SEC Form 4 · accession 0000921895-16-003869
ID SYSTEMS INC · IDSY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kenneth S Ehrman
Officer — President & CEO · Director
Period of report
Mar 24, 2016
Accepted (ET)
Mar 28, 2016 · 8:12 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000049615
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, par value $0.01 per shareF1,F2 | Mar 24, 2016 | A | 30,000 | $0.00 | A | 670,009 | D | |
| Common Stock, par value $0.01 per shareF3,F2 | Mar 27, 2016 | F | 4,957 | $4.37 | D | 665,052 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Options (right to buy)F4 | $4.37 | Mar 24, 2016 | A | 60,000 | A | — | Mar 24, 2026 | Common Stock, par value $0.01 per share | 60,000 | 60,000 | D |
Explanation of responses
- F1On March 24, 2016 (the "Grant Date"), Kenneth S. Ehrman (the "Reporting Person") was granted 30,000 restricted shares of common stock, par value $0.01 per share ("Common Stock"), of I.D. Systems, Inc. (the "Company") under the Company's 2015 Equity Compensation Plan (the "2015 Plan") in consideration of his services as an officer of the Company. Subject to the terms and conditions of a restricted stock award agreement and the 2015 Plan, this award vests as to 25% of such shares on each of the first, second, third and fourth anniversaries of the Grant Date, provided that the Reporting Person is employed by the Company on each such date.
- F2This number also includes (i) 6,991 restricted shares of Common Stock which vest on April 4, 2016, provided that the Reporting Person is employed by the Company on such date, (ii) 37,500 restricted shares of Common Stock which vest as to 33 1/3 % of such shares on each of September 8, 2016, September 8, 2017 and September 8, 2018, provided that the Reporting Person is employed by the Company on each such date, (iii) 60,000 restricted shares of Common Stock which vest as to 25% of such shares on each of June 11, 2016, June 11, 2017 and June 11, 2018 and June 11, 2019 provided that the Reporting Person is employed by the Company on each such date, (iv) 49,000 shares of Common Stock held by the IRA account of the Reporting Person's spouse, and (v) 21,600 shares of Common Stock held by the 401(k) account of the Reporting Person.
- F3These shares of Common Stock were withheld by the Company to satisfy tax withholding obligations upon the vesting of a restricted stock award previously made to the Reporting Person, as permitted under the Company's 2007 Equity Compensation Plan, as amended (the "2007 Plan").
- F4On the Grant Date, the Reporting Person was granted options to purchase 60,000 shares of Common Stock in consideration of his services as an officer of the Company. These options vest in equal increments over a four-year period commencing on the Grant Date, such that 25% of the options will vest on the first, second, third and fourth anniversaries of the Grant Date, in each case, provided that the Reporting Person is employed by the Company on such date. The options were granted to the Reporting Person pursuant to and subject to the 2007 Plan.