Woods, 26, was fatally shot by police in 2015.
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RELATED: Mario Woods' family settles wrongful death lawsuit with San Francisco
Police said Woods was suspected of stabbing a man in the Bayview, and refused to drop a knife when confronted by officers.
Officers fired bean bag rounds, but said Woods still wouldn't drop his weapon.
Five officers then shot Woods. He was hit multiple times in his back and one bullet grazed his face.
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An autopsy found he had several drugs in his system.
Last year, San Francisco District Attorney George Gascon declined to file criminal charges against the five officers involved. He said the use of force was excessive and unnecessary, but under current law there was nothing he could do to charge the officers.
RELATED: DA: SF cops won't be charged in fatal Woods, Gongora shootings
The San Francisco Board of Supervisors will discuss the settlement at their meeting on Tuesday.
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