ITERIS, INC. (NASDAQ:ITI) 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 December 4, 2019, Company reported that Andrew Schmidt, Vice President of Finance and Chief Financial Officer, ceased to serve as an employee of the Company, and that Douglas Groves was appointed as the Company’s Senior Vice President and Chief Financial Officer.
On December 9, 2019, in connection with Mr. Schmidt’s departure, the Company and Mr. Schmidt entered into a severance and release agreement attached hereto as Exhibit 10.1 (the “Severance Agreement”). Under the Severance Agreement, and subject to Mr. Schmidt executing a general release in favor of the Company and otherwise complying with the terms of the Severance Agreement, Mr. Schmidt will receive a severance package following his separation from employment, including Mr. Schmidt’s base salary of currently approximately $388,589.00, less applicable taxes and withholding, paid in equal installments for a twelve (12) month period in accordance with the Company’s normal payroll practices, COBRA premiums reimbursement for up to a twelve (12) month period, and continued vesting of all outstanding Company equity awards for up to twelve (12) months in consideration of serving as a senior advisor to assist in the transition of his Chief Financial Officer duties.
The foregoing description of the Severance Agreement is not complete and is qualified in its entirety by reference to a copy of the Severance Agreement that is filed as Exhibit 10.1 to this Form 8-K, the contents of which are incorporated herein by reference..
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibit is being filed with this Current Report on Form 8-K.
| 10.1 | Severance and Release Agreement, effective date December 12, 2019, between Iteris, Inc. and Andrew Schmidt |
ITERIS, INC. Exhibit
EX-10.1 2 tm1927349d1_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SEVERANCE AND RELEASE AGREEMENT This SEVERANCE AND RELEASE AGREEMENT (the “Agreement”) is hereby made and entered into this 6th day of December,…
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About ITERIS, INC. (NASDAQ:ITI)
Iteris, Inc. is a provider of information solutions for both the traffic management and global agribusiness markets. The Company operates through three segments: Roadway Sensors, Transportation Systems and Performance Analytics. The Roadway Sensors segment provides various vehicle detection and information systems and products for traffic intersection control, incident detection and roadway traffic data collection applications. The Transportation Systems segment includes transportation engineering and consulting services, and the development of transportation management and traveler information systems for the Intelligent Transportation Systems (ITS) industry. The Performance Analytics segment includes iPeMS, its specialized transportation performance measurement and traffic analytics solutions, as well as ClearPath Weather, its road-maintenance applications, and ClearAg, its precision agriculture solutions.
