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Universal Electronics Announces Cooperation Agreement with Immersion Corporation
December 22, 2023 | BUSINESS WIREEstimated reading time: 1 minute
Universal Electronics Inc., the global leader in wireless universal control solutions for home entertainment and smart home devices, today announced that it has entered into a cooperation agreement with Immersion Corporation and certain of its affiliates.
Under the terms of the Agreement, the Company’s board of directors (the “Board”) has appointed Eric Singer, President, Chief Executive Officer and Chairman of Immersion, as a new independent director, to serve as a Class II director, filling an existing vacancy on the Board. In addition, the Board appointed Mr. Singer to the Board’s Compensation Committee and will nominate Mr. Singer for election to the Board at the Company’s 2024 annual meeting of stockholders.
Additionally, under the terms of the Agreement, Immersion has the right to identify one additional member for appointment to the Board effective immediately following the Company’s 2025 annual meeting of stockholders, subject to certain conditions, including, among other things, Immersion’s continued ownership of a specified minimum number of shares of the Company’s common stock and the additional director satisfying the Company’s and Nasdaq’s independence standards. During the term of the Agreement, Immersion has agreed to customary standstill provisions and voting commitments.
The Agreement is the latest step that the Company has taken to demonstrate its commitment to maintaining strong corporate governance and enhancing value for all stockholders. Earlier this year, the Board elected William Mulligan as Lead Independent Director of the Board.
“We are pleased to have reached this amicable agreement with Immersion,” said Paul D. Arling, the Company’s Chairman of the Board and Chief Executive Officer. “Eric has significant public company experience as a director and is a welcomed addition to our Board as we work towards a common goal of increasing the Company’s profitability, accelerating its long-term growth and maximizing stockholder value. The Company looks forward to leveraging Eric’s expertise as we continue to position the Company for value creation.”
“Immersion appreciates the engagement we have had with the Board and management team of UEI over the last several months,” said Mr. Singer. “I am excited to join the Board at such a pivotal time. I look forward to working with the Board to help UEI meet its full potential and maximize value for all stockholders.”
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