UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 Or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) ~~August~~November 114, 2022

________________________

Autoscope Technologies Corporation

(Exact name of registrant as specified in its charter)

Minnesota	0-26056	86-3685595
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1115 Hennepin Avenue, Minneapolis, Minnesota		55403
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (612) 438-2363

(Former name or former address, if changed since last report.)

________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	AATC	The Nasdaq Capital Market
Preferred Stock Purchase Rights	AATC	The Nasdaq Capital Market

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

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. ☐

Section 25 – ~~Financial~~Corporate ~~Information~~Governance and Management

Item 25.02 ~~Results~~. Departure of ~~Operations~~Directors ~~and~~or ~~Financial~~Certain ~~Condition~~Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(ab) ~~The~~ ~~following~~On ~~information~~November is4, ~~being~~2022, ~~“furnished”~~Andrew inT. ~~accordance~~Berger ~~with~~notified ~~Item~~the ~~2.02~~Board of ~~the~~Directors ~~Current~~of ~~Report~~Autoscope onTechnologies ~~Form~~Corporation ~~8-K~~("Autoscope") ~~and~~that ~~shall~~he ~~not~~was beresigning ~~deemed~~as ~~“filed”~~the ~~for~~President ~~purposes~~and ofChief ~~Section~~Executive 18Officer of ~~the~~Autoscope ~~Securities~~and ~~Exchange~~as ~~Act~~Chief Executive Officer of ~~1934,~~Image asSensing ~~amended~~Systems, ~~(the~~Inc. (“~~Exchange Act~~ISNS”), orAutoscope’s ~~otherwise~~wholly-owned ~~subject~~subsidiary, toeffective ~~the~~November ~~liabilities of that section~~10, ~~nor~~2022. ~~shall~~Mr. itBerger bewill ~~deemed~~continue to beserve ~~incorporated~~on ~~by reference in any filing under~~ the ~~Securities~~Boards ~~Act~~ of ~~1933,~~Directors asand ~~amended (the “Securities Act”), or the Exchange Act, except~~ as ~~expressly~~Executive ~~set~~Chair ~~forth~~of byAutoscope ~~specific~~and ~~reference in such filing:~~ ISNS.

On(c) ~~August~~Effective 11on November 10, 2022, the Board of Directors of Autoscope ~~Technologies~~ ~~Corporation~~appointed ~~issued~~Francis a(Frank) ~~press~~G. ~~release~~Hallowell ~~announcing~~as ~~its~~Autoscope’s ~~earnings~~Interim ~~for~~President ~~its second quarter~~and ~~ended~~Chief ~~June~~Executive ~~30,~~Officer. ~~2022~~Mr. ~~The~~ ~~press~~Hallowell ~~release~~will iscontinue ~~furnished~~to serve as ~~Exhibit~~Chief ~~99.1~~Financial ~~hereto~~Officer of Autoscope and isISNS ~~incorporated~~and ~~herein~~as byPresident ~~reference~~of ISNS.

~~Section~~Mr. 7Hallowell, –age ~~Regulation~~65, FDwas appointed as Chief Financial Officer of ISNS on April 29, 2019 and as Chief Financial Officer of Autoscope on April 28, 2021. He served as the Vice President and Chief Financial Officer for Wipaire Inc. from January 2016 to April 2019. Prior to his appointment at Wipaire Inc., Mr. Hallowell served as Chief Financial Officer and other senior financial roles at WellClub, LLC from May 2015 to January 2016, Logic PD, Inc. from December 2008 to March 2015, Pearson PLC from December 2006 to December 2008, and ExpressPoint Technology Services, Inc. from December 1997 to December 2006.

~~Item~~(e) 7On February 1, 2022, Autoscope and ISNS (collectively, the “Company”) entered into an Employment Agreement (the “Employment Agreement”) with Mr.~~01 Regulation~~ FDHallowell ~~Disclosure~~as the Chief Financial Officer of Autoscope and the President, Chief Financial Officer and Chief Operating Officer of ISNS. Under the Employment Agreement, Mr. Hallowell is an at-will employee of the Company, and his employment may be terminated by the Company or Mr. Hallowell at any time. The Employment Agreement has not been changed as a result of Mr. Hallowell’s appointment as Interim President and Chief Executive Officer of Autoscope.

~~Dividend. On~~The ~~August~~Employment 9,Agreement ~~2022~~provides for (1) an annual salary of $300,000.00 for the ~~Board~~remainder of ~~Directors~~the of2022 ~~Autoscope Technologies~~calendar ~~Corporation~~year, ~~approved~~(2) a ~~dividend~~target bonus of ~~$0.12~~up ~~per~~to ~~share~~25% of ~~common stock outstanding~~Mr. ~~The~~ ~~dividend~~Hallowell’s ~~will~~salary befor ~~payable~~the onprevious ~~August~~calendar ~~31,~~year ~~2022~~based toon ~~shareholders~~the attainment of ~~record~~performance asgoals ofset by the ~~close~~Company’s Board of ~~business~~Directors, on(3) ~~August~~insurance ~~25,~~and ~~2022. Although~~other ~~Autoscope Technologies~~benefits ~~Corporation~~in ~~intends~~accordance towith ~~pay~~the ~~quarterly~~Company’s ~~dividends~~standard ~~for~~and ~~the~~executive ~~foreseeable future~~benefits, ~~subsequent~~and ~~dividends~~(4) ~~will~~vacation ~~continue~~in toaccordance bewith ~~reviewed~~the ~~quarterly~~Company’s ~~and~~vacation ~~declared~~policy. The byEmployment Agreement also provides for the ~~Board~~following compensation and benefits upon termination of ~~Directors.~~employment:

~~Section~~If 9the –termination ~~Financial~~of ~~Statements~~employment is voluntary on the part of Mr. Hallowell and ~~Exhibits~~not for “Good Reason” as defined in the Employment Agreement, the Company must pay to Mr. Hallowell all earned and unpaid amounts due to him for salary through the termination date. Mr. Hallowell then will have 90 days after the termination of his employment (or such shorter period as is provided in the documents governing such options) to exercise any and all options to purchase the shares of Autoscope’s common stock that he owns and are exercisable at the termination date. Any other options and any unvested restricted stock or restricted stock units for Autoscope’s common stock that he owns will terminate.

~~Item~~If 9the termination of employment is “With Cause” as defined in the Employment Agreement, Mr.~~01 Financial~~ ~~Statements~~Hallowell will not be entitled to any severance, and ~~Exhibits~~any and all options, restricted stock and restricted stock units for Autoscope’s common stock that he owns will terminate. However, in that case, Mr. Hallowell would have 10 days after being provided by the Company with written notice of the breach to cure such alleged breach, failure or misconduct if the breach, failure or misconduct is curable.

(d) Exhibits. The following exhibit is being “furnished” in accordance with Item 2.02 of this Current Report on Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing:

99.1 Press Release, dated August 11, 2022, of Autoscope Technologies Corporation.

If (1) Mr. Hallowell terminates his employment for “Good Reason” as defined in the Employment Agreement or (2) the Company terminates his employment for any reason other than (a) With Cause or (b) because of Mr. Hallowell’s inability to perform his duties because of death or disability, upon his entry into a release agreement substantially in the form attached as Appendix B to the Employment Agreement (the “Release”), Mr. Hallowell will be entitled to six months of salary continuation, without eligibility for bonus, and he will have 90 days after the termination of his employment (or such shorter period as is provided in the documents governing such options) to exercise all options to purchase the shares of the Autoscope’s common stock that he owns and that are exercisable at the termination date. Any other options and any unvested restricted stock or restricted stock units for Autoscope’s common stock owned by him will terminate.

In connection with the Employment Agreement, Autoscope granted Mr. Hallowell an immediately exercisable option with a term of 10 years to purchase 60,000 shares of Autoscope’s common stock at an exercise price of $6.87 per share (which is equal to the closing price of Autoscope’s common stock as quoted on the Nasdaq Capital Market on the trading day immediately before the date of the Employment Agreement). The option was granted under the terms of the Image Sensing Systems, Inc. 2014 Stock Option and Incentive Plan that was assumed by Autoscope effective on July 21, 2021. When he signed the Employment Agreement, Mr. Hallowell also entered into a Confidentiality, Noncompetition, and Invention Assignment Agreement with the Company dated as of February 1, 2022 in the form attached as Appendix A to the Employment Agreement (the “Noncompetition Agreement”).

The foregoing description of the Employment Agreement, including the Release and the Noncompetition Agreement, is qualified in its entirety by reference to the Employment Agreement, a copy of which is incorporated by reference as an exhibit to this Current Report on Form 8-K.

Cautionary Statements

This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange of 1934, as amended. Forward-looking statements represent our expectations or beliefs concerning future events and can be identified by the use of forward looking words such as "expects," "believes," "may," "will," "should," "intends," "plans," "estimates," or "anticipates" or other comparable terminology. Forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from the results described in the forward-looking statements.

The Employment Agreement incorporated by reference as an exhibit to this Current Report on Form 8-K has been included to provide Autoscope’s investors and shareholders with information regarding its terms. The Employment Agreement is not intended to provide any other factual information about Autoscope or its subsidiaries and affiliates. The Employment Agreement contains representations and warranties certain parties made for the benefit of only such parties. The assertions embodied in those representations and warranties are subject to qualifications and limitations agreed to by the respective parties in negotiating the terms of the Employment Agreement. Moreover, certain representations and warranties in the Employment Agreement were made as of a specified date, may be subject to a contractual standard of materiality different from what might be viewed as material to investors and shareholders, or may have been used for the purpose of allocating risk among the parties to the Employment Agreement rather than establishing matters as facts. Accordingly, the representations and warranties in the Employment Agreement should not be relied on by any persons as characterizations of the actual state of facts about Autoscope, ISNS, or any other parties to the Employment Agreement at the time they were made or otherwise. In addition, information concerning the subject matter of the representations and warranties may change after the date of the Employment Agreement, which subsequent information may or may not be fully reflected in our public disclosures.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following documents are hereby filed as exhibits to this Current Report on Form 8-K:

Exhibit No.
10.1	Employment Agreement dated February 1, 2022 among Autoscope Technologies Corporation, Image Sensing Systems, Inc. and Francis (Frank) G. Hallowell, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K dated February 1, 2022.*
10.2	Form of Option Agreement for Autoscope Technologies Corporation, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K dated February 1, 2022.*
99.1	Press Release dated November 10, 2022, filed herewith.

_____________________________________

*Management contract of compensatory plan or agreement.

SIGNATURES

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.

Dated: August 11, 2022	Autoscope Technologies Corporation
Dated: November 10, 2022	Autoscope Technologies Corporation
	By:	/s/ Frank G. Hallowell
		Frank G. Hallowell
		Chief Financial Officer
		(Principal Financial Officer andPrincipal Accounting Officer)

EXHIBIT INDEX

Exhibit No.	Description	~~Description~~
99.1		Press Release, dated August 11, 2022, of Autoscope Technologies Corporation
10.1	Employment Agreement dated February 1, 2022 among Autoscope Technologies Corporation, Image Sensing Systems, Inc. and Francis (Frank) G. Hallowell, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K dated February 1, 2022.*
10.2	Form of Option Agreement for Autoscope Technologies Corporation, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K dated February 1, 2022.*
99.1	Press Release dated November 10, 2022, filed herewith.

3_____________________________________

*Management contract of compensatory plan or agreement.

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