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 5 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.

We’re 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.