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 Officers
Item 5.02.
On October 1, 2019, Manitex International, Inc. (the Company) entered into an employment agreement, dated effective as of October 1, 2019, with Laura R. Yu, the Companys Chief Financial Officer (the Yu Agreement).
to the Yu Agreement, Ms. Yu will serve as Chief Financial Officer of the Company for a term commencing on October 1, 2019 and continuing through December 31, 2020. The employment term will automatically extend for one-year periods at the end of the then-current term, unless either party notifies the other party in writing of non-renewal at least 90 days prior to the expiration of the then-current term. Ms. Yus annual base salary will be reviewed annually by the Compensation Committee, and she will be eligible to receive annual cash incentives payable upon achievement of performance goals established by the Compensation Committee. Ms. Yu will also be entitled to employee benefits that the Company provides to employees generally, including medical benefits, participation in retirement plans and paid vacation time.
If the Company terminates Ms. Yu without just cause (as defined in the Yu Agreement) or if the Company chooses not to renew the Yu Agreement at the end of its then-current term, Ms. Yu will be entitled to a severance payment of twelve (12) months salary plus certain additional benefits for twelve (12) months and the payment of then vested or unvested Company equity incentive awards. If she is terminated for just cause or if she resigns, she is entitled to no severance payment. If Ms. Yu is involuntarily terminated without just cause or good reason (as defined in the Yu Agreement) within 6 months prior to and in anticipation of, or 24 months following, a change in control (as defined in the Yu Agreement), then Ms. Yu will be entitled to receive a payment equal to two times her annual base salary at the time of termination plus two times the average of her bonus received in the prior two years, as well as a pro rata bonus for the fiscal year during which the change of control occurs, and certain continued benefits for a period of two years.
The foregoing descriptions of the Yu Agreement is qualified in its entirety by reference to the full text of the Yu Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
(d) Exhibits
| Employment Agreement, effective as of October 1, 2019, between Manitex International, Inc. and Laura R. Yu. |