Rand Logistics, Inc. (NASDAQ:RLOG) 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 February2, 2018, Mark S. Hiltwein, Chief Financial Officer of Rand Logistics, Inc. (the “Company”) resigned from his position, effective upon consummation of the Company’s pre-packaged plan of reorganization (the “Plan”) as described under Item 5.02 of the Company’s Current Report on Form 8-K filed with the SEC on January 30, 2018. Mr.Hiltwein’s resignation is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.
In connection with Mr.Hiltwein’s resignation, the Company’s Board of Directors (the “Board”), upon the recommendation of the Compensation Committee of the Board, approved a one-time lump sum cash payment to Mr. Hiltwein of $100,000, which is payable upon consummation of the Plan.
About Rand Logistics, Inc. (NASDAQ:RLOG)
Rand Logistics, Inc. is a shipping company that, through its operating subsidiaries, is engaged in the operation of bulk carriers on the Great Lakes. The Company’s shipping business is operated in Canada by Lower Lakes Towing Ltd. (Lower Lakes Towing) and in the United States by Lower Lakes Transportation Company (Lower Lakes Transportation). The Company transports construction aggregates, salt, grain, coal, iron ore, and other dry bulk commodities for customers in the construction, electric utility, food, and integrated steel industries. Lower Lakes’ fleet consists of approximately six self-unloading bulk carriers and over four conventional bulk carriers in Canada and approximately six self-unloading bulk carriers in the United States, including over three articulated tug and barge units. Lower Lakes Towing owns approximately nine Canadian vessels and Lower Lakes Towing (17) Ltd. (Lower Lakes (17)) owns the tenth Canadian vessel.
