US – IGT and Ader reach proxy agreementBy Phil - 1 July 2013
International Game Technology and the Ader Group have reached an agreement in connection with the proxy contest related to IGT’s 2013 annual meeting of shareholders.
Members of the Ader Group have now agreed to observe certain standstill provisions for four years. In addition, the Ader Group and IGT have agreed to a mutual release of claims in connection with, relating to or resulting from the Proxy Contest. IGT has agreed to reimburse the Ader Group for its documented out-of-pocket costs, fees and expenses incurred in connection with the Proxy Contest, up to a maximum amount of $2.5m.
The Ader Group said that it now strongly supports IGT’s current direction and recognizes the significant contributions under the leadership of Patti Hart, her management team and the Board of Directors to advance the company’s business, strategy and corporate governance practices. In addition, IGT acknowledges that Charles Mathewson was instrumental in driving IGT’s leading market share and creating significant shareholder value, during a dynamic growth phase for the company and the industry.