Universal Electronics Inc. (UEIC) said Friday that it has reached a cooperation agreement with Immersion Corporation and certain of its affiliates.
As per the terms of the deal, Universal Electronics 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, Universal Electronics appointed Eric Singer to the Board's Compensation Committee and will nominate Singer for election to the Board at the Company's 2024 annual meeting of stockholders.
As per 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.
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