MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
As previously disclosed, Michael Schneider departed as Senior Vice President, Chief Financial Officer, Treasurer and Secretary of Manitex International, Inc. (the “Company”), effective January29, 2018. On March23, 2018, the Company entered into a Settlement and Release Agreement with Mr.Schneider (the “Settlement Agreement”). The Settlement Agreement will become effective if Mr.Schneider does not revoke his acceptance of it within seven (7)days of signing. to the Settlement Agreement, Mr.Schneider will receive severance pay equal to $250,000, less applicable taxes and withholdings, payable in a single lump sum payment. This payment is in lieu of any bonus payment that Mr.Schneider would otherwise have been eligible to receive with respect to his employment with the Company in 2017 and 2018.
The Settlement Agreement further requires Mr.Schneider to remain reasonably available to the Company for a period of eight (8)weeks to assist in the smooth transition of his duties to one or more other Company employees.
Under the Settlement Agreement, Mr.Schneider waives and releases all claims, express or implied, known or unknown, against the Company and its affiliates, and the Company waives and releases all claims, express or implied, known or unknown, against Mr.Schneider, in each case arising before the date of execution of the Settlement Agreement.
The description of the Settlement Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the form of Settlement Agreement, a copy of which is attached hereto as Exhibit10.1 and is incorporated herein by reference.
| Item 5.02. | Financial Statements and Exhibits. |
(d) Exhibits
Manitex International, Inc. ExhibitEX-10.1 2 d331979dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 SETTLEMENT AND RELEASE AGREEMENT This Settlement and Release Agreement (this Agreement) is entered into between Manitex International,…To view the full exhibit click here
About MANITEX INTERNATIONAL, INC. (NASDAQ:MNTX)
Manitex International, Inc. is a provider of engineered specialty lifting and loading products. The Company operates in three business segments: the Lifting Equipment segment, the A.S.V., LLC (ASV) segment and the Equipment Distribution segment. Through its Lifting Equipment segment, the Company designs, manufactures and distributes a diverse group of products that serve various functions and are used in a range of industries. In the ASV segment, the Company manufactures a line of compact rubber tracked and skid steer loaders. In the Equipment Distribution segment, the Company markets products used primarily for infrastructure development and commercial construction applications that include road and bridge construction, general contracting, roofing, scrap handling, and sign construction and maintenance. The Company, through its subsidiary Manitex, Inc., markets a line of boom trucks, truck cranes and sign cranes.