Defense and security products provider Arotech Corp. (ARTX) and its largest stockholder Ephraim Fields of Echo Lake Capital Monday said they have agreed to settle their pending proxy contest.
As per the agreement, Lawrence Hagenbuch, a nominee on Fields's proposed slate of directors, has joined Arotech's Board as a Class II director, and has been appointed to Arotech's Compensation, Nominating, and Executive and Finance Committees. Jay Eastman has stepped down from the Board.
Arotech and Admiralty Partners, Inc. have agreed to shorten their voting agreement by one year.
Fields will withdraw his director nominees and will vote for the election of the slate of directors that will be nominated by Arotech at the 2016 Annual Meeting of Stockholders. A copy of the Agreement will be filed with the Securities and Exchange Commission.
Jon Kutler, lead independent director of Arotech, also endorsed the settlement, noting that "This resolution will enable management to focus on running Arotech's business and pursuing the best interests of Arotech, its stockholders, employees and customers."
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