Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) OnMarch 25, 2020 , the Board of Directors ofImage Sensing Systems, Inc. (the "Company") approved an Executive 2020 Compensation Plan (the "2020 Plan") forChad A. Stelzig , the Company's President and Chief Executive Officer, andFrank G. Hallowell , the Company's Chief Financial Officer. Under the 2020 Plan,Chad A. Stelzig will receive an annual salary of$260,000 , andMr. Hallowell will receive an annual salary of$220,000 , both of which are the same as their annual compensation for 2019 (which was annualized in the case ofMr. Hallowell , who became Chief Financial Officer onApril 29, 2019 ). In addition, the 2020 Plan includes target cash bonuses forMr. Stelzig andMr. Hallowell if the Company achieves performance criteria for 2020 set by the Company's Board of Directors, although the dollar amount of the bonuses cannot be determined at this time. 1
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