☒ | No fee required. | |||||||
o | Fee paid previously with preliminary materials. | |||||||
o | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
Austin, TX | BY ORDER OF THE BOARD OF DIRECTORS | ||||
July 28, 2023 | |||||
Joe Bergera Chief Executive Officer |
YOUR VOTE IS IMPORTANT. EVEN IF YOU PLAN TO ATTEND THE MEETING, PLEASE VOTE BY PROXY PRIOR TO THE MEETING. IF YOU CHOOSE TO VOTE BY MAIL, PLEASE DO SO PROMPTLY TO ENSURE YOUR PROXY ARRIVES IN SUFFICIENT TIME. |
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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS This Proxy Statement and our Annual Report (including our Annual Report on Form 10-K for the fiscal year ended March 31, 2023) (the “Annual Report”) is available on the Internet by accessing www.edocumentview.com/ITI, or at www.envisionreports.com/ITI for registered holders. Information on this website does not constitute part of this Proxy Statement and shall not be deemed incorporated by reference therein. |
Proposals | Board’s Recommendation | |||||||||
1. Election of the Board of Directors. | ✓ FOR each nominee | |||||||||
2. | ||||||||||
Approval, by advisory vote, of the compensation of our named executive officers, as described in this proxy statement. | ✓ FOR | |||||||||
3. Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending March 31, | ✓ FOR |
Name | Age | Current Position(s) with Iteris | |||||||||||||||
Chief Executive Officer, President and Director | |||||||||||||||||
56 | Director | ||||||||||||||||
Gerard M. Mooney(1)(3) | Director | ||||||||||||||||
Laura L. Siegal(1)(2) | 60 | Director | |||||||||||||||
Thomas L. Thomas(2)(3)(4) | Chairman of the Board | ||||||||||||||||
57 | Director | ||||||||||||||||
Dennis W. Zank(1)(2) | Director |
Qualification | Joe Bergera | Gary Hall | Gerard Mooney | Laura Siegal | Tom Thomas | Kimberly Valentine-Poska | Dennis Zank | ||||||||||||||||
Competencies & Expertise | |||||||||||||||||||||||
Board Experience | √ | √ | √ | √ | √ | ||||||||||||||||||
Data/Analytics | √ | √ | √ | √ | |||||||||||||||||||
Financial Sophistication | √ | √ | √ | √ | √ | √ | √ | ||||||||||||||||
Growth/Value Creation | √ | √ | √ | √ | √ | √ | √ | ||||||||||||||||
M & A | √ | √ | √ | √ | √ | √ | √ | ||||||||||||||||
Operating Leadership | √ | √ | √ | ||||||||||||||||||||
Product/Technology | √ | √ | √ | √ | √ | ||||||||||||||||||
SaaS/IaaS | √ | √ | √ | √ | |||||||||||||||||||
Sales & Marketing | √ | √ | √ | √ | √ | √ | |||||||||||||||||
Smart Mobility | √ | √ | √ |
Years of Tenure | Directors | |||||||
2 | ||||||||
1 | ||||||||
Audit Committee | ||||||
• Focuses on financial risk of the | ||||||
• Reviews internal controls and the Company’s financial statements with the | ||||||
• Oversees risks assessment and risk management (and its applicable processes) by management and our independent auditors relating to key financial, accounting and reporting policies. | ||||||
• Oversees the selection, appointment, retention, compensation, evaluation and performance of the work of the Company’s independent auditors. | ||||||
• Meets quarterly and on an “as-needed” basis with | ||||||
Compensation Committee | ||||||
• Oversees risks associated with our compensation policies and programs with respect to both executive compensation and compensation for all employees generally. | ||||||
• Utilizes external independent compensation consultant to assist in designing and reviewing compensation policies and programs, including the potential risks created by the policies and programs. | ||||||
• Assists Board in overseeing the Company’s executive management succession planning. | ||||||
• Oversees the process for conducting the annual risk assessment of the Company’s compensation programs and policies, including retaining, from time to time, third party consultants to assess risk. See | ||||||
Nominating and Corporate Governance Committee | ||||||
• Oversees risks relating to certain legal and regulatory compliance risks with respect to the Company’s corporate governance policies and standards. | ||||||
• Oversees compliance and risks related to Board structure, directors and director nominations. | ||||||
• Oversees risks related to compliance matters by reviewing on at least an annual basis issues and developments related to corporate governance. | ||||||
• Oversees risks related to the Company’s compliance with |
Position | | | Annual Retainer | | |||
Chairman of the Board | | | | $ | 65,000 | | |
Nonemployee Director (other than the Chairman) | | | | $ | 35,000 | | |
Position | Annual Retainer | |||||||
Chairman of the Board | $80,000 | |||||||
Nonemployee Director (other than the Chairman) | $40,000 |
Position | Annual Retainer | |||||||||
Audit Committee | ||||||||||
Chair | $ | |||||||||
Member | $ | |||||||||
Compensation Committee | ||||||||||
Chair | $ | |||||||||
Member | $ | |||||||||
Nominating and Corporate Governance Committee | ||||||||||
Chair | $ | |||||||||
Member | $ |
Name | Fees Earned or Paid in Cash ($)(1) | Stock Awards ($)(2) | Total ($) | |||||||||||||||||
Gerard M. Mooney | $60,381 | $80,000 | $140,381 | |||||||||||||||||
Laura L. Siegal | 57,500 | 80,000 | 137,500 | |||||||||||||||||
Thomas L. Thomas | 110,627 | 80,000 | 190,627 | |||||||||||||||||
Dennis W. Zank | 72,883 | 80,000 | 152,883 |
Name | | | Fees Earned or Paid in Cash ($)(1) | | | Stock Awards ($)(2) | | | Total ($) | | |||||||||
Anjali Joshi(3) | | | | | 28,938 | | | | | | 39,998 | | | | | | 68,936 | | |
Scott E. Deeter(4) | | | | | 19,750 | | | | | | — | | | | | | 19,750 | | |
Gerard M. Mooney | | | | | 46,125 | | | | | | 39,998 | | | | | | 86,123 | | |
Laura L. Siegal | | | | | 45,329 | | | | | | 39,998 | | | | | | 85,327 | | |
Lucas (“Luke”) P. Schneider(5) | | | | | 28,122 | | | | | | 39,998 | | | | | | 68,121 | | |
Thomas L. Thomas | | | | | 80,470 | | | | | | 39,998 | | | | | | 120,468 | | |
Dennis W. Zank | | | | | 50,370 | | | | | | 39,998 | | | | | | 90,369 | | |
Plans as of July 13, 2021 | | | Shares Subject to Outstanding Stock Options(1) | | | Shares Subject to Outstanding Restricted Unit Awards | | | Shares Subject to Outstanding Performance Stock Unit Awards(2) | | | Shares Remaining Available for Future Grant | | ||||||||||||
2016 Plan | | | | | 3,586,282 | | | | | | 22,960 | | | | | | 132,403 | | | | | | 776,492 | | |
Predecessor Plan | | | | | 1,434,500 | | | | | | 327,589 | | | | | | — | | | | | | — | | |
Inducement Plan(3) | | | | | 95,000 | | | | | | 84,914 | | | | | | — | | | | | | 120,086 | | |
Total (Before Restated Plan is approved) | | | | | 5,115,782 | | | | | | 435,463 | | | | | | 132,403 | | | | | | 896,578 | | |
Shares to be added to share reserve pursuant to Restated Plan | | | | | — | | | | | | — | | | | | | — | | | | | | 3,360,000 | | |
Total (After Approval of Restated Plan)(4) | | | | | 5,115,782 | | | | | | 435,463 | | | | | | 132,403 | | | | | | 4,136,492 | | |
Fiscal Year | | | Stock Options Granted | | | RSUs Granted | | | PSUs Granted(1) | | | Total Granted | | | Weighted Average Common Stock Outstanding | | | Burn Rate | | ||||||||||||||||||
2021 | | | | | 830,600 | | | | | | 231,863 | | | | | | 68,285 | | | | | | 1,130,748 | | | | | | 41,599,432 | | | | | | 3% | | |
2020 | | | | | 1,205,500 | | | | | | 373,939 | | | | | | — | | | | | | 1,579,439 | | | | | | 39,012,348 | | | | | | 4% | | |
2019 | | | | | 1,037,850 | | | | | | 61,870 | | | | | | — | | | | | | 1,099,720 | | | | | | 33,266,192 | | | | | | 3% | | |
3-Year Average | | | | | 1,024,650 | | | | | | 222,557 | | | | | | 22,762 | | | | | | 1,269,969 | | | | | | 37,959,324 | | | | | | 3% | | |
Name and Position | | | Number of Shares Subject to Options | | | Number of Shares Subject to RSU Awards | | | Number of Shares Subject to PSU Awards at “Target” | | |||||||||
Named Executive Officers | | | | | | | | | | | | | | | | | | | |
Joe Bergera Chief Executive Officer, President and Director | | | | | 1,012,500 | | | | | | 38,408 | | | | | | 72,646 | | |
Douglas L. Groves Chief Financial Officer, Senior Vice President of Finance and Secretary | | | | | 250,000 | | | | | | 12,449 | | | | | | 24,899 | | |
Todd Kreter Senior Vice President & General Manager, Advanced Sensors Technologies | | | | | 315,000 | | | | | | 8,714 | | | | | | 17,429 | | |
Ramin Massoumi Senior Vice President & General Manager, Consulting Solutions | | | | | 315,000 | | | | | | 8,714 | | | | | | 17,429 | | |
Name and Position | | | Number of Shares Subject to Options | | | Number of Shares Subject to RSU Awards | | | Number of Shares Subject to PSU Awards at “Target” | | |||||||||
All current executive officers as a group (4 persons) | | | | | 1,892,500 | | | | | | 68,285 | | | | | | 132,403 | | |
Nonemployee Directors | | | | | | | | | | | | | | | | | | | |
Anjali Joshi | | | | | — | | | | | | 9,569 | | | | | | — | | |
Gerard M. Mooney | | | | | — | | | | | | 9,569 | | | | | | — | | |
Luke Schneider | | | | | — | | | | | | 9,569 | | | | | | — | | |
Laura L. Siegal | | | | | — | | | | | | 9,569 | | | | | | — | | |
Thomas L. Thomas | | | | | — | | | | | | 9,569 | | | | | | — | | |
Dennis Zank | | | | | — | | | | | | 9,569 | | | | | | — | | |
All current nonemployee directors as a group (6 persons) | | | | | — | | | | | | 57,414 | | | | | | — | | |
All employees, excluding current executive officers as a group (430 persons) | | | | | 573,100 | | | | | | 106,164 | | | | | | — | | |
Name | Age | Capacities in Which Served | |||||||||||||||
Joe Bergera | Chief Executive Officer, President and Director | ||||||||||||||||
Senior Vice President and Chief Financial Officer, | |||||||||||||||||
Todd Kreter | Senior Vice President | ||||||||||||||||
Senior Vice President |
What We Have | What We Do Not Have | ||||||||||
We have approximately 68% of target direct compensation for the chief executive officer (and 53% of the other named executive officers) that is performance-based or is at-risk We have a performance-based long term incentive plan that utilizes PSUs, RSUs, and stock options We have a clawback policy for incentive compensation We have stock ownership guidelines for executive officers and directors We have an independent compensation consultant to advise our Compensation Committee We make ongoing stockholder outreach efforts to obtain input on our compensation practices | We do not provide 280G excise tax gross-ups We do not provide any pension or supplemental defined retirement benefits We do not provide for any “single trigger” equity vesting for equity awards We prohibit repricing options without shareholder approval We prohibit granting stock options with an exercise price below 100% of fair market value We do not provide any |
• • • • Applied Optoelectronics, Inc. •Aviat Networks, Inc. •Clearfield, Inc. •Digi International Inc. • • • Intevac, Inc. | • Intricon Corporation •KVH Industries, Inc. •Luna Innovations Incorporated •Mitek Systems, Inc. •Napco Security Technologies, Inc. • • • • • Zix Corporation |
Pay Component | Rationale and Value to Stockholders | |||||||
Base Salary | • • • Reflects competitive market conditions | |||||||
Performance-Based Cash Bonus (Short-Term Incentive Program) | • Motivates achievement of strategic priorities for the fiscal year as measured by financial and operational metrics • | |||||||
Equity Incentive Awards (Options, RSUs and PSUs) | • Encourages focus on long-term stockholder value creation • Aligns • Provides long-term retention incentive |
Named Executive Officer | | | Fiscal 2021 Annual Base Salary | | |||
Joe Bergera | | | | $ | 430,000 | | |
Douglas L. Groves | | | | | 400,000 | | |
Todd Kreter | | | | | 290,000 | | |
Ramin Massoumi | | | | | 280,000 | | |
Named Executive Officer | Fiscal 2023 Annual Base Salary | |||||||
Joe Bergera | $445,000 | |||||||
Douglas L. Groves (1) | 412,500 | |||||||
Kerry A. Shiba (2) | 425,000 | |||||||
Todd Kreter | 300,000 | |||||||
William M. Cousins | 295,000 |
Performance Components | | | Threshold | | | Target | | | Maximum | | | Actual | | | % of Target Payout Attained | | |||||||||||||||
Corporate Revenue | | | | $ | 93,806 | | | | | $ | 117,258 | | | | | $ | 140,710 | | | | | $ | 117,138 | | | | | | 100.0% | | |
Corporate Adjusted EBITDA | | | | | 2,863 | | | | | | 4,406 | | | | | | 7,930 | | | | | | 7,450 | | | | | | 169.0 | | |
Roadway Sensors Revenue | | | | | 42,206 | | | | | | 52,758 | | | | | | 63,309 | | | | | | 56,548 | | | | | | 107.0 | | |
Roadway Sensors Contribution Margin | | | | | 7,022 | | | | | | 8,778 | | | | | | 10,534 | | | | | | 11,554 | | | | | | 132.0 | | |
Transportation Systems Revenue | | | | | 51,600 | | | | | | 64,500 | | | | | | 77,400 | | | | | | 60,590 | | | | | | 94.0 | | |
Transportation Systems Contribution Margin | | | | | 8,442 | | | | | | 7,438 | | | | | | 12,664 | | | | | | 8,964 | | | | | | 85.0 | | |
Performance Components | Threshold ($) | Target ($) | Maximum ($) | Actual ($) | Attained (%) | |||||||||||||||||||||||||||
Total Company Revenue | 137,025 | 152,250 | 228,375 | 156,052 | 102 | % | ||||||||||||||||||||||||||
Total Company Adjusted EBITDA | 5,719 | 8,170 | 9,804 | (6,626) | (81) | % | ||||||||||||||||||||||||||
Hardware and Software Revenue | 87,119 | 96,798 | 145,197 | 98,309 | 102 | % | ||||||||||||||||||||||||||
Hardware and Software Contribution Margin | 22,964 | 32,805 | 39,366 | 22,885 | 70 | % |
Named Executive Officer | | | Performance Objectives Allocation (%) | | | 2021 Target Bonus ($) | | | 2021 Actual Bonus ($) | | | % of Target Awarded (%) | | ||||||||||||
Joe Bergera | | | | | | | | | | $ | 322,500 | | | | | $ | 448,275 | | | | | | 139% | | |
Corporate Revenue | | | | | 40% | | | | | | | | | | | | | | | | | | | | |
Corporate Adjusted EBITDA | | | | | 40 | | | | | | | | | | | | | | | | | | | | |
MBOs | | | | | 20 | | | | | | | | | | | | | | | | | | | | |
Douglas L. Groves | | | | | | | | | | $ | 200,000 | | | | | $ | 280,000 | | | | | | 140% | | |
Corporate Revenue | | | | | 40 | | | | | | | | | | | | | | | | | | | | |
Corporate Adjusted EBITDA | | | | | 40 | | | | | | | | | | | | | | | | | | | | |
MBOs | | | | | 20 | | | | | | | | | | | | | | | | | | | | |
Todd Kreter | | | | | | | | | | $ | 159,500 | | | | | $ | 232,462 | | | | | | 146% | | |
Roadway Sensors Revenue | | | | | 25 | | | | | | | | | | | | | | | | | | | | |
Roadway Sensors Contribution Margin | | | | | 25 | | | | | | | | | | | | | | | | | | | | |
Corporate Revenue | | | | | 15 | | | | | | | | | | | | | | | | | | | | |
Corporate Adjusted EBITDA | | | | | 15 | | | | | | | | | | | | | | | | | | | | |
MBOs | | | | | 20 | | | | | | | | | | | | | | | | | | | | |
Ramin Massoumi | | | | | | | | | | $ | 154,000 | | | | | $ | 149,959 | | | | | | 97% | | |
Transportation Systems Revenue | | | | | 25 | | | | | | | | | | | | | | | | | | | | |
Transportation Systems Contribution Margin | | | | | 25 | | | | | | | | | | | | | | | | | | | | |
Corporate Revenue | | | | | 15 | | | | | | | | | | | | | | | | | | | | |
Corporate Adjusted EBITDA | | | | | 15 | | | | | | | | | | | | | | | | | | | | |
MBOs | | | | | 20 | | | | | | | | | | | | | | | | | | | | |
Named Executive Officer | Performance Objectives Allocation (%) | 2023 Target Bonus ($) | 2023 Actual Bonus ($) | % of Target Awarded (%) | ||||||||||||||||||||||
Joe Bergera | $356,000 | $212,461 | 60 | % | ||||||||||||||||||||||
Total Company Revenue | 40 | |||||||||||||||||||||||||
Total Company Adjusted EBITDA | 40 | |||||||||||||||||||||||||
MBOs | 20 | |||||||||||||||||||||||||
Douglas L. Groves | 226,875 | 129,319 | 57 | % | ||||||||||||||||||||||
Total Company Revenue | 40 | |||||||||||||||||||||||||
Total Company Adjusted EBITDA | 40 | |||||||||||||||||||||||||
MBOs | 20 | |||||||||||||||||||||||||
Kerry A. Shiba | (1) | 30,000 | 30,000 | 100 | % | |||||||||||||||||||||
Todd Kreter | 180,000 | 115,560 | 64 | % | ||||||||||||||||||||||
Hardware and Software Revenue | 25 | |||||||||||||||||||||||||
Hardware and Software Contribution Margin | 25 | |||||||||||||||||||||||||
Total Company Revenue | 15 | |||||||||||||||||||||||||
Total Company Adjusted EBITDA | 15 | |||||||||||||||||||||||||
MBOs | 20 | |||||||||||||||||||||||||
William Cousins | 177,000 | 111,634 | 63 | % | ||||||||||||||||||||||
Hardware and Software Revenue | 25 | |||||||||||||||||||||||||
Hardware and Software Contribution Margin | 25 | |||||||||||||||||||||||||
Total Company Revenue | 15 | |||||||||||||||||||||||||
Total Company Adjusted EBITDA | 15 | |||||||||||||||||||||||||
MBOs | 20 |
12 months ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | Vested | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Named Executive Officer | Fiscal 2021 Award Target Shares | Performance Component | % Attained | Shares | % Attained | Shares | % Attained | Shares | 3-Year rTSR Modifier | % Attained | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow From Operations | 160% | - | 0% | - | 0% | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues per Share | 102% | - | 98% | - | 133% | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Achievement % | 131% | - | 49% | - | 67% | - | 75% | 61.6% | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joe Bergera | 31,123 | 131% | 13,590 | 49% | 5,075 | 67% | 6,899 | 75% | 61.6% | 19,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Douglas L. Groves | 12,449 | 131% | 5,437 | 49% | 2,030 | 67% | 2,760 | 75% | 61.6% | 7,670 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kerry A. Shiba(1) | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Todd Kreter | 8,714 | 131% | 3,806 | 49% | 1,421 | 67% | 1,932 | 75% | 61.6% | 5,369 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William M. Cousins(1) | - | - | - | - | - | - | - | - | - | - |
Thomas L. Thomas (Chairman) Laura L. Siegal Dennis W. Zank |
Name and Principal Position | Fiscal Year | Salary(1)(2) ($) | Bonus ($) | Stock Awards(3) ($) | Option Awards(3) ($) | Non-Equity Incentive Plan Compensation(2)(4) ($) | All Other Compensation(5) ($) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||
Joe Bergera Chief Executive Officer and President | 2023 | 445,000 | — | 218,504 | 247,386 | 212,461 | 18,128 | 1,141,479 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 445,000 | — | 373,068 | 260,000 | 186,900 | 20,846 | 1,285,814 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 430,000 | — | 254,388 | 323,125 | 448,275 | 11,200 | 1,466,988 | |||||||||||||||||||||||||||||||||||||||||||
Douglas L. Groves Chief Financial Officer, Senior Vice President of Finance and Secretary(6) | 2023 | 412,500 | — | 112,742 | 139,042 | 129,319 | 8,885 | 802,488 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 412,500 | — | 152,637 | 130,000 | 116,013 | 13,846 | 824,996 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 400,000 | — | 82,723 | 117,500 | 280,000 | 11,200 | 891,423 | |||||||||||||||||||||||||||||||||||||||||||
Kerry A. Shiba Senior Vice President and Chief Financial Officer, Treasurer, and Secretary (7) | 2023 | 425,000 | 30,000(8) | 124,999 | 125,001 | — | 654 | 705,654 | ||||||||||||||||||||||||||||||||||||||||||
2022 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Todd Kreter Senior Vice President and General Manager, Advanced Sensors | 2023 | 300,000 | — | 69,808 | 83,425 | 115,560 | — | 568,793 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 300,000 | — | 113,071 | 97,500 | 110,413 | 15,168 | 636,152 | |||||||||||||||||||||||||||||||||||||||||||
2021 | 290,000 | — | 57,715 | 82,250 | 232,462 | 11,200 | 673,627 | |||||||||||||||||||||||||||||||||||||||||||
William M. Cousins Senior Vice President and Chief Product Officer | 2023 | 295,000 | — | 55,457 | 83,425 | 111,634 | 10,892 | 556,408 | ||||||||||||||||||||||||||||||||||||||||||
2022 | 295,000 | — | 59,813 | 62,500 | 111,634 | — | 528,947 | |||||||||||||||||||||||||||||||||||||||||||
2021 | — | — | — | — | — | — | — |
Name and Principal Position | | | Fiscal Year | | | Salary | | | Stock Awards(1) | | | Option Awards(1) | | | Non-Equity Incentive Plan Compensation(2) | | | All Other Compensation(3) | | | Total | | |||||||||||||||||||||
Joe Bergera Chief Executive Officer and President | | | | | 2021 | | | | | $ | 432,030 | | | | | $ | 254,388 | | | | | $ | 323,125 | | | | | $ | 448,275 | | | | | $ | 11,200 | | | | | $ | 1,469,018 | | |
| | | 2020 | | | | | | 430,314 | | | | | | — | | | | | | 634,300 | | | | | | 180,155 | | | | | | 11,351 | | | | | | 1,256,120 | | | ||
| | | 2019 | | | | | | 412,894 | | | | | | — | | | | | | 421,425 | | | | | | 137,280 | | | | | | 17,118 | | | | | | 988,716 | | | ||
Douglas L. Groves Chief Financial Officer, Senior Vice President of Finance and Secretary | | | | | 2021 | | | | | | 401,947 | | | | | | 82,723 | | | | | | 117,500 | | | | | | 280,000 | | | | | | 11,200 | | | | | | 893,370 | | |
| | | 2020 | | | | | | 121,617(4) | | | | | | — | | | | | | 489,540 | | | | | | 37,333 | | | | | | 4,800 | | | | | | 653,290 | | | ||
Todd Kreter Senior Vice President and General Manager, Roadway Sensors | | | | | 2021 | | | | | | 291,690 | | | | | | 57,715 | | | | | | 82,250 | | | | | | 232,462 | | | | | | 11,200 | | | | | | 675,317 | | |
| | | 2020 | | | | | | 295,890 | | | | | | — | | | | | | 177,604 | | | | | | 103,895 | | | | | | 11,187 | | | | | | 588,576 | | | ||
| | | 2019 | | | | | | 282,734 | | | | | | — | | | | | | 112,380 | | | | | | 49,286 | | | | | | 15,353 | | | | | | 459,753 | | | ||
Ramin Massoumi Senior Vice President and General Manager, Transportation Systems | | | | | 2021 | | | | | | 280,785 | | | | | | 57,715 | | | | | | 82,250 | | | | | | 149,959 | | | | | | 11,200 | | | | | | 581,909 | | |
| | | 2020 | | | | | | 279,688 | | | | | | — | | | | | | 177,604 | | | | | | 136,531 | | | | | | 10,262 | | | | | | 604,084 | | | ||
| | | 2019 | | | | | | 268,306 | | | | | | — | | | | | | 112,380 | | | | | | 70,166 | | | | | | 11,440 | | | | | | 462,292 | | |
Name | | | Grant Date | | | Description | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All Other Stock Awards Number of Shares of Stock or Units(#) | | | All Other Stock Awards: Number of Securities Underlying Options(#)(4) | | | Exercise or Base Price of Option or Awards ($/share) | | | Grant Date Fair Value of Stock and Option Awards ($)(5) | | | |||||||||||||||||||||||||||||||||||||||||||||||
| Threshold/ Minimum ($) | | | Target ($) | | | Maximum ($) | | | Threshold/ Minimum (#) | | | Target (#) | | | Maximum (#) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joe Bergera | | | | | 06/22/2020 | | | | Cash Bonus | | | | $ | 0 | | | | | $ | 322,500 | | | | | $ | 580,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | 06/30/2020 | | | | PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 12,803 | | | | | | 25,605 | | | | | | — | | | | | | — | | | | | $ | — | | | | | $ | 70,030 | | | | ||||
| | | 11/16/2020 | | | | RSU | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,408(3) | | | | | | — | | | | | | — | | | | | | 184,358 | | | | ||||
| | | 11/16/2020 | | | | Options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 137,500(4) | | | | | | 137,500 | | | | | | 4.80 | | | | | | 323,125 | | | | ||||
Douglas L. Groves | | | | | 06/22/2020 | | | | Cash Bonus | | | | | 0 | | | | | | 200,000 | | | | | | 360,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | 06/30/2020 | | | | PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 4,150 | | | | | | 8,299 | | | | | | — | | | | | | — | | | | | | — | | | | | | 22,968 | | | | ||||
| | | 11/16/2020 | | | | RSU | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,449(3) | | | | | | — | | | | | | — | | | | | | 59,755 | | | | ||||
| | | 11/16/2020 | | | | Options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50,000(4) | | | | | | 50,000 | | | | | | 4.80 | | | | | | 117,500 | | | | ||||
Todd Kreter | | | | | 06/22/2020 | | | | Cash Bonus | | | | | 0 | | | | | | 159,500 | | | | | | 287,100 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| | | 06/30/2020 | | | | PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 2,905 | | | | | | 5,809 | | | | | | ��� | | | | | | — | | | | | | — | | | | | | 15,888 | | | | ||||
| | | 11/16/2020 | | | | RSU | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,714(3) | | | | | | 41,827 | | | | | | | | | | | | | | | | ||||
| | | 11/16/2020 | | | | Options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,000(4) | | | | | | 35,000 | | | | | | 4.80 | | | | | | 82,250 | | | | ||||
Ramin Massoumi | | | | | | | | | Cash Bonus | | | | | 0 | | | | | | 154,000 | | | | | | 277,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | |
| | | 06/30/2020 | | | | PSU | | | | | — | | | | | | — | | | | | | — | | | | | | 0 | | | | | | 2,905 | | | | | | 5,809 | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,888 | | | | ||||
| | | 11/16/2020 | | | | RSU | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,714(3) | | | | | | — | | | | | | — | | | | | | 41,827 | | | | ||||
| | | 11/16/2020 | | | | Options | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 35,0004) | | | | | | 35,000 | | | | | | 4.80 | | | | | | 82,250 | | | |
Name | Grant Date | Description | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/share) | Grant Date Fair Value of Stock and Option Awards ($)(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joe Bergera | 6/22/2022 | Cash | $ | — | $356,000 | $640,800 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2023 PSU | — | — | — | — | 13,029 | 26,058 | — | — | — | 40,260 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2022 PSU | — | — | — | — | 11,413 | 22,826 | — | — | — | 29,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2021 PSU | — | — | — | — | 10,374 | 20,748 | — | — | — | 24,379 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | RSU | — | — | — | — | — | — | 39,714 | (3) | — | — | 124,305 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | Options | — | — | — | — | — | — | — | 137,284 | 3.13 | 247,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Douglas L. Groves | 6/22/2022 | Cash | — | 226,875 | 408,375 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2023 PSU | — | — | — | — | 7,241 | 14,482 | — | — | — | 22,375 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2022 PSU | — | — | — | — | 4,150 | 8,300 | — | — | — | 10,749 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2021 PSU | — | — | — | — | 4,150 | 8,300 | — | — | — | 9,753 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | RSU | — | — | — | — | — | — | 22,321 | (3) | — | — | 69,865 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | Options | — | — | — | — | — | — | — | 77,160 | 3.13 | 139,042 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kerry A. Shiba | 2/3/2023 | RSU | — | — | — | — | — | — | 27,964 | — | — | 124,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2/3/2023 | Options | — | — | — | — | — | — | — | 27,964 | 4.47 | 125,001 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Todd Kreter | 6/22/2022 | Cash | — | 180,000 | 324,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2023 PSU | — | — | — | — | 4,382 | 8,764 | — | — | — | 13,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2022 PSU | — | — | — | — | 2,905 | 5,810 | — | — | — | 7,524 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2021 PSU | — | — | — | — | 2,905 | 5,810 | — | — | — | 6,827 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | RSU | — | — | — | — | — | — | 13,392 | (3) | — | — | 41,917 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | Options | — | — | — | — | — | — | — | 46,296 | 3.13 | 83,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William M. Cousins | 6/22/2022 | Cash | — | 177,000 | 318,600 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7/14/2022 | 2023 PSU | — | — | — | — | 4,382 | 8,764 | — | — | — | 13,540 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | RSU | — | — | — | — | — | — | 13,392 | — | — | 41,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/2/2022 | Options | — | — | — | — | — | — | — | 46,296 | 3.13 | 83,425 |
Option Awards(1) | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Outstanding Options Exercisable (#) | Number of Securities Underlying Outstanding Options Unexercisable (#) | Option Exercise Price ($) | Option Grant Date | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#)(2) | Market Value of Shares or Units of Stock That Have Not Vested (#)(3) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(4) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | |||||||||||||||||||||||||||||||||||||||||||||||
J. Joseph (“Joe”) Bergera Chief Executive Officer, President and Director | 1,350,000 | — | $2.38 | 09/23/15 | 09/22/25 | |||||||||||||||||||||||||||||||||||||||||||||||||||
150,000 | — | 4.91 | 03/03/17 | 03/02/27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
250,000 | — | 5.52 | 02/16/18 | 02/15/28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
225,000 | — | 4.16 | 12/10/18 | 12/09/28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
187,500 | 62,500 | 5.10 | 12/09/19 | 12/08/29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
68,750 | 68,750 | 4.80 | 11/16/20 | 11/15/30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
25,000 | 75,000 | 5.00 | 11/18/21 | 11/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 137,284 | 3.13 | 12/02/22 | 12/01/32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
103,022 | 483,173 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
35,855 | 103,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Douglas L. Groves Chief Financial Officer, Senior Vice President of Finance and Secretary(5) | 150,000 | 50,000 | 4.92 | 12/04/19 | 12/03/29 | |||||||||||||||||||||||||||||||||||||||||||||||||||
25,000 | 25,000 | 4.80 | 11/16/20 | 11/15/30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12,500 | 37,500 | 5.00 | 11/18/21 | 11/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 77,160 | 3.13 | 12/02/22 | 12/01/32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
47,220 | 221,462 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
15,541 | 47,220 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kerry A. Shiba Senior Vice President and Chief Financial Officer, Treasurer, and Secretary | — | 27,964 | 4.47 | 02/03/23 | 02/02/33 | |||||||||||||||||||||||||||||||||||||||||||||||||||
27,964 | 131,151 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 27,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Todd Kreter Senior Vice President and General Manager of Advanced Sensor Technologies | 75,000 | — | 4.91 | 03/03/17 | 03/02/27 | |||||||||||||||||||||||||||||||||||||||||||||||||||
75,000 | — | 5.52 | 02/16/18 | 02/15/28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
60,000 | — | 4.16 | 12/10/18 | 12/09/28 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
52,500 | 17,500 | 5.10 | 12/09/19 | 12/08/29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
17,500 | 17,500 | 4.80 | 11/16/20 | 11/15/30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
9,375 | 28,125 | 5.00 | 11/18/21 | 11/17/31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
— | 46,296 | 3.13 | 12/02/22 | 12/01/32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
32,066 | 150,390 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
10,192 | 32,066 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
William M. Cousins Senior Vice President and Chief Product Officer | 15,625 | 46,875 | 3.19 | 03/21/22 | 03/20/32 | |||||||||||||||||||||||||||||||||||||||||||||||||||
— | 46,296 | 3.13 | 12/02/22 | 12/01/32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
32,142 | 150,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4,382 | 32,142 |
Name | | | Option Awards(1) | | | Stock Awards | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Securities Underlying Outstanding Options (#) Exercisable | | | Number of Securities Underlying Outstanding Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Grant Date | | | Option Expiration Date | | | Number of Shares or Units of Stock That have not Vested | | | Market Value of Shares or Units of Stock That Have Not Vested(4) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested | | | | |||||||||||||||||||||||||||||||||
Joe Bergera | | | | | 1,350,000 | | | | | | — | | | | | $ | 2.38 | | | | | | 09/23/15 | | | | | | 09/22/25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 150,000 | | | | | | — | | | | | | 4.91 | | | | | | 03/03/17 | | | | | | 03/02/27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 187,500 | | | | | | 62,500 | | | | | | 5.52 | | | | | | 02/16/18 | | | | | | 02/15/28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 112,500 | | | | | | 112,500 | | | | | | 4.16 | | | | | | 12/10/18 | | | | | | 12/09/28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 62,500 | | | | | | 187,500 | | | | | | 5.10 | | | | | | 12/09/19 | | | | | | 12/08/29 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | 137,500 | | | | | | 4.80 | | | | | | 11/16/20 | | | | | | 11/15/30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 38,408(2) | | | | | $ | 236,977(4) | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 38,408(3) | | | | | | 236,977(4) | | | | | ||||
Douglas L. Groves | | | | | 50,000 | | | | | | 150,000 | | | | | | 4.92 | | | | | | 12/04/19 | | | | | | 12/04/29 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | 50,000 | | | | | | 4.80 | | | | | | 11/16/20 | | | | | | 11/15/30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,449(2) | | | | | | 76,810(4) | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 12,449(3) | | | | | | 76,810(4) | | | | | ||||
Todd Kreter | | | | | 12,500 | | | | | | — | | | | | | 1.87 | | | | | | 11/18/14 | | | | | | 11/17/24 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 75,000 | | | | | | — | | | | | | 2.37 | | | | | | 11/02/15 | | | | | | 11/01/25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 75,000 | | | | | | — | | | | | | 4.91 | | | | | | 03/03/17 | | | | | | 03/02/27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 56,250 | | | | | | 18,750 | | | | | | 5.52 | | | | | | 02/16/18 | | | | | | 02/15/28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 30,000 | | | | | | 30,000 | | | | | | 4.16 | | | | | | 12/10/18 | | | | | | 03/02/27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 17,500 | | | | | | 52,500 | | | | | | 5.10 | | | | | | 12/09/19 | | | | | | 02/15/28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | 35,000 | | | | | | 4.80 | | | | | | 11/16/20 | | | | | | 11/15/30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,714(2) | | | | | | 51,933(4) | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 8,714(3) | | | | | | 51,933(4) | | | | | ||||
Ramin Massoumi | | | | | 75,000 | | | | | | — | | | | | | 4.91 | | | | | | 03/03/17 | | | | | | 03/02/27 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 56,250 | | | | | | 18,750 | | | | | | 5.52 | | | | | | 02/16/18 | | | | | | 02/15/28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 30,000 | | | | | | 30,000 | | | | | | 4.16 | | | | | | 12/10/18 | | | | | | 12/09/28 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | 17,500 | | | | | | 52,500 | | | | | | 5.10 | | | | | | 12/09/19 | | | | | | 12/08/29 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | 35,000 | | | | | | 4.80 | | | | | | 11/16/20 | | | | | | 11/15/30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,714(2) | | | | | | 51,933(4) | | | | | | | | | | | | | | | | | ||||
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | | | | | 8,714(3) | | | | | | 51,933(4) | | | | |
Name | | | Option Awards | | |||||||||
| Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise ($)(1) | | ||||||||
Joe Bergera | | | | | — | | | | | $ | — | | |
Douglas L. Groves | | | | | — | | | | | $ | — | | |
Todd Kreter | | | | | — | | | | | $ | — | | |
Ramin Massoumi | | | | | 27,996 | | | | | $ | 200,400 | | |
Stock Awards | |||||||||||
Name | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | |||||||||
Joe Bergera | 44,768 | 180,580 | |||||||||
Douglas L. Groves | 16,452 | 67,636 | |||||||||
Kerry A. Shiba | — | — | |||||||||
Todd Kreter | 11,516 | 47,344 | |||||||||
William M. Cousins | — | — |
Name | | | Executive Contributions in Last Fiscal Year ($)(1) | | | Aggregate Earnings in Last Fiscal Year(2) | | | Aggregate Withdrawals / Distributions ($) | | | Aggregate Balance at Last Fiscal Year End ($) | | ||||||||||||
Joe Bergera | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Douglas L. Groves | | | | | 43,077 | | | | | | 402 | | | | | | — | | | | | | 43,479 | | |
Todd Kreter | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ramin Massoumi | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name | Executive Contributions in Last Fiscal Year ($) (1) | Aggregate Earnings in Last Fiscal Year ($) (2) | Aggregate Withdrawals /Distributions ($) | Aggregate Balance at Last Fiscal Year End ($) | ||||||||||||||||||||||
Joe Bergera | 37,380 | — | — | 200,903 | ||||||||||||||||||||||
Douglas L. Groves (3) | 137,334 | — | (118,598) | 476,770 | ||||||||||||||||||||||
Kerry A. Shiba (4) | — | — | — | — | ||||||||||||||||||||||
Todd Kreter | 22,093 | — | — | 97,097 | ||||||||||||||||||||||
William M. Cousins | — | — | — | — |
| | | No Change in Control | | | Change in Control | | ||||||||||||||||||||||||||||||
| Termination Without Cause or for Good Reason ($) | | | Death ($)(1) | | | Disability ($)(2) | | | Termination Without Cause or for Good Reason ($) | | | Death ($)(1) | | | Disability ($)(2) | | ||||||||||||||||||||
Joe Bergera | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(3) | | | | $ | 752,500 | | | | | $ | 215,000 | | | | | $ | 143,333 | | | | | $ | 860,000 | | | | | $ | 215,000 | | | | | $ | 107,500 | | |
Medical Benefits(4) | | | | | 13,048 | | | | | | 13,048 | | | | | | 4,349 | | | | | | 13,048 | | | | | | 13,048 | | | | | | 4,349 | | |
Equity Award Acceleration(5) | | | | | — | | | | | $ | 62,712 | | | | | $ | 62,712 | | | | | | 6,850,080 | | | | | | 449,654 | | | | | | 449,654 | | |
Estimated Total | | | | $ | 765,548 | | | | | $ | 290,760 | | | | | $ | 210,394 | | | | | $ | 7,723,128 | | | | | $ | 677,702 | | | | | $ | 561,503 | | |
Douglas L. Groves | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(3) | | | | $ | 400,000 | | | | | | — | | | | | | — | | | | | $ | 400,000 | | | | | | — | | | | | | — | | |
Medical Benefits(4) | | | | | 13,048 | | | | | | — | | | | | | — | | | | | | 13,048 | | | | | | — | | | | | | — | | |
Equity Award Acceleration(5) | | | | | — | | | | | | 20,848 | | | | | | 20,848 | | | | | | 472,121 | | | | | | 149,468 | | | | | | 149,468 | | |
Estimated Total | | | | $ | 413,048 | | | | | $ | 20,848 | | | | | $ | 20,848 | | | | | $ | 885,169 | | | | | $ | 149,468 | | | | | $ | 149,468 | | |
Todd Kreter | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(3) | | | | $ | 290,000 | | | | | | — | | | | | | — | | | | | $ | 290,000 | | | | | | — | | | | | | — | | |
Medical Benefits(4) | | | | | 7,761 | | | | | | — | | | | | | — | | | | | | 7,761 | | | | | | — | | | | | | — | | |
Equity Award Acceleration(5) | | | | | — | | | | | | 14,777 | | | | | | 14,777 | | | | | | 832,981 | | | | | | 104,398 | | | | | | 104,398 | | |
| | | No Change in Control | | | Change in Control | | ||||||||||||||||||||||||||||||
| Termination Without Cause or for Good Reason ($) | | | Death ($)(1) | | | Disability ($)(2) | | | Termination Without Cause or for Good Reason ($) | | | Death ($)(1) | | | Disability ($)(2) | | ||||||||||||||||||||
Estimated Total | | | | $ | 297,761 | | | | | $ | 14,777 | | | | | $ | 14,777 | | | | | $ | 1,130,742 | | | | | $ | 104,398 | | | | | $ | 104,398 | | |
Ramin Massoumi | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash Severance(3) | | | | $ | 280,000 | | | | | | — | | | | | | — | | | | | $ | 280,000 | | | | | | — | | | | | | — | | |
Medical Benefits(4) | | | | | 13,048 | | | | | | — | | | | | | — | | | | | | 13,048 | | | | | | — | | | | | | — | | |
Equity Award Acceleration(5) | | | | | — | | | | | | 14,777 | | | | | | 14,777 | | | | | | 494,249 | | | | | | 104,398 | | | | | | 104,398 | | |
Estimated Total | | | | $ | 293,048 | | | | | $ | 14,777 | | | | | $ | 14,777 | | | | | $ | 787,297 | | | | | $ | 104,398 | | | | | $ | 104,398 | | |
|
No Change in Control | Change in Control | |||||||||||||||||||||||||
Termination Without Cause or for Good Reason ($) | Death ($) | Disability ($) | Termination Without Cause or for Good Reason ($) | Death ($) | Disability ($) | |||||||||||||||||||||
Joe Bergera | ||||||||||||||||||||||||||
Cash Severance | $ | 778,750 | $ | 222,500 | $ | 111,250 | $ | 890,000 | $ | 222,500 | $ | 111,250 | ||||||||||||||
Medical Benefits(1) | 29,573 | 29,573 | 29,573 | 29,573 | 29,573 | 29,573 | ||||||||||||||||||||
Equity Award Acceleration | — | 446,470 | 446,470 | 973,025 | 821,505 | 821,505 | ||||||||||||||||||||
Estimated Total | $ | 808,323 | $ | 698,543 | $ | 587,293 | $ | 1,892,598 | $ | 1,073,578 | $ | 962,328 | ||||||||||||||
Kerry A. Shiba | ||||||||||||||||||||||||||
Cash Severance | $ | 425,000 | $ | — | $ | — | $ | 455,000 | $ | — | $ | — | ||||||||||||||
Medical Benefits(1) | 21,009 | — | — | 21,009 | — | — | ||||||||||||||||||||
Equity Award Acceleration | — | 6,707 | 6,707 | 131,151 | 65,576 | 65,576 | ||||||||||||||||||||
Estimated Total | $ | 446,009 | $ | 6,707 | $ | 6,707 | $ | 577,160 | $ | 65,576 | $ | 65,576 | ||||||||||||||
Todd Kreter | ||||||||||||||||||||||||||
Cash Severance | $ | 300,000 | $ | — | $ | — | $ | 300,000 | $ | — | $ | — | ||||||||||||||
Medical Benefits(1) | 17,563 | — | — | 17,563 | — | — | ||||||||||||||||||||
Equity Award Acceleration | — | 124,134 | 124,134 | 293,782 | 239,021 | 239,021 | ||||||||||||||||||||
Estimated Total | $ | 317,563 | $ | 124,134 | $ | 124,134 | $ | 611,345 | $ | 239,021 | $ | 239,021 | ||||||||||||||
William M. Cousins | ||||||||||||||||||||||||||
Cash Severance | $ | 295,000 | $ | — | $ | — | $ | 295,000 | $ | — | $ | — | ||||||||||||||
Medical Benefits(1) | 6,015 | — | — | 6,015 | — | — | ||||||||||||||||||||
Equity Award Acceleration | — | 42,333 | 42,333 | 212,396 | 137,023 | 137,023 | ||||||||||||||||||||
Estimated Total | $ | 301,015 | $ | 42,333 | $ | 42,333 | $ | 513,411 | $ | 137,023 | $ | 137,023 |
Fiscal Year | Summary Compensation Table Total for PEO($)(1) | Compensation Actually Paid to PEO($)(1)(3) | Average Summary Compensation Table Total for Non-PEO NEOs($)(2) | Average Compensation Actually Paid to Non-PEO NEOs($)(2)(3) | Value of Initial Fixed $100 Investment based on Total Shareholder Return ($) | Net Income ($ in thousands) | ||||||||||||||
2023 | 1,141,479 | 1,747,658 | 658,336 | 893,645 | 54 | (14,855) | ||||||||||||||
2022 | 1,285,814 | (734,931) | 663,365 | 114,444 | (54) | (7,080) | ||||||||||||||
2021 | 1,466,988 | 2,470,447 | 782,525 | 1,823,803 | 108 | 10,134 |
Fiscal Year 2023 | Fiscal Year 2022 | Fiscal Year 2021 | |||||||||||||||||||||||||||||||||
PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | ||||||||||||||||||||||||||||||
Total Compensation from Summary Compensation Table | $ | 1,141,479 | $ | 658,336 | $ | 1,285,814 | $ | 663,365 | $ | 1,466,988 | $ | 782,525 | |||||||||||||||||||||||
Adjustments for Equity Awards | |||||||||||||||||||||||||||||||||||
Adjustment for grant date fair values in Summary Compensation Table | (465,890) | (198,474) | (633,068) | (205,174) | (577,513) | (170,094) | |||||||||||||||||||||||||||||
Fiscal year-end fair value of unvested awards granted in the current year | 515,055 | 194,156 | 108,213 | 43,285 | 504,347 | 136,731 | |||||||||||||||||||||||||||||
Fiscal year-over-year differences of year-end fair values for unvested awards granted in previous years | 480,461 | 227,671 | (1,225,011) | (332,705) | 1,076,625 | 1,046,925 | |||||||||||||||||||||||||||||
Difference in fair values between prior fiscal year-end fair values and vest date fair values for awards granted in prior years which vested in the current year | 76,553 | 11,956 | (270,879) | (52,985) | — | 27,716 | |||||||||||||||||||||||||||||
Awards granted in prior years that were forfeited or failed to meet the applicable vesting conditions during the covered fiscal year | — | — | — | (1,342) | — | — | |||||||||||||||||||||||||||||
Total Adjustments for Equity Award | 606,179 | 235,309 | (2,020,745) | (548,921) | 1,003,459 | 1,041,278 | |||||||||||||||||||||||||||||
Compensation Actually Paid (as calculated) | $ | 1,747,658 | $ | 893,645 | $ | (734,931) | $ | 114,444 | $ | 2,470,447 | $ | 1,823,803 |
Plan Category | | | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | | (b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | | (c) Number of Securities Remaining Available for Future Issuance Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | | |||||||||
Equity compensation plans approved by security holders | | | | | 5,527,483(1) | | | | | $ | 3.76 | | | | | | 1,315,079(2) | | |
Equity compensation plans not approved by security holders(3) | | | | | 179,914 | | | | | $ | 2.98 | | | | | | 120,086 | | |
Plan Category | (a) Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | (b) Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | (c) Number of Securities Remaining Available for Future Issuance Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | |||||||||||||||||||||||
Equity compensation plans approved by security holders | 6,868,380 | (1) | $ | 4.04 | 2,098,285 | (2) | ||||||||||||||||||||
Equity compensation plans not approved by security holders(3) | 75,731 | $ | 4.69 | 224,269 |
Fee Category | | | Year Ended March 31, | | |||||||||||||||||||||||
Year Ended March 31, | |||||||||||||||||||||||||||
Fee Category | | | 2021 | | 2020 | | Fee Category | 2023 | 2022 | ||||||||||||||||||
| | $ | 1,010,220 | | | | $ | 990,000 | | | Audit fees | td,184,829 | td,028,214 | ||||||||||||||
Audit related fees | | | | 91,895 | | | | | 107,000 | | | Audit related fees | 1,895 | 43,895 | |||||||||||||
Tax fees | | | | — | | | | | — | | | Tax fees | — | — | |||||||||||||
All other fees | | | | — | | | | | — | | | All other fees | — | — | |||||||||||||
Total fees | | | $ | 1,102,115 | | | | $ | 1,097,000 | | | Total fees | $1,186,724 | $1,072,109 |
Submitted by the Audit Committee of the Board of Directors: Gerard M. Mooney Laura L. Siegal Dennis W. Zank (Chairman) |
Name and Address of Beneficial Owner(1) | | | Common Stock | | |||||||||
| Amount and Nature of Beneficial Ownership(2) | | | Percent of Class(2) | | ||||||||
Black Rock, Inc.(3) | | | | | 3,073,101 | | | | | | 7.3% | | |
Royce & Associates, LP(4) | | | | | 2,734,331 | | | | | | 6.5 | | |
The Vanguard Group(5) | | | | | 2,308,813 | | | | | | 5.5 | | |
Cowen Prime Advisors(6) | | | | | 2,140,092 | | | | | | 5.06 | | |
Joe Bergera(7) | | | | | 1,755,216 | | | | | | 4.25 | | |
Douglas L. Groves(8) | | | | | 65,555 | | | | | | * | | |
Todd Kreter(9) | | | | | 262,190 | | | | | | * | | |
Ramin Massoumi(10) | | | | | 240,921 | | | | | | * | | |
Anjali Joshi(11) | | | | | 11,750 | | | | | | * | | |
Gerard M. Mooney(12) | | | | | 47,557 | | | | | | * | | |
Luke P. Schneider(13) | | | | | 10,878 | | | | | | * | | |
Laura L. Siegal(14) | | | | | 42,416 | | | | | | * | | |
Thomas L. Thomas(15) | | | | | 175,417 | | | | | | * | | |
Dennis W. Zank(16) | | | | | 14,424 | | | | | | * | | |
All executive officers and directors as a group (10 persons)(17) | | | | | 2,385,403 | | | | | | 5.64% | | |
Common Stock | ||||||||||||||
Name and Address of Beneficial Owner(1) | Amount and Nature of Beneficial Ownership | Percent of Class(2) | ||||||||||||
Samjo Capital, LLC, Samjo Management, LLC and Andrew N. Wiener(3) | 3,346,000 | 7.8% | ||||||||||||
Cowen Prime Advisors LLC(4) | 2,349,950 | 5.5% | ||||||||||||
The Vanguard Group(5) | 2,152,627 | 5.0% | ||||||||||||
Joe Bergera(6) | 2,178,170 | 4.9% | ||||||||||||
Douglas L. Groves(7) | 239,823 | * | ||||||||||||
Kerry A. Shiba | — | * | ||||||||||||
Todd Kreter(8) | 377,172 | * | ||||||||||||
Will Cousins | — | * | ||||||||||||
Gerard M. Mooney(9) | 92,904 | * | ||||||||||||
Gary Hall | — | * | ||||||||||||
Laura L. Siegal(10) | 81,963 | * | ||||||||||||
Thomas L. Thomas(11) | 229,964 | * | ||||||||||||
Kimberly Valentine-Poska | — | * | ||||||||||||
Dennis W. Zank(12) | 63,971 | * | ||||||||||||
All current executive officers and directors as a group (11 persons)(13) | 3,263,967 | 7.4% |
THE BOARD OF DIRECTORS OF ITERIS, INC. | |||||||||||
July 28, 2023 |