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ModusLink announces settlement with Handy & Harman over board seats

ModusLink (MLNK) announced that it has reached a settlement agreement with Handy & Harman (HNH) in relation to the annual meeting. Under the terms of the settlement agreement, ModusLink has agreed to nominate and solicit proxies solely for the Steel Group (SPLP) representatives Warren Lichtenstein and Glen Kassan for election at the meeting as Class I directors. Lichtenstein is Chairman of the Board of Directors of Handy & Harman and Chairman of the Board and Chief Executive Officer of the general partner of Steel Holdings. Kassan is Vice Chairman of the Board of Directors of Handy & Harman and Managing Director at Steel Partners LLC. Handy & Harman has agreed to withdraw its preliminary proxy statement and to end its proxy solicitation, and has entered into certain other standstill arrangements with the Company. Upon consummation of the investment, ModusLink Directors Edward Lucente and Joseph O’Donnell would step down from the board, and current Chairman Francis Jules and Director and Audit Committee Chairman Michael Mardy, whose terms on the board conclude at the annual meeting, would each be reappointed to the board as Class II directors.