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UNITED STATES

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) November 15, 2021

 

________________________

Autoscope Technologies Corporation

(Exact name of registrant as specified in its charter) 

 

Minnesota

0-26056

86-3685595

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

        

Spruce Tree Centre, Suite 400, 1600 University Avenue West, St. Paul, Minnesota

 

55104

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (612) 438-2363

 

                                                                                                                                                                                                               

(Former name or former address, if changed since last report.)

 

________________________

 

Securities registered pursuant to Section 12(b) of the Act: 

 

 

 

 

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.01 par value

 

AATC

 

The Nasdaq Capital Market

Preferred Stock Purchase Rights

 

AATC

 

The Nasdaq Capital Market 

 

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 Instructions A.2. below):

 

[ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐  

 

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Section 5 – Corporate Governance and Management

 

Item 5.02.  Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b) On November 17, 2021, Paul F. Lidsky tendered his resignation, effective December 31, 2021, from the Boards of Directors of Autoscope Technologies Corporation ("AATC") and Image Sensing Systems, Inc., which is a wholly-owned subsidiary of AATC ("ISNS") (AATC and ISNS are collectively referred to as the "Company").  Mr. Lidsky stated he had no disagreements with the Boards or management.  Mr. Lidsky has served on the Board of Directors since 2013.

(e) On November 15, 2021, the Board of Directors of ISNS approved a 2021 compensation plan (the “2021 Plan”) for Frank G. Hallowell, the Chief Financial Officer of AATC and ISNS.  Under the 2021 Plan, Mr. Hallowell’s base salary will increase from $235,000 to $245,000.  The increase in base salary is retroactive to September 1, 2021.  In addition, the 2021 Plan includes a target cash bonus for Mr. Hallowell if the Company achieves performance criteria for 2021 set by the Board of Directors of ISNS. 

 

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SIGNATURES

 

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: November 18, 2021

Autoscope Technologies Corporation

 

 

 

 

 

 

 

By:

/s/ Frank G. Hallowell

 

 

Frank G. Hallowell

 

 

Chief Financial Officer

(Principal Financial Officer and

Principal Accounting Officer)

 

 

 

 

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