THIS EMPLOYMENT AGREEMENT (this Agreement) is made this 1st day of October, 2020, (the Effective Date) by and between Joseph Doolan (Employee) and Manitex International, Inc. a Michigan corporation, whose address is 9725 S. Industrial Drive, Bridgeview, Illinois 60455 (the Company).
WHEREAS, the Company is engaged in the business of the design, manufacturing, and sale of specialty equipment (the Business).
WHEREAS, the Company desires to employ Employee as its Chief Financial Officer, and Employee desires to be employed by the Company, upon the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and obligations contained herein, and intending to be legally bound, the parties, subject to the terms and conditions set forth herein, agree as follows:
1. Employment Term. Subject to the terms and conditions set forth herein, the Company agrees to employ Employee, and Employee hereby accepts employment, as the Chief Financial Officer of the Company and its subsidiaries, or a similar executive position (the Position), for a term commencing on October 20, 2020 (the Commencement Date) and ending on December 31, 2021, and as extended as provided for below, (together, the Employment Term) unless otherwise terminated under this Agreement. The Employment Term will automatically extend for one year periods at the end of the current Employment Term, and each one year extension term thereof, unless either the Company or Employee notifies the other in writing (a Non-Renewal Notice) of the expiration of the Employment Term, or the one year extension term thereof, at least 90 days prior to the end of each annual anniversary. Employee and the Company agree that Employees employment with the Company constitutes at-will employment. Employee and the Company acknowledge that this employment relationship may be terminated at any time, upon written notice to the other party, with or without good cause or for any or no cause, at the option either of the Company or Employee. However, as described in this Agreement, Employee may be entitled to severance benefits depending upon the circumstances of Employees termination of employment.
2. Duties. During the Term, Employee shall serve the Company faithfully and to the best of Employees ability, shall devote Employees full attention, skill and efforts to the performance of the duties of the Position. Employee shall report to the Companys Chief Executive Officer (CEO). Employee will render such business and professional services in the performance of Employees duties, consistent with Employees position within the Company, as will reasonably be assigned to Employee by the CEO. During the Employment Term, Employee will devote Employees full business efforts and time to the Company and will use good faith efforts to discharge Employees obligations under this Agreement to the best of Employees ability. For the duration of the Employment Term, Employee agrees not to actively engage in any other employment, occupation, or consulting activity for any direct or indirect remuneration without the prior approval of the CEO; provided, however that Employee may, without the approval of the CEO, serve in any capacity with any civic, educational, or charitable organization, provided such services do not interfere with Employees obligations to Company.
3. Other Business Activities. During the Employment Term, other than as provided in Section 2 above, Employee will not engage in any other business activities or pursuits which are contrary to Employees responsibilities and obligations pursuant to this Agreement.
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Base Salary. As of the Effective Date, the Company will pay Employee an annual salary of $250,000 as compensation for Employees services (such annual salary, as is then effective, to be referred to herein as Base Salary). The Base Salary will be paid periodically in accordance with the Companys normal payroll practices and be subject to the usual, required withholdings. Employees salary will be reviewed annually by the Compensation