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

ME Staff 8-k

6 years ago

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 November27, 2018, Tennant Company (the “Company”) announced the appointment of Keith A. Woodward as Senior Vice President, Chief Financial Officer, effective December1, 2018. Mr.Woodward succeeds Tom Paulson, who announced his intention to retire from the Company in July2018. Mr.Paulson will remain employed with the Company through January24, 2019 to facilitate a smooth transition.

Mr.Woodward, age 54, previously served in various finance positions of expanding leadership at General Mills,Inc., a global food company, from 1991 to August2017, including most recently as Senior Vice President, Global Treasurer from 2015 to 2017 and Senior Vice President, Finance, U.S. Retail from 2008 to 2015. Mr.Woodward is a member of the board of directors of Seneca Foods Corporation and Phillips Distilling Company.

In connection with the commencement of Mr.Woodward’s employment, the Compensation Committee of the Company’s Board of Directors (the “Committee”) approved Mr.Woodward’s annual base salary of $435,000. The Committee approved a short-term incentive plan target equal to 60% of base salary and a long-term incentive plan target equal to 150% of base salary, both effective for grants for fiscal 2019. The Committee approved the grant of a one-time restricted stock unit award with a grant date fair value equal to $500,000 that cliff vests on the third anniversary of the date of grant, subject to the terms of the standard form of RSU agreement for executive officers, to be granted upon the commencement of Mr.Woodward’s employment or the first date thereafter on which the Company’s stock trading window is open. Mr.Woodward will also be a participant under the Company’s Executive Officer Severance Plan.

A press release announcing Mr.Woodward’s appointment is attached as Exhibit99.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits. The following exhibit is filed herewith:

News release announcing appointment of CFO.

TENNANT CO ExhibitEX-99 2 a18-40655_1ex99.htm EX-99 Exhibit 99 INVESTOR CONTACT: MEDIA CONTACT: Tom Paulson Kathryn Lovik Senior Vice President and Chief Financial Officer Global Communications Director tom.paulson@tennantco.com kathryn.lovik@tennantco.com 763-540-1204 763-540-1212 Tennant Announces Keith A. Woodward as Senior Vice President,…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.