Shareholder Dismisses Case with Prejudice that Sought to Block Amendment to Intel Stock Plan
As we noted here, a shareholder of Intel sought a preliminary and permanent injunction and any other appropriate relief with respect to a stockholder vote to approve the amendment and restatement of Intel’s 2006 equity incentive plan to add 33 million shares to the plan and extend its term. The underlying premise of action was weak, based on a technical argument that the proxy statement did not include the information required by Item 10(a)(1) of Schedule 14A because of a perceived defect that not all classes of eligible participants of the plan were identified, despite informative disclosures being made by Intel.
The shareholder has now dismissed the case with prejudice. From the docket, you can’t rule out Intel from having entered into some sort of settlement agreement. If they did, let’s hope it was less than modest, so that we can thank Intel for holding the line and not encouraging this behavior.
Contact Steve Quinlivan for more information.