Iteris Reports Granting of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
SANTA ANA, Calif.--(BUSINESS WIRE)--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has granted inducement awards to 17 new non-executive employees, who joined the company as a result of the recent TrafficCast International, Inc. acquisition.
The awards were made on January 1, 2021 under Iteris’ 2020 Employment Inducement Incentive Award Plan, which provides for the granting of equity awards to new employees of Iteris as an inducement to join the company. The inducement awards to the 17 new non-executive employees consist of options to purchase an aggregate of 95,000 shares of Iteris common stock and 68,156 restricted stock units. The options have a 10-year term and an exercise price equal to $5.65, the fair market value of Iteris common stock on the date of grant. The options vest over a four-year period, with 25% of the options vesting on each of the first four anniversaries of the employee’s start date. The restricted stock units vest as to 50% of the award on the second anniversary of the employee’s start date and as to 50% of the award on the third anniversary of the employee’s start date. The awards were approved by Iteris’ board of directors, including a majority of Iteris’ independent directors, as required by Nasdaq Rule 5635(c)(4), and were granted as an inducement material to the new employees entering into employment with Iteris in accordance with Nasdaq Rule 5635(c)(4).
About Iteris, Inc.
Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information and join the conversation on Twitter, LinkedIn and Facebook.