I.D. SYSTEMS, INC. (NASDAQ:IDSY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 7, 2019, the Board of Directors (the “Board”) of I.D. Systems, Inc. (the “Company”) increased the annual base salary of Ned Mavrommatis, the Chief Financial Officer of the Company, to $300,000, effective as of January 1, 2019. On January 7, 2019, the Board also awarded to each of Chris Wolfe, the Chief Executive Officer of the Company, and Ned Mavrommatis (i) annual 2018 cash bonuses in the amounts of $46,869 and $26,858, respectively, and (ii) 17,482 and 10,018 restricted shares of the Company’s common stock, respectively, which shares will vest as to 25% of such shares on each of the first, second, third and fourth anniversaries of the grant date, provided that the grantee is employed by the Company on each such date. The restricted shares are subject to the terms and conditions of the Company’s 2018 Incentive Plan.
About I.D. SYSTEMS, INC. (NASDAQ:IDSY)
I.D. Systems, Inc. (I.D. Systems) develops, markets and sells wireless machine-to-machine solutions for managing and securing enterprise assets, which include industrial vehicles, such as forklifts and airport ground support equipment, rental vehicles, and transportation assets, such as dry van trailers, refrigerated trailers, railcars and containers. Its systems utilize radio frequency identification (RFID), wireless fidelity (Wi-Fi), satellite or cellular communications, and sensor technology and software to control, track, monitor and analyze assets. It provides data reporting and analysis software tool platform, I.D. Systems Analytics PowerFleet IQ (for fleets of forklifts and other industrial trucks) and VeriWise IQ (for fleets of containers, trailers and other transportation assets). Its solutions include industrial and rental fleet asset management, industrial fleet asset management, transportation asset management and rental fleet asset management solutions.
