Wisconsin
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1-11978
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39-0448110
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(State or other jurisdiction
of incorporation)
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(Commission File
Number)
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(I.R.S. Employer
Identification Number)
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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10.1
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Offer Letter, accepted as of April 27, 2016, by and between David J. Antoniuk and The Manitowoc Company, Inc.
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THE MANITOWOC COMPANY, INC.
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(Registrant)
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DATE: May 3, 2016
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/s/
Louis F. Raymond
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Louis F. Raymond
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Vice President, General Counsel and Secretary
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Exhibit No.
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Description
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10.1
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Offer Letter, accepted as of April 27, 2016, by and between David J. Antoniuk and The Manitowoc Company, Inc.
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Non-Solicitation Agreement
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Non-Disclosure/Confidentiality Agreement
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Immediate participation in The Manitowoc Company 401 (k) Retirement Plan.
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The company will match your contributions to your 401(k) Retirement Plan as follows:
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100% company matching contribution on the first 3% of pay that you contribute.
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50% company matching contribution on the next 2% of pay that you contribute.
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Participation in the Manitowoc Company, Inc. Short Term Incentive Plan (STIP) effective on your date of hire. Your target bonus is 75% of your eligible earnings (your prorated earnings during your first year of employment with Manitowoc) for meeting 100% of the (STIP) Target in your first year with Manitowoc. The Plan allows for payment beyond the target percent up to 200% of your job’s targeted percent, which would be equivalent to 150%
of your eligible earnings. In addition, in accordance with the Manitowoc Short-Term Incentive Plan, you must remain employed with Manitowoc through the end of the Plan/calendar year in order to receive a payout.
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Upon commencement of your employment with the Company, you will be granted an initial award of restricted stock units under the Company’s 2013 Omnibus Incentive Plan. The fair market value of the restricted stock units comprising the initial award will equal $500,000 -- determined in the same manner that grant value (and the number of restricted stock units awarded) was determined for the annual grants to other executive officers of the Company for 2016. This initial grant would be made shortly after your start date. The restricted stock units awarded under this section shall vest 100% in three year on the anniversary of the grant date. These restricted stock units will be administered by Charles Schwab as all Company grants.
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Positions at this level have historically been eligible for our equity grant review by The Manitowoc Company Board of Directors. For this role, your long term incentive award grant target is Seven Hundred Ninety-One Thousand Dollars ($791,000.00) per year. The past practice has been to approve the grants during the Board meeting in late February. All grants are determined by the Company’s board of directors and are subject to the terms of an award agreement consistent with award agreements provided to other Manitowoc Cranes executives, including similar vesting and performance
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You will be provided a two year (Double Trigger) Change in Control Agreement upon hire.
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In addition, you are eligible to participate in the Deferred Compensation Plan. Attached are details of the plan as in effect today. To participate in the Deferred Compensation Plan, complete the deferral agreement and return to Nancy Musial, Human Resources Manager, P. O. Box 66, Manitowoc, WI 54221-0066.
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The first day of the month after a one calendar month waiting period, you will be eligible for the Company Life Insurance, Health Coverage, Vision Care Plan, Flexible Spending Account, and Dental Plan (Plan 1 or Plan 2). The costs below are the 2016 biweekly pretax deductions:
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Bi-weekly Employee Contribution
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Medical, Dental Plan 1, Vision
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Medical, Dental Plan 2, Vision
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Employee Only
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$60.52
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N/A
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Employee + Child
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$111.96
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$118.24
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Employee + Spouse
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$160.44
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$166.72
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Employee + Children
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$164.84
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$172.46
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Employee + Family
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$235.96
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$243.58
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The Company currently observes 11 paid holidays per year.
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Vacation policy is as follows*:
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/s/ Thomas G. Musial
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/s/ David Antoniuk
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April 27, 2016
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David Antoniuk
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Date
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