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 February 17, 2017, the Compensation Committee (the Committee)
of the Board of Directors of I.D. Systems, Inc. (the Company)
approved the Companys 2017 Executive Incentive Plan (the 2017
EIP) for eligible employees of the Company including certain of
the Companys named executive officers. The objectives of the 2017
EIP are to align the interests of all employees with the Companys
performance goals. Under the 2017 EIP, the Companys performance
goals are based on (i) revenue growth and (ii) operating income,
which for these purposes is defined as operating income (loss)
from operations, excluding depreciation and amortization and
stock-based compensation expense. Executives are eligible to be
awarded cash bonus compensation based on the Companys annual and
quarterly results with respect to revenue growth and operating
income. The 2017 EIP may be modified or terminated by the
Committee at any time, but incentive awards that have been earned
by the participating named executive officers through the date of
termination of the 2017 EIP will be payable. In addition, target
awards and weightings may be modified by the Committee during the
plan year based upon a shift in focus or changing industry
standards, or any other factors that the Committee deems
appropriate. The Committee has the authority to administer the
2017 EIP and has the final decision on any discrepancies in
interpretation of the 2017 EIP. Awards under the 2017 EIP are
calculated as a percentage of an executives base salary. The
target awards for named executive officers range from 67% to 100%
of such named executive officers base salary. The maximum
aggregate amount of the quarterly bonuses and annual bonus under
the 2017 EIP for each executive is 300% of the target award for
such executive.
On February 17, 2017, certain employees of the Company, including
Ned Mavrommatis, the Chief Financial Officer of the Company, and
Michael Ehrman, the Chief Technology Officer of the Company,
elected to reduce their annual base salaries for the remainder of
2017 and, in exchange for such salary reduction, receive
restricted shares of the Companys common stock. The annual base
salary of each of Mr. Mavrommatis and Mr. Ehrman decreased from
$283,250 to $258,466 and each of Mr. Mavrommatis and Mr. Ehrman
received 4,957 restricted shares of the Companys common stock,
which shares shall vest on the first anniversary of the grant
date, provided that the grantee is employed by the Company on
such date. The restricted shares are subject to the terms and
conditions of the Companys 2015 Equity Compensation 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. I.D. SYSTEMS, INC. (NASDAQ:IDSY) Recent Trading Information
I.D. SYSTEMS, INC. (NASDAQ:IDSY) closed its last trading session up +0.02 at 5.78 with 6,830 shares trading hands.