Iteris Inc.

11/01/2024 | Press release | Distributed by Public on 11/01/2024 09:39

Statement of Changes in Beneficial Ownership - Form 4

Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Kreter Todd
2. Issuer Name and Ticker or Trading Symbol
ITERIS, INC. [ITI]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last) (First) (Middle)
1250 S. CAPITAL OF TEXAS HIGHWAY, BUILDING 1, SUITE 330
3. Date of Earliest Transaction (Month/Day/Year)
11/01/2024
(Street)
AUSTIN, TX 78746
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/01/2024 D 96,645 D(1)(2) $7.20(1)(2) 0 D
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Restricted Stock Units (3) 11/01/2024 D(1) 52,155 (3) (3) Common Stock 52,155 $7.20(1)(3) 0 D
Performance Stock Units (4) 11/01/2024 D(1) 38,664 (4) (4) Common Stock 38,664 $7.20(1)(4) 0 D
Stock Option (Right to Buy) $3.13 11/01/2024 D(1) 46,296 (5) 12/02/2032 Common Stock 46,296 (1)(5) 0 D
Stock Option (Right to Buy) $4.06 11/01/2024 D(1) 33,204 (5) 07/03/2033 Common Stock 33,204 (1)(5) 0 D
Stock Option (Right to Buy) $4.16 11/01/2024 D(1) 60,000 (5) 12/09/2028 Common Stock 60,000 (1)(5) 0 D
Stock Option (Right to Buy) $4.21 11/01/2024 D(1) 39,362 (5) 06/26/2034 Common Stock 39,362 (1)(5) 0 D
Stock Option (Right to Buy) $4.80 11/01/2024 D(1) 35,000 (5) 11/16/2030 Common Stock 35,000 (1)(5) 0 D
Stock Option (Right to Buy) $4.91 11/01/2024 D(1) 75,000 (5) 03/02/2027 Common Stock 75,000 (1)(5) 0 D
Stock Option (Right to Buy) $5 11/01/2024 D(1) 37,500 (5) 11/18/2031 Common Stock 37,500 (1)(5) 0 D
Stock Option (Right to Buy) $5.10 11/01/2024 D(1) 70,000 (5) 12/09/2029 Common Stock 70,000 (1)(5) 0 D
Stock Option (Right to Buy) $5.52 11/01/2024 D(1) 75,000 (5) 02/15/2028 Common Stock 75,000 (1)(5) 0 D

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Kreter Todd
1250 S. CAPITAL OF TEXAS HIGHWAY
BUILDING 1, SUITE 330
AUSTIN, TX 78746
Senior Vice President

Signatures

/s/ Donald R. Reynolds, as Attorney-in-Fact, for Todd Kreter 11/01/2024
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Reflects the disposition of securities pursuant to that certain Agreement and Plan of Merger, dated August 8, 2024, by and among Iteris, Inc. (the "Company"), Almaviva S.p.A ("Parent") and Pantheon Merger Sub Inc. ("Merger Sub"), pursuant to which on November 1, 2024, Merger Sub merged with and into the Company, with the Company continuing as the surviving corporation of the merger and as an indirect wholly owned subsidiary of Parent (the "Merger").
(2) At the effective time of the Merger (the "Effective Time"), by virtue of the Merger, the shares of common stock, par value $0.10 per share (the "Common Stock"), were automatically canceled and converted into the right to receive $7.20 in cash, without interest and subject to applicable withholding taxes (the "Merger Consideration").
(3) At the Effective Time, by virtue of the Merger, each restricted stock unit (each, an "RSU") then outstanding became fully vested and was automatically cancelled and converted into the right to receive an amount in cash equal to (x) the total number of shares of Common Stock underlying such RSUs, multiplied by (y) the Merger Consideration. RSUs have no expiration date.
(4) At the Effective Time, by virtue of the Merger and pursuant to their terms, each performance stock unit (each, a "PSU") then outstanding become fully vested as to the number of shares of Common Stock listed above and, after giving effect to such vesting, were automatically cancelled and converted into the right to receive an amount in cash equal to (x) the number of vested shares of Common Stock underlying such PSUs, multiplied by (y) the Merger Consideration..
(5) At the Effective Time, by virtue of the Merger, each option to purchase shares of Common Stock (each "Stock Option") that was outstanding immediately prior to the Effective Time was automatically cancelled and converted into the right to receive an amount of cash equal to the product of (x) the total number of shares of Common Stock underlying the Stock Option, multiplied by (y) the excess of the Merger Consideration over the exercise price of such Stock Option.
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.