| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On October 1, 2020, Manitex International, Inc. (the “Company”) appointed Joseph Doolan as Chief Financial Officer of the Company, effective as of October 20, 2020. Mr. Doolan will serve as the principal financial officer and principal accounting officer of the Company.
Mr. Doolan, age 57, served from 2016 to 2019 as the Vice President – Finance of Fram Group Holdings Inc., a portfolio company of Rank Group that is a supplier of a broad range of automotive products, which was carved out from UCI-FRAM Inc. in 2016. From 2012 to 2016, he served as Vice President – Finance of UCI-FRAM Inc., a manufacturer of aftermarket auto parts. There are no arrangements or understandings required to be disclosed pursuant to Item 401(b) of Regulation S-K or family relationships required to be disclosed pursuant to Item 401(d) of Regulation S-K. Similarly, there are no transactions with related persons required to be disclosed pursuant to Item 404(a) of Regulation S-K involving Mr. Doolan.
In connection with his appointment as Chief Financial Officer of the Company, Mr. Doolan entered into an employment agreement with the Company effective as of October 20, 2020 (the “Doolan Agreement”). Pursuant to the Doolan Agreement, Mr. Doolan will serve for a term commencing on October 20, 2020 and continuing through December 31, 2021. The employment term will automatically extend for one-year periods at the end of the then-current term, unless either party notifies the other party of non-renewal. Mr. Doolan will receive an annual base salary of $250,000, which will be reviewed annually by the Compensation Committee of the Company’s Board of Directors (the “Committee”), and he will be eligible to receive annual cash incentives payable upon achievement of performance goals established by the Committee. On October 20, 2020, he will be granted 10,000 restricted stock units, one-third of which will vest immediately, with the balance vesting over a three-year period.
The foregoing descriptions of the Doolan Agreement is qualified in its entirety by reference to the full text of the Doolan Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
On October 5, 2020, the Company issued a press release regarding Mr. Doolan’s appointment as Chief Financial Officer. A copy of the press releases is furnished herewith as Exhibit 99.1 and incorporated herein by reference to this Item 7.01.
The information set forth in this Item 7.01 including the information set forth in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
