It's hard to tell without more information, but it sounds like the parties reached a stipulation, which was prepared by the defense attorney and filed with the court, along with the proposed dismissal order. The dismissal order won't be effective until the judge signs it, which is not reflected in that docket entry. Call the court clerk to find out if the case is still active, or has been dismissed, and to get a copy of the stipulation that was filed. The stipulation will explain a lot.
It means exactly what it says, that the order has been proposed and apparently submitted to the court for consideration, signed by both parties. When an actual court order is entered, dismissing the action, that would generate a separate docket entry noting that an order was signed by the judge.
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