Universal Electronics enters cooperation agreement with Immersion

Universal Electronics announced that it has entered into a cooperation agreement with Immersion and certain of its affiliates. Under the terms of the agreement, the company’s board of directors has appointed Eric Singer, president, CEO 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 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. 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.