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 OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July26, 2017, the board of directors (the “Board”) of McGrath RentCorp (the “Company”) appointed Bradley M. Shuster as a member of the Company’s Board. The Board further appointed Mr.Shuster to the audit and governance committee of the Board. Mr.Shuster will receive an annual cash retainer for Board and Board committee services of $28,113, which is a pro-rated amount based on Mr.Shuster’s date of appointment, and was granted 1,600 restricted stock units with a fair market value of $55,264.
Mr.Shuster currently serves as Chairman of the Board and Chief Executive Officer of NMI Holdings, (NASDAQ: NMIH) and its principal subsidiary, National Mortgage Insurance Corporation (National MI), positions he has held since 2012. Prior to joining NMI, Mr.Shuster was an executive with The PMI Group for 13 years, where he held various positions over the course of his tenure, the most recent being president of International and Strategic Investments and chief executive officer of PMI Capital Corporation. Before joining PMI, Mr.Shuster was a partner at Deloitte, LLP. Mr.Shuster holds a Bachelor of Science in Business Administration from the University of California, Berkeley, and an M.B.A. from the University of California, Los Angeles.
The Company intends to enter into its standard director indemnification agreement with Mr.Shuster, the form of which was filed as Exhibit 10.3 to the Company’s Annual Report on Form 10-K for the year ended December31, 2001 that was filed with the U.S. Securities and Exchange Commission on March18, 2002.
There is no arrangement or understanding between Mr.Shuster and any other person to which Mr.Shuster was selected as a director. Mr.Shuster does not have any direct or indirect material interest in any transaction required to be disclosed to Item404(a) of Regulation S-K.
Effective July26, 2017, Robert Hood tendered his resignation from the Company’s Board.
Item 5.02. Financial Statements and Exhibits.
| 99.1 | Press Release, dated July31, 2017. |
MCGRATH RENTCORP ExhibitEX-99.1 2 d435499dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 PRESS RELEASE 5700 Las Positas Road Livermore California 94551 925 606 9200 FOR INFORMATION CONTACT: Joe Hanna Chief Executive Officer 925-606-9200 FOR RELEASE JULY 31,…To view the full exhibit click here
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.
