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 OfficersItem 9.01 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported, effective March23, 2018, the Company eliminated the position of Chief Technology Officer, Agriculture and Weather Analytics. As a result, the Company terminated the employment of Mr.Thomas N. Blair, its Senior Vice President and Chief Technology Officer, Agriculture and Weather Analytics, effective as of such date.
Effective April1, 2018, Mr.Blair and the Company entered into a Separation Agreement and General Release of Claims (“Separation Agreement”). to the Separation Agreement, Mr.Blair will receive (i)severance payments aggregating $265,262.40, representing twelve months of base salary, payable in substantially equal installments over the twelve months following the effective date of the Separation Agreement, less applicable payroll deductions and taxes, and (ii)up to twelve months’ COBRA premiums paid by the Company for Mr.Blair and his eligible dependents. In consideration of the foregoing benefits, (i)the Company and Mr.Blair agreed: (a)to a general release of claims in favor of the other and (b)not to disparage each other for a period of three years following termination and (ii)Mr.Blair agreed: (x)to cooperate with the Company in connection with certain legal proceedings, and (y)not to solicit employees of the Company for a period of one year following the effective date of the Separation Agreement. In accordance with the Separation Agreement and applicable law, Mr.Blair has the right to revoke the Separation Agreement within seven days of its execution, and if he revokes the Separation Agreement, all of the terms and conditions contained therein will become null and void.
The foregoing description of the Separation Agreement is only a summary and is qualified in its entirety by the full text of such agreement, a copy of which is attached hereto as Exhibit99.1 and incorporated herein by reference.
Item 9.01 Financial Statement and Exhibits.