What is the two-step peace plan received by US & Iran that can reopen Strait Of Hormuz?

Iran and US have received a two-step plan to end hostilities, Reuters reported. The plan proposes an immediate ceasefire, Strait of Hormuz reopening with 15-20 days to finalise a broader settlement. The deal reportedly includes a regional framework for the strait, with final in-person talks in Pakistan. US President Donald Trump earlier issued 'Tuesday 8:00 pm EST' deadline for Iran.