Quadlogic Controls Corp – Settlement Agreement

Quadlogic Controls Corp – Settlement Agreement

Aug 01, 2017

Long Island City, NY

The current Board of Directors and the Quadlogic Concerned Shareholders Group are pleased to announce that they have reached a settlement, bringing about a unified Board of Directors and the creation of a Strategic Planning Committee. The settlement agreement calls for the Quadlogic Board of Directors to be expanded to five members, consisting of three of the current members — Israel Averbach, Doron Shafrir and Yona Yehudai — and two of the Concerned Shareholders Group — Peter Fagan and Walter Fiederowicz. All will stand for election at a shareholder vote at the companys upcoming Annual Shareholders Meeting and each elected nominee shall serve for a period of 18 months.

The Shareholders meeting will take place on August 8, 2017 at 9am at the Hilton Garden Inn at 29-21 41st Ave, Long Island City, NY, 11101.

The agreement calls for the establishment of a Strategic Planning Committee, composed of four members — Quadlogic Executive Vice President and Co-Founder Marc Segan, Yona Yehudai, Peter Fagan and Walter Fiederowicz, who will serve as committee Chairman. The Strategic Planning Committee shall assist management and the Board in finding and developing ways to enhance shareholder value and to provide liquidity to the Companys shareholders.

The agreement also calls for a commitment to annual shareholder meetings and the regular release of financial statements, with annual audited financial statements and semi-annual unaudited statements.

The parties look forward to collaborating in creating a successful future for Quadlogic Controls Corporation and its shareholders.