Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 31, 2021, Mr. Yehuda Holtzman, the Chief Executive Officer of On
Track Innovations Ltd. (the "Company"), provided a notice of his resignation
from the position of the Chief Executive Officer to the Board of Directors of
the Company (the "Board"), effective November 3, 2021, for personal reasons. Mr.
Holtzman's resignation was not the result of any disagreement with the Company
or the Board.
Also on November 3, 2021, in connection with Mr. Holtzman's resignation, Mr.
Amir Eilam, who currently serves as Vice President of Research and Development
of the Company, was appointed by the Board as the Company's Chief Executive
Officer to serve in such capacity effective immediately. In addition to serving
as Chief Executive Officer, Mr. Amir Eilam will continue to serve as Vice
President of Research and Development, until a replacement is appointed.
Mr. Eilam, age 42, has held various positions with the Company since 2005. Mr.
Eilam is has led the Company's research and development for the past 10 years,
supporting the Company's product strategy relating to the shift of its focus to
solution-based products. Mr. Eilam has vast experience in the unattended payment
market.
On May 17, 2005, the Company and Mr. Eilam entered into an employment agreement.
Since 2012, Mr. Eilam has been the Company's Vice President of Research and
Development, in consideration of a monthly gross salary of NIS 40,000 and other
standard benefits. In addition, and pursuant to the employment agreement, Mr.
Eilam shall be eligible to receive an annual bonus of up to 3 months' gross base
salary. Currently there are no changes to Mr. Eilam's compensation in connection
with his appointment as Chief Executive Officer.
There are no arrangements or understandings between Mr. Eilam and any other
persons pursuant to which he was elected as the Company's Chief Executive
Officer, and, except for the employment agreement described above, Mr. Eilam has
no direct or indirect material interest in any transaction required to be
disclosed pursuant to Item 404(a) of Regulation S-K. Mr. Eilam does not have a
family relationship with any member of the Board of Directors of the Company or
any executive officer of the Company.
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