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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 14, 2020, the employment agreement of the Chief Executive Officer of On Track Innovations Ltd. (the “Company”), Mr. Yehuda Holtzman, as well as the amended and restated indemnification agreements of the directors and officers of the Company, currently in office and as may be appointed from time to time, were approved by the Company’s shareholders. Please see further details about the matters mentioned above in Item 5.07, Submission of Matters to a Vote of Security Holders.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On April 14, 2020, the Company held an extraordinary meeting of its shareholders (the “Meeting”). The final results of the shareholders voting at the Meeting are set forth below. Shareholders voted on the following proposals:
Proposal No. 1 — Approval of an Increase in the Company’s Authorized Share Capital and Respective Amendments to the Company’s Memorandum of Association and Articles of Association.
The proposal to approve an increase in the Company’s authorized share capital, by NIS 5,000,000, divided into 50,000,000 ordinary share of NIS 0.1 par value per share, to NIS 10,000,000, divided into 100,000,000 ordinary shares of NIS 0.1 par value per share, and to amend the Company’s Articles of Association and Memorandum of Association accordingly, was approved by the Company’s shareholders by the requisite majority required under the Israeli Companies Law of 1999-5759, as amended (the “Companies Law”). The votes were as follows:
| 18,422,365 | 2,656,350 | 107,447 | – |
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.
