TENNANT COMPANY (NYSE:TNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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TENNANT COMPANY (NYSE:TNC) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May22, 2018, Tennant Company (the “Company”) announced that Jeffrey C. Moorefield will cease to be employed by the Company in the position of Senior Vice President, Global Operations effective June30, 2018 and his employment will continue in a non-executive role until the earlier of December31, 2018 or the date Mr.Moorefield chooses to separate from employment with the Company after June30, 2018. The circumstances of Mr.Moorefield’s termination entitle him to certain severance pay and benefits. The Compensation Committee of the Company’s Board of Directors approved a transition agreement with Mr.Moorefield that provides the following severance pay and benefits to Mr.Moorefield in connection with termination of his employment, all of which are subject to Mr.Moorefield signing and not revoking a general release of claims in favor of the Company and his continued compliance with certain confidentiality, non-competition and non-solicitation covenants: (i)severance pay and benefit amounts consistent with his employment agreement in connection with an involuntary termination without cause, with the base salary severance amount payable in installments commencing January1, 2019, and Mr.Moorefield will be entitled to his 2018 short-term incentive plan award based on the Company’s actual performance for the full year (but no greater than the target payout), which amount will not be prorated for the portion of the year he was employed even if his employment ends before December31, 2018, (ii)the Company will reimburse Mr.Moorefield’s (a)reasonable moving expenses up to a total of $5,000 and (b)rent and reasonable lease termination expenses, (iii)the Company will accelerate the vesting to the effective date of Mr.Moorefield’s termination of 1,474 restricted shares previously granted to him which would otherwise vest on February26, 2019, and (iv)the Company will give Mr.Moorefield immediate access to outplacement services through a vendor to be selected by the Company.


About TENNANT COMPANY (NYSE:TNC)

Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions. Its other products include floor maintenance and outdoor cleaning equipment, and asset management solutions. Tennant products are used in various types of environments, including retail establishments, distribution centers, factories and warehouses, public venues, such as arenas and stadiums, office buildings, schools and universities, hospitals and clinics, and parking lots and streets.