On September 30, 2022, Titan Machinery Inc. announced the appointment of Robert Larsen, age 37, as the company's Treasurer, effective December 1, 2022. Mr. Larsen intends to join the company as an employee on or about November 1, 2022. The company's current chief financial officer and Treasurer, Mark Kalvoda, will retain those offices until the effective date of Mr. Larsen's appointment.

Since CNH Industrial's acquisition of Raven Industries Inc. in November 2021, Mr. Larsen has served as the Head of Finance for CNH Industrial's team focused on precision technology group, which group includes the acquired agriculture business operations of Raven Industries. Prior to joining CNH Industrial in connection with the acquisition, Mr. Larsen held various positions at Raven Industries beginning in 2016, including as Director of Finance – Ag Division and Director of Investor Relations from June 2018 to November 2021 and as Assistant Controller, Manager of Investor Relations and Director of External Reporting from March 2016 to June 2018. Mr. Larsen began his career as an accountant with PricewaterhouseCoopers LLP and is a Certified Public Accountant.

Mr. Larsen has earned a Bachelor of Business Administration and a Master of Professional Accountancy each from the University of South Dakota and a Master of Business Administration from The University of Chicago Booth School of Business. In connection with his appointment as the Company's Chief Financial Officer and Treasurer, the Company entered into an Executive Employment Agreement with Mr. Larsen on September 29, 2022. The Employment Agreement has a rolling three-year term with automatic annual one-year extensions (with such automatic extensions subject to termination by either the Company or Mr. Larsen) running from February 1 through January 31 of each year, with the initial term ending on January 31, 2026.

The Employment Agreement provides Mr. Larsen with (i) a starting annualized base salary of $400,000, which base salary is subject to upward adjustment on an annual basis, (ii) eligibility to participate in the Company's annual performance cash bonus plan with an opportunity to earn a cash incentive award ranging from 0% to 150% of his then-current base salary, and (iii) the right to receive an annual long-term equity incentive award grant in the form of restricted stock with a value equal to his then-current annual base salary. Mr. Larsen will also receive a one-time, sign-on restricted stock award grant with a value of $50,000, as of December 1, 2022, which award will vest 25% on April 1, 2023, 25% on April 1, 2024, 25% on April 1, 2025, and 25% on April 1, 2026. For fiscal 2023, Mr. Larsen will be eligible to receive a pro rata performance cash bonus for the partial year worked based on the actual number of days as an employee during this fiscal year.

In addition, the Employment Agreement also provides that the company will reimburse Mr. Larsen for a tuition reimbursement obligation to his current employer.