Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2026-07-29

Iteris (ITI)

Fiscal year 2023 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,141,479
Joe Bergera total, FY2023
1st
CEO pay percentile vs peers
CEO-to-median pay ratio
78.99%
Say-on-pay support, latest vote
Companies that benchmark against ITI
2 companies name ITI as a compensation peer

Each company listed discloses ITI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ITI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Joe Bergera$445,000$0$218,504$247,386$212,461$0$18,128$1,141,479
Chief Executive Officer, President and Director
Douglas Groves412,5000112,742139,042129,31908,885802,488
Chief Financial Officer, Senior Vice President of Finance and Secretary
Kerry Shiba425,00030,000124,999125,00100654705,654
Senior Vice President and Chief Financial Officer, Treasurer, and Secretary
Todd Kreter300,000069,80883,425115,56000568,793
Senior Vice President and Chief Technology Officer
William Cousins295,000055,45783,425111,634010,892556,408
Senior Vice President and Chief Product Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY20222023
Joe Bergera$1,141,479
Douglas Groves802,488
Kerry Shiba705,654
Todd Kreter568,793
William Cousins556,408

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Todd KreterPSU$69,808
Todd KreterOPTION83,425
William CousinsOPTION83,425
Douglas GrovesOPTION139,042
Douglas GrovesPSU112,742
Kerry ShibaPSU124,999
Kerry ShibaOPTION125,001
William CousinsPSU55,457
Joe BergeraPSU218,504
Joe BergeraOPTION247,386
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Todd Kreter$0$69,808$83,42545.6%
William Cousins055,45783,42539.9%
Douglas Groves0112,742139,04244.8%
Kerry Shiba0124,999125,00150.0%
Joe Bergera0218,504247,38646.9%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Douglas GrovesRSU10,638$49,892
Todd KreterOption04.91
Todd KreterOption05.52
Kerry ShibaRSU27,964131,151
BergeraOption04.91
Douglas GrovesPSU24,319114,036
BergeraRSU34,544162,011
Todd KreterRSU10,36348,602
William CousinsPSU2,79313,097
William CousinsPSU6,38329,936
Douglas GrovesPSU10,63849,892
BergeraOption33,3332.34
BergeraPSU18,61787,312
BergeraPSU42,553199,571
Kerry ShibaRSU1,4306,707
Todd KreterRSU12,76659,872
Todd KreterOption10,0002.34
Todd KreterPSU12,76659,872
BergeraRSU42,553199,571
BergeraRSU18,61787,312
Douglas GrovesOption25,0004.8
BergeraOption107,1433.35
Todd KreterRSU5,58526,194
William CousinsRSU5,18224,303
William CousinsRSU2,79313,097
William CousinsRSU6,38329,936
William CousinsRSU4,38232,142
Todd KreterRSU10,19232,066
Douglas GrovesOption37,5005
Douglas GrovesRSU24,319114,036
Kerry ShibaRSU26,596124,735
Douglas GrovesOption77,1603.13
Kerry ShibaOption27,9644.47
Todd KreterOption17,5005.1
Todd KreterOption04.16
Todd KreterOption46,2963.13
William CousinsOption46,2963.13
Todd KreterOption28,1255
William CousinsOption46,8753.19
Todd KreterPSU5,58526,194
Douglas GrovesOption50,0004.92
William CousinsOption10,0003.35
Todd KreterOption32,1433.35
Douglas GrovesRSU47,220221,462
William CousinsRSU32,142150,746
Todd KreterRSU32,066150,390
Todd KreterOption17,5004.8
Douglas GrovesRSU15,54147,220
05

Incentive-plan design — the Compensation Discussion & Analysis

Our philosophy is to provide our named executive officers with compensation that will motivate and retain them, provide them with meaningful incentives to achieve and exceed short-term and long-term corporate objectives set by our Compensation Committee, and align their long-term interests with those of our stockholders.

CEO STI target (% of salary)80%
CEO LTI target (% of salary)
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20232023-09-0720,852,4555,421,002124,60978.99%Passed
20222022-09-0818,841,8526,697,10965,25773.59%Passed
20212021-09-0922,483,6773,122,409114,30587.42%Passed
20202020-09-1019,850,381811,679327,50794.57%Passed
20192019-09-1220,640,7716,093,6231,794,09477.21%Passed
20162016-12-1515,729,7613,338,034237,24181.48%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20232023-09-0778.99%a
20222022-09-0873.59%b
20212021-09-0987.42%c

a. Approved under the standard stated in the filing — “For purposes of Proposals 2 and 3, broker non-votes will not affect the outcome of the voting on these proposals and abstentions will have the same effect as a vote against these proposals .”.

b. Approved under the standard stated in the filing — “For purposes of Proposals 2 and 3, broker non-votes will not affect the outcome of the voting on these proposals and abstentions will have the same effect as a vote against these proposals .”.

c. Approved under the standard stated in the filing — “For purposes of Proposals 2, 3 and 4, broker non-votes will not affect the outcome of the voting on these proposals and abstentions will have the same effect as a vote against these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Thomas L. ThomasIndependent · Board Chair · Compensation (Chair) · Nominating and Corporate Governance$110,627$80,000$0$0$0$190,627
Dennis W. ZankIndependent · Audit (Chair) · Compensation72,88380,000000152,883
Gerard M. MooneyIndependent · Audit · Nominating and Corporate Governance (Chair)60,38180,000000140,381
Laura L. SiegalIndependent · Audit · Compensation57,50080,000000137,500
Kimberly L. Valentine-PoskaIndependent · Audit · Newly elected000000
Gary HallIndependent · Audit · Investment · Executive · Finance · Regulatory · Newly elected000000
J. Joseph BergeraEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$301,391
Equity awards (grant-date value)$320,000
All other compensation$0
Total cost of the board$621,391

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2023

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Iteris names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Iteris.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Mitek Systems, Inc.2025Edward H. West$500,000$7,902,361$0$761,500$9,414,057
2A10 Networks, Inc.2025Dhrupad Trivedi697,9175,211,97301,056,8006,974,141
3Digi International Inc.2025Ronald Konezny583,8463,454,3240949,1795,002,124
4Applied Optoelectronics, Inc.2025Chih-Hsiang (Thompson) Lin828,6572,837,66701,009,0874,769,014
5Aviat Networks, Inc.2025Peter A. Smith650,0003,111,023003,772,051
6Vishay Precision Group, Inc.2025Ziv Shoshani743,2351,300,661002,279,041
7PowerFleet, Inc.2026Steve Towe555,7781,469,0070110,0442,134,829
8Napco Security Technologies, Inc.2025Richard Soloway960,9200001,734,903
9Clearfield, Inc.2025Cheryl Beranek460,000999,9860131,5111,613,404
10KVH Industries, Inc.2025Brent Bruun538,8100425,840485,1851,461,335
11Intevac, Inc.2023Nigel Hunton649,4400180,0001,381,434
12Agilysys, Inc.2026Ramesh Srinivasan600,000600,000001,213,846
13EMCORE Corporation2023Jeffrey Rittichier500,000686,190001,210,046
14Iteris2023Joe Bergera445,000218,504247,386212,4611,141,479
Luna Innovations Incorporatednot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Iteris60%Options 50 · RSU 25 · PSU 25NoFW Cook
A10 Networks, Inc.not disclosedPSU 50 · RSU 50NoRadford-AON
Agilysys, Inc.100%RSU 100not disclosedCompensation consultant (name not disclosed in provided text)
Applied Optoelectronics, Inc.104.8%PSU 50 · RSU 50Yes — Relative TSR vs. 2025 Peer GroupAon
Aviat Networks, Inc.not disclosedPSU 50 · RSU 50Yes — TSRCompensia
Clearfield, Inc.29%RSU 50 · PSU 50NoCompensia
Digi International Inc.147%RSU 50 · PSU 50Yes — TSR vs Russell 2000 IndexRadford Consulting (AON)
EMCORE Corporationnot disclosedRSU 71 · PSU 29NoCompensia
Intevac, Inc.32.7%PSU 60 · RSU 40NoAon Human Capital Solutions
KVH Industries, Inc.not disclosedOptions 100not disclosedCompensia
Luna Innovations Incorporatednot disclosednot disclosednot disclosednot disclosed
Mitek Systems, Inc.152.3%PSU 80 · RSU 20NoFrederic W. Cook & Company, Inc.
Napco Security Technologies, Inc.not disclosedOptions 100not disclosednot disclosed
PowerFleet, Inc.not disclosedPSU 66.7 · RSU 33.3not disclosedFrederic W. Cook & Co., Inc.
Vishay Precision Group, Inc.not disclosedPSU 50 · RSU 50NoEY Parthenon

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Joe BergeraDEF 14A2023-07-280001628280-23-026101Section “Summary Compensation Table” · page 34. As printed: 1,141,479. Filing ↗machine: r2 · c48 · span 491821–491830
2Section 01, Douglas GrovesDEF 14A2023-07-280001628280-23-026101Section “Summary Compensation Table” · page 34. As printed: 802,488. Filing ↗machine: r5 · c48 · span 500082–500089
3Section 01, Kerry ShibaDEF 14A2023-07-280001628280-23-026101Section “Summary Compensation Table” · page 34. As printed: 705,654. Filing ↗machine: r8 · c48 · span 508419–508426
4Section 01, Todd KreterDEF 14A2023-07-280001628280-23-026101Section “Summary Compensation Table” · page 34. As printed: 568,793. Filing ↗machine: r11 · c48 · span 516207–516214
5Section 01, William CousinsDEF 14A2023-07-280001628280-23-026101Section “Summary Compensation Table” · page 34. As printed: 556,408. Filing ↗machine: r14 · c48 · span 523981–523988
6Section 03, Todd Kreter PSUDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r11 · c8 · span 514977–514983
7Section 03, Todd Kreter OPTIONDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r11 · c10 · span 515284–515290
8Section 03, William Cousins OPTIONDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r14 · c10 · span 523059–523065
9Section 03, Douglas Groves OPTIONDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r5 · c10 · span 499160–499167
10Section 03, Douglas Groves PSUDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r5 · c8 · span 498852–498859
11Section 03, Kerry Shiba PSUDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r8 · c8 · span 507191–507198
12Section 03, Kerry Shiba OPTIONDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r8 · c10 · span 507499–507506
13Section 03, William Cousins PSUDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r14 · c8 · span 522752–522758
14Section 03, Joe Bergera PSUDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r2 · c8 · span 490486–490493
15Section 03, Joe Bergera OPTIONDEF 14A2023-07-280001628280-23-026101Section “Grant of Plan-Based Awards Table” · grants of plan-based awards table. Filing ↗machine: t25 · r2 · c10 · span 490820–490827
16Section 08, Thomas L. ThomasDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 190,627. Filing ↗machine: t15 · r4 · c8 · span 274569–274576
17Section 08, Dennis W. ZankDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 152,883. Filing ↗machine: t15 · r5 · c8 · span 276091–276098
18Section 08, Gerard M. MooneyDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 140,381. Filing ↗machine: t15 · r2 · c8 · span 271493–271501
19Section 08, Laura L. SiegalDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 137,500. Filing ↗machine: t15 · r3 · c8 · span 273044–273051
20Section 08, Kimberly L. Valentine-PoskaDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 0. Filing ↗
21Section 08, Gary HallDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, J. Joseph BergeraDEF 14A2023-07-280001628280-23-026101Section “Director Compensation”. As printed: 0. Filing ↗
23Section 06, 2023 voteForm 8-K2023-09-120001104659-23-099839Item 5.07 · say-on-pay result. As reported: 78.99% (votes for as printed: 20,852,455). Filing ↗
24Section 06, 2022 voteForm 8-K2022-09-130001104659-22-099617Item 5.07 · say-on-pay result. As reported: 73.59% (votes for as printed: 18,841,852). Filing ↗
25Section 06, 2021 voteForm 8-K2021-09-140001104659-21-115332Item 5.07 · say-on-pay result. As reported: 87.42%. Filing ↗
26Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
27Section 09b board cost (computed)ComputedcomputedCash 301,391 + equity 320,000 + all other 0 = 621,391, summed across the director compensation table rows.machine: formula: Σ = 621,391
28Mitek Systems, Inc., Section 10b CEO totalDEF 14A2026-01-260001628280-26-003469CEO total compensation as printed in Mitek Systems, Inc.'s own proxy. As printed: 9,414,057. Filing ↗machine: span 685482–685491
29A10 Networks, Inc., Section 10b CEO totalDEF 14A2026-03-100001140361-26-008793CEO total compensation as printed in A10 Networks, Inc.'s own proxy. As printed: 6,974,141. Filing ↗machine: r2 · c21 · span 490057–490066
30Digi International Inc., Section 10b CEO totalDEF 14A2025-12-170001104659-25-122033CEO total compensation as printed in Digi International Inc.'s own proxy. As printed: 5,002,124. Filing ↗machine: r1 · c6 · span 312252–312261
31Applied Optoelectronics, Inc., Section 10b CEO totalDEF 14A2026-04-240001104659-26-048559CEO total compensation as printed in Applied Optoelectronics, Inc.'s own proxy. As printed: 4,769,014. Filing ↗machine: r1 · c19 · span 965927–965936
32Aviat Networks, Inc., Section 10b CEO totalDEF 14A2025-09-230001140361-25-035861CEO total compensation as printed in Aviat Networks, Inc.'s own proxy. As printed: 3,772,051. Filing ↗machine: t102 · r2 · c21 · span 465516–465525
33Vishay Precision Group, Inc., Section 10b CEO totalDEF 14A2026-04-090001437749-26-011815CEO total compensation as printed in Vishay Precision Group, Inc.'s own proxy. As printed: 2,279,041. Filing ↗machine: span 674953–674962
34PowerFleet, Inc., Section 10b CEO totalDEF 14A2026-07-290001493152-26-035236CEO total compensation as printed in PowerFleet, Inc.'s own proxy. As printed: 2,134,829. Filing ↗machine: r1 · c26 · span 373462–373471
35Napco Security Technologies, Inc., Section 10b CEO totalDEF 14A2025-10-240001140361-25-039260CEO total compensation as printed in Napco Security Technologies, Inc.'s own proxy. As printed: 1,734,903. Filing ↗machine: r2 · c18 · span 249254–249263
36Clearfield, Inc., Section 10b CEO totalDEF 14A2026-01-150001171843-26-000288CEO total compensation as printed in Clearfield, Inc.'s own proxy. As printed: 1,613,404. Filing ↗machine: t49 · r1 · c8 · span 425387–425396
37KVH Industries, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050409CEO total compensation as printed in KVH Industries, Inc.'s own proxy. As printed: 1,461,335. Filing ↗machine: r1 · c25 · span 311345–311354
38Intevac, Inc., Section 10b CEO totalDEF 14A2024-04-100001193125-24-091334CEO total compensation as printed in Intevac, Inc.'s own proxy. As printed: 1,381,434. Filing ↗
39Agilysys, Inc., Section 10b CEO totalDEF 14A2026-07-160001193125-26-306113CEO total compensation as printed in Agilysys, Inc.'s own proxy. As printed: 1,213,846. Filing ↗machine: r2 · c15 · span 832354–832363
40EMCORE Corporation, Section 10b CEO totalDEF 14A2024-01-260001193125-24-016707CEO total compensation as printed in EMCORE Corporation's own proxy. As printed: 1,210,046. Filing ↗machine: t101 · r2 · c31 · span 341672–341681
41Iteris (subject), Section 10b CEO totalDEF 14A2023-07-280001628280-23-026101CEO total compensation as printed in Iteris's own proxy. As printed: 1,141,479. Filing ↗machine: r2 · c48 · span 491821–491830
42Section 10a, Digi International Inc. reciprocityDEF 14A0001104659-25-122033Digi International Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
43Section 10a, Clearfield, Inc. reciprocityDEF 14A0001171843-26-000288Clearfield, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
44Section 10a, Mitek Systems, Inc. reciprocityDEF 14A0001628280-26-003469Mitek Systems, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
45Section 10a, Intevac, Inc. reciprocityDEF 14A0001193125-24-091334Intevac, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
46Section 10a, A10 Networks, Inc. reciprocityDEF 14A0001140361-26-008793A10 Networks, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
47Section 10a, Aviat Networks, Inc. reciprocityDEF 14A0001140361-25-035861Aviat Networks, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
48Section 10a, Vishay Precision Group, Inc. reciprocityDEF 14A0001437749-26-011815Vishay Precision Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
49Section 10a, PowerFleet, Inc. reciprocityDEF 14A0001493152-26-035236PowerFleet, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗
50Section 10a, Applied Optoelectronics, Inc. reciprocityDEF 14A0001104659-26-048559Applied Optoelectronics, Inc.'s most recent proxy was read; its disclosed peer group does not include Iteris. Filing ↗