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 OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 14, 2018, the Compensation Committee (the “Committee”) of the Board of Directors of Tennant Company (the “Company”) adopted the Cash Incentive Plan under which executive officers and other members of the management team of the Company may receive cash incentive awards (the “Cash Incentive Plan”). The Cash Incentive Plan is intended to replace the Company’s 2014 Short-Term Incentive Plan (the “2014 STIP”) with respect to cash incentive awards made on or after January 2, 2019. The Cash Incentive Plan is substantially similar to the 2014 STIP, except that it removes certain references and requirements previously applicable to qualified performance-based compensation under Section 162(m) of the Internal Revenue Code following the repeal of the Section 162(m) exemption under the Tax Cuts and Jobs Act of 2017. The Cash Incentive Plan also provides that cash incentive awards may be made with respect to a performance that is longer or shorter than one fiscal year. The foregoing description is qualified in its entirety by reference to the full text of the Cash Incentive Plan, which is filed as Exhibit 10.1 hereto.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits. The following exhibit is filed herewith:
10.1 Cash Incentive Plan.
TENNANT CO ExhibitEX-10.1 2 exhibit_10-1.htm EXECUTIVE OFFICER CASH INCENTIVE PLAN Exhibit Exhibit 10.1Tennant CompanyExecutive Officer Cash Incentive Plan1. Purpose. The purpose of the Tennant Company Executive Officer Cash Incentive Plan (the “Plan”) is to provide incentives to the management team of Tennant Company (the “Company”) and its subsidiaries to produce a superior return to the shareholders of the Company and to encourage such management team to make decisions based on the Company’s long-term success and successfully meet specified performance objectives.2. Definitions. The terms defined in this section are used (and capitalized) elsewhere in the Plan.“Award” means an award payable to a Participant pursuant to Section 4 hereof.“Board” means the Board of Directors of the Company.“Cause” shall mean termination for (i) the Participant’s material breach of any confidentiality,…To view the full exhibit click here
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.