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ISNS > SEC Filings for ISNS > Form 8-K on 12-Jul-2013All Recent SEC Filings

Show all filings for IMAGE SENSING SYSTEMS INC

Form 8-K for IMAGE SENSING SYSTEMS INC


12-Jul-2013

Change in Directors or Principal Officers, Financial Statements and Exh


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

(e) As previously announced, on June 24, 2013, Gregory R. L. Smith resigned as the Chief Financial Officer and Treasurer of Image Sensing Systems, Inc. (the "Company"). On July 11, 2013, Mr. Smith signed and delivered to the Company a release agreement (the "Release"), the terms of which are substantially similar to the terms of Appendix B to Mr. Smith's Employment Agreement dated December 8, 2006. The Employment Agreement, including Appendix B, was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K dated December 8, 2006. The Release provides that the Company is paying to Mr. Smith severance in the total amount of $135,000.00, which is equal to nine months' continuation of his base salary, which is payable over nine months. In addition, the Company has agreed to reimburse Mr. Smith for outplacement services in an amount up to $7,500.00. The Release contains releases by Mr. Smith of any and all claims he may have against the Company. Mr. Smith may revoke the Release with respect to potential age-related claims within the seven-day period after July 11, 2013 and with respect to potential claims under the Minnesota Human Rights Act with the 15-day period after July 11, 2013. If Mr. Smith revokes the Release, he gives up any right to the severance payment and the reimbursement for outplacement services.

The foregoing description of the Release is qualified in its entirety by reference to the Release, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.The following document is hereby filed as an exhibit to this Current Report on Form 8-K:

Exhibit No.

10.1 Release dated as of July 11, 2013 by and between the Company and Gregory R. L. Smith.

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