Cypress Semiconductor (NASDAQ:CY) releases a final settlement proposal to founder and former CEO T.J. Rodgers, who had fought a legal battle against the company since he was forced out last year.
The proposal expands the board to eight members to accommodate two of Rodgers’ preferred members and includes a legal standstill with non-disparagement provisions to last through the company’s 2019 annual meeting.
Rodgers’ agreement to the proposal would end any litigation he has or plans against the company.
Cypress Semi shares are up 1.37%.
Previously: Cypress Semi Executive Chairman resigns (June 12)