Sigma Designs Inc. (SIGM), a provider of System-on-Chip solutions for home entertainment connectivity and control, announced that it has reached an agreement regarding the election of directors at the Company's 2012 Annual Meeting of Shareholders with Potomac Capital Partners III, L.P., which beneficially owns about 7.9% of the outstanding shares of Sigma common stock.
As per the terms of the agreement, Potomac and Sigma each agreed to vote their respective proxies at the 2012 Annual Meeting to elect two new directors recommended by Potomac, Eric Singer and Mark Bonney, and two incumbent directors recommended by Sigma, Thinh Tran and Lung Tsai.
In addition, effective immediately following the Annual Meeting, the number of directors on Sigma's Board will increase from four to five members. Each of the individual continuing directors has confirmed his intent to appoint Maury Austin, former Chief Financial Officer of MIPS Technologies Inc., to serve as a fifth director.
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