McGRATH RENTCORP (NASDAQ:MGRC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
In connection with the early retirement of Dennis C. Kakures, the
former President and Chief Executive Officer of McGrath RentCorp
(the Company), the Company entered into a Consulting, Transition
and Proprietary Information Agreement (the Consulting Agreement)
dated March16, 2017 (the Separation Date) with Mr.Kakures. The
Consulting Agreement provides for, among other things, (i)the
engagement by the Company of Mr.Kakures as a consultant for 18
months from and inclusive of the Separation Date, (ii)monthly
payments by the Company to Mr.Kakures in the amount of $47,250
per month, (iii)continued exercisability of vested stock
appreciation rights previously granted to Mr.Kakures until
September16, 2017, (iv)the cession of vesting, as of the
Separation Date, of all unvested equity awards held by
Mr.Kakures, (v)the cancellation, as of the Separation Date, of
all unvested Company equity awards held by Mr.Kakures, (vi)the
cancellation of all vested Company equity awards held by
Mr.Kakures if such vested Company equity awards are not exercised
by September16, 2017, (vii)a monthly cash stipend of $1,283 for
18 months following the Separation Date for healthcare premiums,
(viii)a mutual release of claims, (ix)certain restrictive
covenants applicable to Mr.Kakures, including a covenant not to
compete and a non-solicitation agreement, for a period of 18
months following the Separation Date, and (x)an agreement for
Mr.Kakures to refrain from disclosure of confidential and/or
proprietary information of the Company.
This Current Report on Form 8-K also amends Item5.02 of the
Current Report on Form 8-K filed by the Company on February17,
2017 with the Securities and Exchange Commission to correct the
date of Mr.Kakures early retirement from the Company to March16,
2017.
The foregoing summary of the terms of the Consulting Agreement
does not purport to be complete and is qualified in its entirety
by reference to the Consulting Agreement, a copy of which is
filed as Exhibit 10.1 and is incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
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ExhibitNo. |
Description |
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| 10.1 |
Consulting, Transition and Proprietary Information Agreement dated March 16, 2017, by and between the Company and Dennis C. Kakures. |
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About McGRATH RENTCORP (NASDAQ:MGRC)
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex). The Mobile Modular business segment includes Mobile Modular Portable Storage division. The TRS-RenTelco rents and sells electronic test equipment. The Adler Tanks segment offers tanks and boxes used to store hazardous and non-hazardous liquids and solids. Enviroplex manufactures portable classrooms. McGRATH RENTCORP (NASDAQ:MGRC) Recent Trading Information
McGRATH RENTCORP (NASDAQ:MGRC) closed its last trading session up +0.28 at 34.55 with 354,801 shares trading hands.
