and at which meeting the necessary number of shares as required by statute and the Amended and Restated Certificate of Incorporation of the Corporation were voted in favor of approval of the Amendment.
THIRD: This Amendment amends the provisions of the Amended and Restated Certificate of Incorporation of the Corporation.
FOURTH: That Section A.1 of Article IV of the Amended and Restated Certificate of Incorporation of the Corporation is hereby amended and restated in full as follows:
A.    Capital Stock.
1.    This Corporation is authorized to issue two classes of stock, to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is authorized to issue is 121,750,000 shares. 16,750,000 shares shall be Common Stock, par value $0.001 per share, and 105,000,000 shares shall be Preferred Stock, par value $0.001 per share.
FIFTH: That the Amendment was duly adopted in accordance with the provisions of Section 242 of the General Corporation Law of the State of Delaware.
SIXTH: All other provisions of the Amended and Restated Certificate of Incorporation of the Corporation shall remain in full force and effect.
IN WITNESS WHEREOF, the Corporation has caused this Certificate of Amendment to be signed by an authorized officer of the Corporation this 20th day of June 2025.
By:    /s/ Ashley Wright
Name:    Ashley Wright
Title:    Secretary

EX-3.2 3 ex-32certificateofdesignat.htm EX-3.2 Document
Exhibit 3.2
Third Amendment to the
Certificate of Designations of
Series B Convertible Preferred Stock,
Par Value $0.001,
of comScore, Inc.
COMSCORE, Inc., a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware (the “Corporation”), in accordance with the provisions of Section 242 thereof, hereby certifies that the following resolutions amending the rights of the Series B Convertible Preferred Stock (the “Series B Preferred Stock”) (a) were duly adopted by the Board of Directors of the Corporation (the “Board of Directors”) on April 16, 2025 pursuant to authority conferred upon the Board of Directors by the provisions of the Amended and Restated Certificate of Incorporation of the Corporation, as amended (the “Certificate of Incorporation”), and the Amended and Restated Bylaws of the Corporation (the “Bylaws”), and (b) were consented to by (i) the holders of at least a majority of the outstanding shares of common stock of the Corporation, par value $0.001 per share, and the Series B Preferred Stock (on an as-converted basis and in accordance with the terms of the Certificate of Designations (as defined below)), and (ii) the holders of at least 75% of the outstanding shares of Series B Preferred Stock, in each case, at a duly held meeting on June 17, 2025.
RESOLVED, that effective upon the filing of this Certificate of Amendment to the Certificate of Designations of Series B Convertible Preferred Stock (this “Certificate of Amendment”), the Certificate of Designations of Series B Convertible Preferred Stock dated and filed with the Delaware Secretary of State on March 10, 2021, as amended on June 16, 2023 and June 17, 2024 (the “Certificate of Designations”), is hereby amended as follows:
1.    The first paragraph of the preamble is hereby amended and restated in its entirety to read as follows:
That, the Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company, as filed with the Secretary of State of the State of Delaware on June 20, 2025 (the “Certificate of Amendment”), authorizes the issuance of 121,750,000 shares of capital stock, consisting of 16,750,000 shares of Common Stock, par value $0.001 per share (“Common Stock”), and 105,000,000 shares of Preferred Stock, par value $0.001 per share (“Preferred Stock”).
2.    Section 1 of the Certificate of Designations is hereby amended and restated in its entirety to read as follows:
SECTION 1    Designation and Number of Shares. The shares of such series of Preferred Stock shall be designated as “Series B Convertible Preferred Stock” (the “Series B Preferred Stock”). The number of authorized shares constituting the Series B Preferred Stock shall be 104,000,000. That number from time to time may be increased or decreased (but not below the number of shares of Series B Preferred Stock then outstanding) by further resolution duly adopted by the Board, or any duly authorized committee thereof, and by the filing of a certificate pursuant to the provisions of the DGCL stating that such increase or decrease, as applicable, has been so authorized. The Company shall not have the authority to issue fractional shares of Series B Preferred Stock.
3.    Section 7(a) of the Certificate of Designations is hereby amended and restated in its entirety to read as follows:



SECTION 7    Mandatory Conversion by the Company.
        (a)    At any time after the five (5) year anniversary of the Original Issuance Date, if (i) the Closing Price of the Common Stock was greater than the Mandatory Conversion Price (A) for at least twenty (20) Trading Days in any period of thirty (30) consecutive Trading Days ending on, and including, the Trading Day immediately preceding the date of the Notice of Mandatory Conversion (such thirty (30) consecutive Trading Day period, the “Trading Period”) and (B) on the last Trading Day of the Trading Period and (ii) the pro rata share of an aggregate of $100,000,000 in Annual Dividends (which shall include shares of Series B Preferred Stock issued as payment for, or in lieu of, Accrued Dividends) and/or Special Dividends has been paid with respect to each share of Series B Preferred Stock that remains outstanding, the Company may elect to convert (a “Mandatory Conversion”) all, but not less than all, of the outstanding shares of Series B Preferred Stock into shares of Common Stock (the date selected by the Company for any Mandatory Conversion pursuant to this Section 7(a) and in accordance with Section 7(b) below, the “Mandatory Conversion Date”); provided that the Company may not elect or consummate a Mandatory Conversion if any Investor Party holds or would hold upon such Mandatory Conversion (or any earlier conversion following the date of the related Notice of Mandatory Conversion) shares of Common Stock that are Registrable Securities (as defined in the Registration Rights Agreement) unless as of the date of such Notice of Mandatory Conversion and as of the Mandatory Conversion Date there is an Available Registration Statement covering resale of such shares of Common Stock by the Investor Parties. In the case of a Mandatory Conversion, each share of Series B Preferred Stock then outstanding shall be converted into (A) a whole number of shares of Common Stock at the Conversion Rate plus (B) cash in lieu of fractional shares as set out in Section 10(h).
RESOLVED FURTHER, that the Certificate of Designations as amended by the Certificate of Amendment shall remain in full force and effect except as expressly amended hereby.
IN WITNESS WHEREOF, the Company has caused this Third Amendment to the Certificate of Designations to be executed this 20th day of June 2025.
COMSCORE, INC.
By:    /s/ Ashley Wright
Name:    Ashley Wright
Title:    Secretary
2
EX-4.1 4 ex-41seriesbdividendwaiver.htm EX-4.1 Document

Exhibit 4.1
Series B Preferred Stockholder Waiver
June 24, 2025

ELECTRONIC MAIL

comScore, Inc.
11950 Democracy Drive, Suite 600
Reston, VA 20190
Attention: Ashley Wright, General Counsel, Corporate and Securities
Email: [***]

Dear Ms. Wright:

Reference is made to that certain (i) Certificate of Designations of Series B Convertible Preferred Stock, par value $0.001 (the “Series B Preferred Stock”), of comScore, Inc. (the “Company”), dated as of March 10, 2021, as amended (the “Certificate of Designations”), and (ii) Amended and Restated Stockholders Agreement, dated as of July 24, 2024, by and among the Company and the stockholders party thereto (the “Stockholders Agreement”). The undersigned is the holder of record of 31,928,301 shares of Series B Preferred Stock. Pursuant to Section 4 of the Certificate of Designations, (i) holders of Series B Preferred Stock are entitled to receive Annual Dividends (as defined in the Certificate of Designations) on the terms and subject to the conditions set forth therein and (ii) if the Company fails to declare and pay a full Annual Dividend on the Series B Preferred Stock on any Dividend Payment Date (as defined in the Certificate of Designations), then any Annual Dividends otherwise payable shall continue to accrue and accumulate at a dividend rate of 9.5% per annum.
The undersigned hereby irrevocably and unconditionally waives (and consents to such waiver for purposes of Section 4.1(a) of the Stockholders Agreement) its right to receive on or prior to June 30, 2025 one hundred percent (100%) of the Annual Dividends accrued through, but excluding, June 30, 2025, that would have been payable to it on June 30, 2025 pursuant to Section 4(c) of the Certificate of Designations (the “Deferred Dividends”), together with any amounts accrued and accumulated thereon; provided that (x) the Deferred Dividends shall continue to accrue and accumulate at a rate of 9.5% per annum as contemplated by the Certificate of Designations until such time as the Deferred Dividends are declared and paid and (y) the Company shall declare and pay the Deferred Dividends, together with any amounts accrued and accumulated thereon, unless prohibited by Section 170 of the General Corporation Law of the State of Delaware, on or prior to December 31, 2025.
The undersigned acknowledges that the Company will be entitled to elect the form of payment of the Deferred Dividends, together with any amounts accrued and accumulated thereon, in accordance with the terms of the Certificate of Designations, with the Dividend Declaration Date (as defined therein) to be 15 calendar days prior to the date the Deferred Dividends are paid.

1


IN WITNESS WHEREOF, the undersigned executes this Waiver as of the date first written above.


CHARTER COMMUNICATIONS HOLDING COMPANY, LLC
By: CHARTER COMMUNICATIONS, INC., its Manager
By: /s/ Jeffrey B. Murphy
Name: Jeffrey B. Murphy
Title: SVP, Corporate Finance & Development

[Signature Page to Series B Preferred Stockholder Waiver]
EX-4.2 5 ex-42seriesbdividendwaiver.htm EX-4.2 Document

Exhibit 4.2
Series B Preferred Stockholder Waiver
June 24, 2025

ELECTRONIC MAIL

comScore, Inc.
11950 Democracy Drive, Suite 600
Reston, VA 20190
Attention: Ashley Wright, General Counsel, Corporate and Securities
Email: [***]

Dear Ms. Wright:

Reference is made to that certain (i) Certificate of Designations of Series B Convertible Preferred Stock, par value $0.001 (the “Series B Preferred Stock”), of comScore, Inc. (the “Company”), dated as of March 10, 2021, as amended (the “Certificate of Designations”), and (ii) Amended and Restated Stockholders Agreement, dated as of July 24, 2024, by and among the Company and the stockholders party thereto (the “Stockholders Agreement”). The undersigned is the holder of record of 31,928,301 shares of Series B Preferred Stock. Pursuant to Section 4 of the Certificate of Designations, (i) holders of Series B Preferred Stock are entitled to receive Annual Dividends (as defined in the Certificate of Designations) on the terms and subject to the conditions set forth therein and (ii) if the Company fails to declare and pay a full Annual Dividend on the Series B Preferred Stock on any Dividend Payment Date (as defined in the Certificate of Designations), then any Annual Dividends otherwise payable shall continue to accrue and accumulate at a dividend rate of 9.5% per annum.
The undersigned hereby irrevocably and unconditionally waives (and consents to such waiver for purposes of Section 4.1(a) of the Stockholders Agreement) its right to receive on or prior to June 30, 2025 one hundred percent (100%) of the Annual Dividends accrued through, but excluding, June 30, 2025, that would have been payable to it on June 30, 2025 pursuant to Section 4(c) of the Certificate of Designations (the “Deferred Dividends”), together with any amounts accrued and accumulated thereon; provided that (x) the Deferred Dividends shall continue to accrue and accumulate at a rate of 9.5% per annum as contemplated by the Certificate of Designations until such time as the Deferred Dividends are declared and paid and (y) the Company shall declare and pay the Deferred Dividends, together with any amounts accrued and accumulated thereon, unless prohibited by Section 170 of the General Corporation Law of the State of Delaware, on or prior to December 31, 2025.
The undersigned acknowledges that the Company will be entitled to elect the form of payment of the Deferred Dividends, together with any amounts accrued and accumulated thereon, in accordance with the terms of the Certificate of Designations, with the Dividend Declaration Date (as defined therein) to be 15 calendar days prior to the date the Deferred Dividends are paid.

1



IN WITNESS WHEREOF, the undersigned executes this Waiver as of the date first written above.


Liberty Broadband Corporation
By: /s/ Craig Troyer
Name: Craig Troyer
Title: Senior Vice President

[Signature Page to Series B Preferred Stockholder Waiver]
EX-4.3 6 ex-43seriesbdividendwaiver.htm EX-4.3 Document

Exhibit 4.3
Series B Preferred Stockholder Waiver
June 24, 2025

ELECTRONIC MAIL

comScore, Inc.
11950 Democracy Drive, Suite 600
Reston, VA 20190
Attention: Ashley Wright, General Counsel, Corporate and Securities
Email: [***]

Dear Ms. Wright:

Reference is made to that certain (i) Certificate of Designations of Series B Convertible Preferred Stock, par value $0.001 (the “Series B Preferred Stock”), of comScore, Inc. (the “Company”), dated as of March 10, 2021, as amended (the “Certificate of Designations”), and (ii) Amended and Restated Stockholders Agreement, dated as of July 24, 2024, by and among the Company and the stockholders party thereto (the “Stockholders Agreement”). The undersigned is the holder of record of 31,928,301 shares of Series B Preferred Stock. Pursuant to Section 4 of the Certificate of Designations, (i) holders of Series B Preferred Stock are entitled to receive Annual Dividends (as defined in the Certificate of Designations) on the terms and subject to the conditions set forth therein and (ii) if the Company fails to declare and pay a full Annual Dividend on the Series B Preferred Stock on any Dividend Payment Date (as defined in the Certificate of Designations), then any Annual Dividends otherwise payable shall continue to accrue and accumulate at a dividend rate of 9.5% per annum.
The undersigned hereby irrevocably and unconditionally waives (and consents to such waiver for purposes of Section 4.1(a) of the Stockholders Agreement) its right to receive on or prior to June 30, 2025 one hundred percent (100%) of the Annual Dividends accrued through, but excluding, June 30, 2025, that would have been payable to it on June 30, 2025 pursuant to Section 4(c) of the Certificate of Designations (the “Deferred Dividends”), together with any amounts accrued and accumulated thereon; provided that (x) the Deferred Dividends shall continue to accrue and accumulate at a rate of 9.5% per annum as contemplated by the Certificate of Designations until such time as the Deferred Dividends are declared and paid and (y) the Company shall declare and pay the Deferred Dividends, together with any amounts accrued and accumulated thereon, unless prohibited by Section 170 of the General Corporation Law of the State of Delaware, on or prior to December 31, 2025.
The undersigned acknowledges that the Company will be entitled to elect the form of payment of the Deferred Dividends, together with any amounts accrued and accumulated thereon, in accordance with the terms of the Certificate of Designations, with the Dividend Declaration Date (as defined therein) to be 15 calendar days prior to the date the Deferred Dividends are paid.

1



IN WITNESS WHEREOF, the undersigned executes this Waiver as of the date first written above.


PINE INVESTOR, LLC
By: /s/ Jacob B. Hansen
Name: Jacob B. Hansen
Title: Managing Director

[Signature Page to Series B Preferred Stockholder Waiver]