CAI International, Inc. (NYSE:CAI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 2, 2019, CAI International, Inc. (the “Company”) entered into an employment agreement (the “Employment Agreement”) with Camille G. Cutino, the Company’s Vice President, Operations and Human Resources.
Under the terms of the Employment Agreement, among other things, Ms. Cutino will receive an annual base salary of $281,242, subject to annual increase at the discretion of the Company’s CEO and approved by the Company’s Board of Directors (the “Board”). Ms. Cutino will be eligible for an annual bonus targeted at 40% of her base salary in fiscal year 2019, with future bonus awards determined by the Compensation Committee and the Board in their discretion. Ms. Cutino is also eligible for annual grants of equity awards under the Company’s equity compensation plan, at the discretion of the Board. Ms. Cutino will also continue to be eligible to participate in the employee benefit plans and executive compensation programs made available by the Company to its executive officers generally.
In the event Ms. Cutino’s employment is terminated for “Cause” or due to company insolvency, she will be entitled only to any accrued compensation and benefits through the effective date of her termination. In the event her employment is terminated (i) by us without “Cause,” (ii) due to her death or disability, (iii) for any reason, other than for “Cause”, death or disability, within 24 months following a “Change in Control” or (iv) by her for “Good Reason,” in each case she will be entitled to receive the following severance payments and benefits:
The Employment Agreement also contains customary confidentiality, non-solicitation and non-disparagement covenants. The term of the Employment Agreement continues until October 1, 2022, after which the agreement will automatically renew for an additional 36 months unless either party terminates the agreement at least 90 days prior to the end of the original term.
The foregoing summary of the Employment Agreement does not purport to be complete, and is subject to and is qualified in its entirety by the terms of the Employment Agreement, which is attached hereto as Exhibit 10.1, and incorporated herein by reference.
CAI International, Inc. Exhibit
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 EMPLOYMENT AGREEMENT THIS EMPLOYMENT AGREEMENT (this “Agreement”) is executed as of this 2nd day of October,…
To view the full exhibit click
About CAI International, Inc. (NYSE:CAI)
CAI International, Inc. is a transportation finance and logistics company. The Company purchases equipment, which it leases primarily to container shipping lines, freight forwarders and other transportation companies. The Company operates through three segments: container leasing, rail leasing and logistics. It also manages equipment for third-party investors. In operating the Company’s fleet, it leases, re-leases and disposes equipment and contract for the repair, repositioning and storage of equipment. Its equipment fleet consists primarily of intermodal marine containers. The Company owns a fleet of railcars of various types, including 50 feet and 60 feet box cars for paper and forest products; covered hoppers for grain, cement, sand and plastic pellets; general purpose tank cars that are used to transport food-grade and other non-hazardous commodities; gondolas for coal, and general service flat cars. It also offers intermodal, truck brokerage and logistics services.
An ad to help with our costs