Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously reported on June 15, 2020 and July 29, 2020, in connection with
his appointment as Executive Vice President, and Interim President and Chief
Executive Officer of CAI International, Inc. (the "Company"), the Compensation
Committee (the "Compensation Committee") of the Board of Directors (the "Board")
amended the compensation and employment terms for Mr. Page. On November 2,
2020, the Board approved, and the Company and Mr. Page entered into, an amended
and restated employment agreement (the "Employment Agreement") to memorialize
the previously approved terms. No other material changes were made to the
employment terms for Mr. Page. The foregoing summary of the Employment
Agreement does not purport to be complete, and is subject to and is qualified in
its entirety by the terms of the Employment Agreement, which is attached hereto
as Exhibit 10.1, and incorporated herein by reference
On November 2, 2020, in recognition of his strong contributions to the Company,
the Board approved an incremental retention bonus to Mr. Page of up to $40,000
per quarter, beginning with quarter ended September 30, 2020. Mr. Page was
awarded the full amount for the quarter ended September 30, 2020, with future
incremental retention bonus amounts to be determined by the Compensation
Committee on a quarterly basis.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Amended and Restated Employment Agreement, effective June 12, 2020,
between CAI International, Inc. and Timothy B. Page.
104 Cover Page Interactive Data File (formatted in Inline XBRL).
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