Unassociated Document
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported): March 5, 2007
I.D.
SYSTEMS, INC.
(Exact
Name of Registrant as Specified in Charter)
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Delaware
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001-15087
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22-3270799
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(State
Or Other
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(Commission
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(IRS
Employer
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Jurisdiction
Of
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File
Number)
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Identification
No.)
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Incorporation)
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One
University Plaza, Hackensack, NJ
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07601
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
telephone number, including area code (201) 996-9000
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule
425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Certain Officers; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
Peter
Fausel was appointed to serve as the Executive Vice President - Sales, Marketing
and Customer Support of I.D. Systems, Inc. (the “Company”), effective as of
March 5, 2007. As a result of such appointment, Frederick Muntz ceased serving
as the Executive Vice President - Sales, Marketing and Customer Support of
the
Company, effective as of March 5, 2007, and is no longer an executive officer
of
the Company. Mr. Muntz will continue to serve as the Vice President of Strategic
Accounts of the Company.
Mr.
Fausel’s appointment to serve as the Executive Vice President - Sales, Marketing
and Customer Support of the Company is on an at-will basis, in accordance
with
the terms set forth in an offer letter, which was accepted by Mr. Fausel.
In
accordance with the offer letter, Mr. Fausel will receive a base salary
of
$260,000 per year and the potential to earn an annual cash bonus in an
aggregate
amount of up to 100% of his base salary based on the Company’s financial
performance. Mr. Fausel also will receive a monthly car allowance and will
be
entitled to participate in the Company’s benefit plans and
programs.
Pursuant
to the offer letter, Mr. Fausel received 20,000 shares of restricted common
stock of the Company under the Company’s 1999 Stock Option Plan (the “Plan”),
50% of which shares vest on the first and second anniversary provided that
Mr.
Fausel continues to be an employee of the Company on each such anniversary.
Mr.
Fausel also received options to purchase up to 100,000 shares of common stock
of
the Company under the Plan, at a price equal to the closing price per share
of
common stock of the Company on the date of grant, 20% of which options vest
on
each anniversary of the date of grant provided that Mr. Fausel continues to
be
an employee of the Company on each such anniversary. Mr. Fausel also received
a
performance award of up to 10,000 shares of common stock of the Company under
the Plan, which shares are issuable upon on the achievement of certain
performance goals during the 2007 and 2008 calendar years.
From
2003
until February 2007, Mr. Fausel, age 47, served as Senior Vice President of
Sales and Marketing for LXE, Inc., a manufacturer of wireless mobile computing
solutions. Prior to his tenure with LXE, Mr. Fausel served as President of
Jacada, Inc., an enterprise application software company, from 2001 to 2002.
He
has also previously served as Senior Vice President of Sales and Marketing
for
Ross Systems, an enterprise resource planning software provider, and Vice
President of Global Accounts and Industry Marketing for Invensys PLC, production
technology and energy management company. Mr. Fausel holds a Bachelor of Science
degree in Business Administration-Finance from the University of
Florida.
The
press
release announcing Mr. Fausel’s appointment as the Company’s Executive Vice
President - Sales, Marketing and Customer Support is attached as Exhibit 99.1
to
this Current Report on Form 8-K.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
99.1 - Press release dated February 27, 2007
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.
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I.D.
SYSTEMS, INC.
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By:
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/s/
Ned Mavrommatis
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Name:
Ned Mavrommatis
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Title:
Chief Financial Officer
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Date: March
5,
2007