UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 1, 2021, the Company and Ramin Massoumi, the Company’s Senior Vice President & General Manager, Consulting Solutions, agreed that he would cease to serve as an employee of the Company effective December 31, 2021.
In connection with and upon Mr. Massoumi’s departure, the Company and Mr. Massoumi expect to enter into a severance and release agreement (the “Severance Agreement”). The Severance Agreement provides that, subject to Mr. Massoumi executing a general release in favor of the Company and otherwise complying with the terms of the Severance Agreement, Mr. Massoumi will receive a severance package in line with the Company’s existing executive severance plan following his separation from employment, including Mr. Massoumi’s current annual base salary of approximately $288,000, less applicable taxes and withholding, paid in equal installments for a 12 month period in accordance with the Company’s normal payroll practices, and COBRA premiums reimbursement for up to a 12 month period. Mr. Massoumi will also make himself available for consulting to the Company for up to six months, and his outstanding equity awards will continue to vest over that period.
The foregoing description of the Severance Agreement is qualified in its entirety by reference to the complete text of the Severance Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2021.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: December 3, 2021 | ||
| ITERIS, INC., | ||
| a Delaware corporation | ||
| By: | /S/ DOUGLAS L. GROVES | |
| Douglas L. Groves | ||
| Chief Financial Officer | ||