Harvey Weinstein Resigns after Ultimatum by Board

11:42 AM PT -- Sources with direct knowledge of the Board meeting tell TMZ, under Weinstein's contract after he was fired from the company there was a 5-day "cooling off period" to let the dust settle. After five days the matter goes to the Board of Directors which then must ratify the firing. That's what happened today. The Board ratified Weinstein's firing.

TMZ was told under the terms of Weinstein's contract once the Board ratifies the firing he must resign from the Board. If Weinstein refused to resign the plan was to remove him -- in effect, fire him from the Board. Weinstein decided to resign.

(TMZ) -- Harvey Weinstein has resigned from the Board of Directors of The Weinstein Company, after the Board gave him a clear ultimatum ... either relinquish your role, or be fired ... sources tell TMZ.

TMZ's sources say Weinstein's decision to resign from the Board does not affect his grievance that he was illegally fired from TWC. As TMZ reported, Weinstein's lawyer, Patty Glaser, was present in the Board meeting and she has made it clear ... she thinks her client's contract did not give the company the right to fire him, and unless the company submits to arbitration she will file a lawsuit.

As TMZ reported, Colony Capital, which is in negotiation to buy TWC, plans to  change the name, get new partners and Bob Weinstein will no longer be running the show.

Photo: AOL


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