Item 1.01. Entry Into a Material Definitive Agreement.
The information set forth under Item 5.02 of this Current Report on Form 8-K is incorporated herein by reference.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
In connection with
The Company's board of directors (the "Board") also approved the following
equity grants to
(i) 75,000 restricted shares of common stock, under the Company's 2018 Incentive
Plan, as amended, which vests as to 25% of such shares on each of the first, second, third and fourth anniversaries of the date of grant, provided thatMr. Wilson is employed by the Company on each such date;
(ii) as an inducement material to
Company, options to purchase 130,000 shares of the Company's common stock at an exercise price equal to the closing price of the Company's common stock on the grant date, which will have a term of 10 years and will vest as to 25% of such options on each of the first, second, third and fourth anniversaries of the date of grant, provided thatMr. Wilson is employed by the Company on each such date; and
(iii) as an inducement material to
Company, options to purchase 275,000 shares of the Company's common stock at an exercise price of$3.00 per share (however, if the closing price on the grant date is higher than$3.00 per share, then the exercise price will be the closing price on such date), which will have a term of 10 years and will vest in full if the volume weighted average price of the Company's common stock during a consecutive 60 trading day period reaches$12.00 per share, provided thatMr. Wilson is employed by the Company on such date.
The foregoing description of the Offer Letter does not purport to be complete and is qualified in its entirety by reference to the full text of the Offer Letter, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 8.01. Other Events.
On
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 10.1Offer Letter , datedDecember 31, 2022 , betweenPowerFleet, Inc. andDavid Wilson . 99.1 Press release, datedJanuary 4, 2023 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
© Edgar Online, source