SAN JOSE, Calif., July 5, 2017 /PRNewswire/ -- T.J. Rodgers,
founder and former CEO of Cypress Semiconductor Corporation
(NASDAQ: CY) and the Company's largest individual stockholder,
today announced that he entered into an agreement with Cypress that
provides for the re-nomination of J. Daniel
McCranie and Camillo Martino
to the Cypress Board of Directors through the 2019 Annual Meeting
of Cypress stockholders, and that he has agreed to a standstill
prohibiting certain activities, including the initiation of a proxy
contest against Cypress, by Mr. Rodgers through the same
meeting.
T.J. Rodgers said, "I remain
grateful to the Cypress stockholders for electing two candidates,
Dan and Camillo, who I am confident have already become valuable
additions to the Cypress Board. I am pleased to enter into an
agreement with Cypress that will provide the assurances of peace
that a number of stockholders have requested. As I have
previously indicated, I am looking forward to getting back to my
work on innovative technologies for the IoT and in alternative
energy while the Cypress board and management do their
work."
The Cooperation and Settlement Agreement will be filed with the
U.S. Securities and Exchange Commission by Cypress on Form 8-K.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/tj-rodgers-and-cypress-semiconductor-enter-into-cooperation-and-settlement-agreement-300483734.html
SOURCE T.J. Rodgers