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 August 29, 2019, the stockholders of I.D. Systems, Inc. (the “Company”) approved and adopted an amendment (the “Plan Amendment”) to the I.D. Systems, Inc. 2018 Incentive Plan (the “2018 Plan”) at a special meeting of stockholders (the “Special Meeting”). The Plan Amendment will be effective upon the closing of the previously announced transactions contemplated by the Agreement and Plan of Merger, dated as of March 13, 2019 (the “Merger Agreement”), by and among the Company, PowerFleet, Inc. (“Parent”), Pointer Telocation Ltd. (“Pointer”), PowerFleet Israel Holding Company Ltd. (“Pointer Holdco”) and PowerFleet Israel Acquisition Company Ltd. (“Pointer Merger Sub”), and the Investment and Transaction Agreement, dated as of March 13, 2019 (as amended, the “Investment Agreement”), by and among the Company, Parent, PowerFleet US Acquisition Inc. (“I.D. Systems Merger Sub”) and ABRY Senior Equity V, L.P. and ABRY Senior Equity Co-Investment Fund V, L.P. (the “Investors”). A detailed description of the Plan Amendment is included under the heading “I.D. Systems Proposal 8: To Approve an Amendment to the I.D. Systems 2018 Incentive Plan” in the joint proxy statement/prospectus of the Company and Pointer filed in connection with the Special Meeting with the Securities and Exchange Commission (the “SEC”) on July 25, 2019, which description is incorporated herein by reference. The description of the Plan Amendment is qualified in its entirety by reference to the full text of the Plan Amendment, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
The Company held its Special Meeting on August 29, 2019. A summary of the voting results for the following proposals, each of which is described in detail in the Company’s definitive merger proxy statement, which was filed with the SEC on July 25, 2019 and first mailed to the Company’s stockholders on or about July 29, 2019, is set forth below:
| 10.1 | First Amendment to the I.D. Systems, Inc. 2018 Incentive Plan. |
| 99.1 | Press release, dated August 29, 2019. |
ID SYSTEMS INC Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 FIRST AMENDMENT TO THE I.D. SYSTEMS,…
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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.
