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| CMT > SEC Filings for CMT > Form 8-K on 8-Jan-2009 | All Recent SEC Filings |
8-Jan-2009
Change in Directors or Principal Officers, Financial Statements and
Effective January 1, 2009, Core Molding Technologies, Inc. (the "Company"), appointed Terrence J. O'Donovan, age 49, to serve as the Company's Vice President, Marketing and Sales. Prior to joining the Company, Mr. O'Donovan was employed by Q3 Industries in Columbus, Ohio, where he held the position of Vice President of Sales and Marketing from 2006 to 2008 serving the OEM commercial vehicle, automotive, and general industrial markets. Prior to serving in that capacity at Q3 Industries, Mr. O'Donovan served as the Chief Operating Officer from 2003 to 2006. Mr. O'Donovan has also held Operations and Management positions at Hawk Corporation, The Auld Company and The Timken Company.
In connection with his appointment, Mr. O'Donovan and the Company have also entered into an Executive Severance Agreement (the "Severance Agreement") in substantially the same form as the executive severance agreements entered into by the Company and each of its other executive officers. The Severance Agreement provides that upon a Change in Control (as defined in the Severance Agreement) that Mr. O'Donovan shall be entitled to receive his then-current base salary for the remainder of the term of the Severance Agreement, as extended, together with any health, dental, life, disability or other benefits as he was then entitled to receive. In addition, if within the two-year period following a Change in Control, the Company terminates Mr. O'Donovan other than for "Cause" (as defined in the Severance Agreement) or for death or disability (as defined in the Severance Agreement), Mr. O'Donovan shall be entitled to certain payments and benefits, including (i) a severance benefit equal to the sum of (a) a multiple of his average base salary for the past five (5) years (or such lesser period), plus (b) a multiple of his average cash bonuses earned for the past five (5) years (or such lesser period), and (ii) full vesting and removal of all restrictions on any stock and equity-based compensation awards.
Mr. O'Donovan will receive an initial base salary of $165,000 per year.
Exhibits
The following exhibit is filed herewith:
Exhibit 99.1 Press Release, dated January 8, 2009, announcing the appointment of Terrence J. O'Donovan to serve as Vice President, Marketing and Sales
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