<SEC-DOCUMENT>0001513162-18-000121.txt : 20180514
<SEC-HEADER>0001513162-18-000121.hdr.sgml : 20180514
<ACCEPTANCE-DATETIME>20180514170937
ACCESSION NUMBER:		0001513162-18-000121
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180508
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20180514
DATE AS OF CHANGE:		20180514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITUS Corp
		CENTRAL INDEX KEY:			0000715446
		STANDARD INDUSTRIAL CLASSIFICATION:	PATENT OWNERS & LESSORS [6794]
		IRS NUMBER:				112622630
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37492
		FILM NUMBER:		18831771

	BUSINESS ADDRESS:	
		STREET 1:		3150 ALMADEN EXPRESSWAY, SUITE 250
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95118
		BUSINESS PHONE:		310-484-5200

	MAIL ADDRESS:	
		STREET 1:		3150 ALMADEN EXPRESSWAY, SUITE 250
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COPYTELE INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<head><title>FORM 8-K</title> </head> <body style="FONT-SIZE:10pt; FONT-FAMILY:'Times New Roman'; COLOR:#000000; MARGIN-TOP:0px"> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>UNITED STATES</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><strong>Washington, D.C. 20549<br></strong><strong><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></strong><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>FORM 8-K</b></p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>CURRENT REPORT</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>Date of Report (Date of earliest event reported): &nbsp;May 8, 2018</p> <p style=MARGIN:0px align=center><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b><u>ITUS CORPORATION</u></b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(Exact name of registrant as specified in its charter)</p> <p style=MARGIN:0px align=center>&nbsp;</p> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0 align=center> <tr style=FONT-SIZE:0px> <td width=194> <td width=174> <td width=169 /> </tr><tr> <td width=194 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>Delaware</b></p></td> <td width=174 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>000-11254</b></p></td> <td width=169 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>11-2622630</b></p></td></tr> <tr> <td width=194 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(State or other jurisdiction<br>of incorporation)</p></td> <td width=174 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(Commission<br>File Number)</p></td> <td width=169 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=top> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(IRS Employer</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>Identification No.)</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <table style="FONT-SIZE:10pt; MARGIN-TOP:0px" cellpadding=0 cellspacing=0 align=center> <tr style=FONT-SIZE:0px> <td width=349> <td width=337 /> </tr><tr> <td width=349 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=bottom> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>3150 Almaden Expressway, Suite 250</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>San Jose, CA</b></p></td> <td width=337 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px" valign=bottom> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>95118</b></p></td></tr> <tr> <td width=349 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px"> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(Address of principal executive offices)</p></td> <td width=337 style="PADDING-BOTTOM:0px; PADDING-TOP:0px; PADDING-LEFT:4px; MARGIN-TOP:0px; PADDING-RIGHT:4px"> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>(Zip Code)</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center>Registrant<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s telephone number, including area code: &nbsp;<b>(408) 708-9808</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:336px">&nbsp;&nbsp;</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>&nbsp;</b>(Former name or former address, if changed since last report)</p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><strong><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></strong></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN-BOTTOM:6px; FONT-SIZE:11pt; MARGIN-TOP:6px" align=justify>Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions: </p> <p style="MARGIN-BOTTOM:6px; FONT-SIZE:11pt; PADDING-LEFT:0px; MARGIN-LEFT:0in; MARGIN-TOP:6px; TEXT-INDENT:0in" align=left><font face=Wingdings>o </font>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17&nbsp;CFR&nbsp;230.425)<br><br><font face=Wingdings>o </font>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR&nbsp;240.14a-12)<br><br><font face=Wingdings>o </font>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))<br><br><font face=Wingdings>o</font>&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</p> <p style="MARGIN-BOTTOM:6px; FONT-SIZE:11pt; MARGIN-TOP:6px"><br>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).<br><br>Emerging growth company <font face=Wingdings>o</font><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; TEXT-INDENT:-2px" align=left><font style=FONT-SIZE:11pt>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp; </font><font face=Wingdings>o</font></p> <p style=MARGIN:0px><br><br></p> <p style="FONT-SIZE:12pt; MARGIN:0px; TEXT-INDENT:-2px" align=center>1</p> <p style="CLEAR:left; MARGIN:0px"><br></p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="MARGIN-BOTTOM:-2px; FONT-SIZE:11pt; WIDTH:96px; FLOAT:left; MARGIN-TOP:0px"><b>Item 5.02</b></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:-2px"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p> <p style="CLEAR:left; MARGIN:0px" align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px" align=justify>On May 8, 2018, the compensation committee (the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>Committee</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font>) of the Board of Directors of ITUS Corporation (the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>Company</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font>) approved the following for the compensation of Dr. Amit Kumar, the President, Chief Executive Officer and Chairman of the Board of Directors of the Company. Dr. Kumar<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s base salary will be increased from $360,000 per year to $450,000 per year, such increase to be effective retroactively as of January 1, 2018, and Dr. Kumar will receive a cash bonus of $200,000. In addition, Dr. Kumar will receive two stock option grants and a restricted stock award pursuant to the ITUS Corporation 2018 Share Incentive Plan (the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>Plan</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font>). The stock option grants are to purchase 600,000 shares of common stock of the Company (the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>Common Stock</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font> and such option grant, the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>Time Based Option Grant</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font>) and 1,500,000 shares of Common Stock (such option grant, the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>Performance Based Option Grant</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font>), respectively, at an exercise price of $3.70 (the closing price of the Common Stock on the Nasdaq Capital Market on May 8, 2018). The Time Based Option Grant has a 10 year term and vests on a monthly basis over three years beginning on May 31, 2018. If Dr. Kumar is terminated other than for cause within 12 months following a change of control, the Time Based Option Grant will automatically vest in its entirety and Dr. Kumar will have 90 days to exercise such grant. &nbsp;If Dr. Kumar<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s employment is terminated other than for cause unrelated to a change of control, for cause, or he retires or otherwise resigns, the Time Based Option Grant will cease vesting and Dr. Kumar will have 90 days to exercise the vested portion of such grant. The Performance Based Option Grant has a 10 year term and vests as follows: (i) 500,000 shares vest if during any 20 trading day period on or before May 31, 2021, the average closing stock price of the Common Stock is at least $5.00, (ii) 500,000 shares vest if during any 20 trading day period on or before May 31, 2021, the average closing stock price of the Common Stock is at least $7.00, and (iii) 500,000 shares vest if during any 20 trading day period on or before May 31, 2021, the average closing stock price of the Common Stock is at least $8.00. If Dr. Kumar<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s employment is terminated or he resigns, the Performance Based Option Grant will cease vesting and Dr. Kumar will have 90 days to exercise the vested portion of such grant. Dr. Kumar also received a restricted stock award (the <font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#147;</font><u>RSA</u><font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#148;</font>) of 1,500,000 shares of Common Stock. The RSA vests in its entirety if during any 20 trading day period on or before May 31, 2021 in which Dr. Kumar is employed by the Company, the average closing stock price of the Common Stock is at least $11.00.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px" align=justify>The Committee<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s determination to increase Dr. Kumar<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s compensation is the result of a direct negotiation between the Committee and Dr. Kumar following Dr. Kumar<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s tendering of a resignation letter to the Company on April 20, 2018, which letter was subsequently withdrawn. In its negotiation with Dr. Kumar, the Committee hired a third party compensation consultant for advice. The Committee and Dr. Kumar agreed to make the major portion of the equity compensation tied to performance milestones so that Dr. Kumar<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s incentives are aligned with creation of shareholder value.</p> <p style=MARGIN:0px align=justify><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px" align=justify>The Committee also approved a stock option grant to Michael J. Catelani, the Chief Operating Officer and Chief Financial Officer of the Company, pursuant to the Plan. &nbsp;Mr. Catelani will receive a stock option to purchase 500,000 shares of Common Stock at an exercise price of $3.70 (the closing price of the Common Stock on the Nasdaq Capital Market on May 8, 2018). The stock option grant has a 10 year term and vests on a monthly basis over three years beginning on May 31, 2018. If Mr. Catelani is terminated other than for cause within 12 months following a change of control, the option grant will automatically vest in its entirety and Mr. Catelani will have 90 days to exercise such grant. &nbsp;If Mr. Catelani<font style="FONT-FAMILY:Arial Unicode MS,Times New Roman">&#146;</font>s employment is terminated other than for cause unrelated to a change of control, for cause, or he retires or otherwise resigns, the option grant will cease vesting and Mr. Catelani will have 90 days to exercise the vested portion of such grant.</p> <p style=MARGIN:0px align=justify><br></p> <p style=MARGIN:0px align=center><font style=FONT-SIZE:12pt>2<br></font></p> <p style="MARGIN-BOTTOM:9px; MARGIN-TOP:0px"><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="FONT-SIZE:8pt; MARGIN:0px">&nbsp;</p> <hr size=1 noshade style="MARGIN-BOTTOM:9px; PADDING-TOP:9px"> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px" align=center><b>SIGNATURES</b></p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px; TEXT-INDENT:48px" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; MARGIN:0px">Dated: May 14, 2018</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:336px; MARGIN:0px">ITUS CORPORATION</p> <p style=MARGIN:0px><br></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:336px; MARGIN:0px">By:<u>/s/ Amit Kumar&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></p> <p style="FONT-SIZE:11pt; PADDING-LEFT:336px; MARGIN:0px">Name: Dr. Amit Kumar</p> <p style="FONT-SIZE:11pt; PADDING-LEFT:336px; MARGIN:0px">Title: President and Chief Executive Officer</p> <p style=MARGIN:0px><br></p> <p style="MARGIN-BOTTOM:10px; MARGIN-TOP:0px"><br></p> <p style="MARGIN-BOTTOM:10px; MARGIN-TOP:0px" align=center><br><font style=FONT-SIZE:12pt>3<br></font></p> <p style=MARGIN:0px><br></p></body>
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