On Track Innovations Ltd. (NASDAQ:OTIV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On May 25, 2017, the term of office of William C. Anderson III as an external director On Track Innovations Ltd., or the Company, expired to the provisions of the Israeli Companies Law, 5759-1999 that provide a three-year term for external directors (which may be extended by additional periods of three-years each).

In connection with such expiration and the adoption by the Company of the exemption provided in section 5D of the Israeli Companies Regulations (Relief for Public Companies with Shares Listed for Trading on a Stock Market Outside of Israel), 5760-2000, that allows the Company to follow Nasdaq Stock Market Rules with respect to appointment of independent directors and composition of audit and compensation committees (and exempts the Company from the need to elect external directors and other requirements with respect to audit and compensation committees as more fully specified in the Company’s Annual Report on Form 10-K filed with the Securities and the Exchange Commission on March 28, 2017), the Board of Directors of the Company appointed William C. Anderson III as a director, effective May 26, 2017, to serve until the next general meeting of shareholders of the Company at which directors are being elected.

Mr. Anderson will maintain his position as a chairman of the compensation committee and as a member of the audit committee.

As a director of the Company, Mr. Anderson will be entitled to the same cash compensation payable to him in his capacity as an external director (like all other non-executive directors of the Company).

About On Track Innovations Ltd. (NASDAQ:OTIV)

On Track Innovations Ltd. is a developer of cashless payment solutions. The Company’s segments include Retail and Mass Transit, Petroleum, Parking and Other. The Company offers solutions for banking, mobile network operators, vending, mass transit, petroleum and parking. The Company provides its customers with training and installation support, customer service and technical support. Its PayEnable technology can be implemented into a range of products. Its Retail and Mass Transit products include TRIO mPOS, Pico BT, WAVE, WAVE PKI, oti SATURN 6700 UNO, oti SATURN 6500 TRIO and oti SCI 6000. It also offers otiMetry and oti CONNECT 3000. Its EasyFuel Plus solution is a wireless, cashless, cardless and paperless refueling tracking and payment solution. Its EasyPark set of parking solutions provides parking fee collection, parking payment enforcement and parking management solution. Its MediSmart solution is an information management and claims submission system for the medical sector.

On Track Innovations Ltd. (NASDAQ:OTIV) Recent Trading Information

On Track Innovations Ltd. (NASDAQ:OTIV) closed its last trading session up +0.01 at 1.34 with 30,762 shares trading hands.