NEW YORK, July 15, 2015 /PRNewswire/ -- Blue Pacific Partners, (together with its affiliates, "Blue Pacific"), a shareholder of LeapFrog Enterprises, Inc. ("LeapFrog" or the "Company"), today announced that it has delivered a letter to the Company's Board of Directors, the full text of which is included below. Blue Pacific also announced the following as relates to the items up for a vote at LeapFrog's Annual Meeting of Stockholders scheduled for August 13, 2015:
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Blue Pacific intends to vote "AGAINST" LeapFrog's proposal to amend the Company's Equity and Incentive Plan in light of its serious concern that the amendment to this plan incentivizes and rewards poor operating and share price performance by giving away even more shares just because the stock price fell substantially;
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Blue Pacific intends to vote "AGAINST" Director Nominee John Barbour, noting that LeapFrog's cumulative net income is negative since Mr. Barbour joined LeapFrog as CEO in March 2011 and is expected to deteriorate even further this year;
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Blue Pacific intends to vote "AGAINST" Director Nominee William Chiasson, who has been with LeapFrog since November 2004. Since becoming a director in March 2010, LeapFrog's cumulative net income is negative;
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Blue Pacific intends to vote "AGAINST" Director Nominee Thomas Kalinske, who has been a director since 1997. During his almost 18-year tenure, LeapFrog's cumulative net income is greater than negative $200 million;
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