Delaware
|
94-3109229
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
Steuart Tower, 1 Market Plaza, Suite 2400
|
||
San Francisco, California
|
94105
|
|
(Address of principal executive office)
|
(Zip Code)
|
Title of each class
|
Trading symbols
|
Name of each exchange on which registered
|
Common Stock, par value $0.0001 per share
|
CAI
|
New York Stock Exchange
|
8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share
|
CAI-PA
|
New York Stock Exchange
|
8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share
|
CAI-PB
|
New York Stock Exchange
|
Large accelerated filer ☐
|
Accelerated filer ☒
|
|
Non-accelerated filer ☐
|
Smaller reporting company ☐
|
|
Emerging growth company ☐
|
Common Stock
|
April 24, 2020
|
|
Common Stock, $0.0001 par value per share
|
17,506,453 shares
|
PART III
|
||
Item 10.
|
1
|
|
Item 11.
|
6
|
|
Item 12.
|
20
|
|
Item 13.
|
22
|
|
Item 14.
|
23
|
|
PART IV
|
||
Item 15.
|
24
|
|
29
|
ITEM 10: |
• |
Class I Directors: Victor M. Garcia and Gary M. Sawka, whose current terms will expire at the 2020 Annual Meeting of Stockholders;
|
• |
Class II Directors: Kathryn G. Jackson and Andrew S. Ogawa, whose current terms will expire at the 2021 Annual Meeting of Stockholders; and
|
• |
Class III Directors: David G. Remington and John H. Williford, whose current terms will expire at the 2022 Annual Meeting of Stockholders.
|
Victor M. Garcia
|
Director since 2011
|
Mr. Garcia, age 52, has served as our President and Chief Executive Officer since June 2011. From September 2010 to June 2011, he also served as our Senior Vice President and Chief Operating Officer. In addition, Mr. Garcia previously
served as our Senior Vice President and Chief Financial Officer from November 2006 through September 2010. From July 1990 to October 2006, he was employed by Banc of America Securities, the investment banking subsidiary of Bank of America,
where he was a Managing Director and senior banker in the Transportation Group within the Global Corporate and Investment Bank group. Mr. Garcia holds a B.S. from Babson College.
Mr. Garcia has been selected as a director because as our President and Chief Executive Officer he brings a unique insight on the management of the Company to the Board, and with his financial expertise gained in the banking industry
along with his experience as our former Chief Financial Officer and Chief Operating Officer, he also brings knowledge of the financial and operational facets of the Company to the Board.
|
|
Gary M. Sawka
|
Director since 2011
|
Mr. Sawka, age 73, previously served as our Interim Chief Financial Officer and Interim Senior Vice President, Finance, from September 2010 to June 2011. Prior to September 2010, he served as a member of our Board beginning in May 2007.
Since May 2014, Mr. Sawka has served on the Board of Directors of Digital Solid State Propulsion, Inc., a venture-backed manufacturer of smart energetic materials for the space, defense, and pyrotechnics industries. From September 2008 to
October 2010, he served as Senior Vice President, Finance and Chief Financial Officer of Questcor Pharmaceuticals, Inc., a specialty pharmaceuticals company. From October 2010 to December 2010, he was employed with Questcor Pharmaceuticals,
Inc. on a part time basis as Special Projects, Finance. From February 2007 to April 2008, he served as Chief Financial Officer for Tripath Technology, Inc., a former Nasdaq-listed semiconductor company, during its Chapter 11 reorganization
and its reverse merger. From August 2006 to February 2007, he served as a consulting Chief Financial Officer to Tripath Technology, Inc. From 2002 to 2006, Mr. Sawka worked as a financial consultant for several Nasdaq-listed companies. From
2000 to 2001, he served as Executive Vice President and Chief Financial Officer of ePlanning Securities, a national, representative-owned, independent FINRA Broker/Dealer. During the period from 1984 to 2002, Mr. Sawka served as Vice
President and Chief Financial Officer of Tvia, Inc., a semiconductor company, PrimeSource Corporation, an international container leasing company specializing in high service leases, and Itel Containers International Corporation, at the
time, the world’s largest international container leasing company. Mr. Sawka has an M.B.A. from Harvard University Graduate School of Business Administration and a B.S. in Accounting from the University of Southern California.
Mr. Sawka brings extensive management and consulting experience with public companies, along with his substantial experience with our operations, which we believe brings valuable financial, operational, governance and strategic expertise
to the Board.
|
Kathryn G. Jackson
|
Director since 2018
|
Ms. Jackson, age 64, previously served as Chief Executive Officer of the Second Harvest Food Bank of Santa Clara and San Mateo Counties from 2009 until mid-2017. From 2003 to 2004, Ms. Jackson held the role of Managing Director for Bank
of America Leasing & Capital, LLC, which provides leasing and equipment financial solutions to small businesses, mid-market companies, and large corporations. From 1995 to 2002, she held leadership roles as a Senior Vice President (1995
to 1998) and Executive Vice President (1998 to 2002), managing four of the six business lines for GATX Capital Corporation, a subsidiary of GATX Corporation, a global leader in railcar leasing. Ms. Jackson was a Managing Director from 1987
to 1994 of D’Accord Incorporated (“D’Accord”), a rail and aircraft advisory firm, and served as D’Accord’s interim President from 1991 to 1992. She is a Phi Beta Kappa graduate of Stanford University and holds an M.B.A. from the Kellogg
Graduate School of Management at Northwestern University.
Ms. Jackson brings nearly 10 years of Chief Executive Officer experience to the Board, as well as more than two decades of relevant financial services experience including significant roles as a senior executive with a variety of
equipment leasing and finance companies.
|
|
Andrew S. Ogawa
|
Director since 2018
|
Mr. Ogawa, age 48, co-founded and is a Managing Partner in Quest Venture Partners, an investment management company focused on early stage investments in the technology industry. Prior to founding Quest Venture Partners in 2008, Mr.
Ogawa was a Manager for Daimler AG, an international automotive company, involved in various capacities related to corporate strategy and procurement from 1999 to 2009. He holds dual B.A.s in Economics and East Asian Studies from the
University of California at Santa Barbara, as well as an M.B.A. in International Management from Thunderbird, American Graduate School of International Management. He currently serves as a member of the Board of Directors for Tripping Inc.
and GameOn Inc.
Mr. Ogawa’s expertise in evaluating investment opportunities, international business development, transportation and procurement operations provide valuable insights to the Board.
|
David G. Remington
|
Director since 2010
|
Mr. Remington, age 78, has served as Chairman of the Board since January 2018. Mr. Remington is a retired senior financial executive with 40 years of experience in
corporate finance, investment and commercial banking, equipment leasing, and asset-based financing. He retired as Senior Vice President of Itron, Inc., a technology and services company dedicated to the resourceful use of energy and water
in December 2004, and was its Chief Financial Officer from February 1996. After retiring, he was Acting Chief Financial Officer of Next IT, Inc., a private software company, from September 2014 to September 2016, during which time he was
a board member of that firm. Prior to his service with Itron, Inc., Mr. Remington served as a Managing Director, Investment Banking, for Dean Witter Reynolds, Inc., a stock brokerage and securities firm, and as President of Steiner
Financial Corporation, an equipment leasing company. Previously, he held positions in commercial banking and financial services. He holds a B.S. in electrical engineering from the University of California at Berkeley and a M.B.A. from
Harvard Business School.
Mr. Remington’s extensive financial experience with nearly 40 years of work in corporate finance, investment and commercial banking is valuable to the Board, particularly with respect to financial and accounting issues.
|
|
John H. Williford
|
Director since 2018
|
Mr. Williford, age 63, formerly served as the President, Global Supply Chain Solutions of Ryder System, Inc., an industry leader in truck rental, fleet management and supply chain solutions, from June 2008 through April 2015. He is also
the founder of Golden Gate Logistics, LLC, a company involved in the acquisition and consolidation of logistics services providers in North America and Asia, and served as its President and CEO from 2006 to 2008. Prior to forming Golden
Gate Logistics, Mr. Williford founded Menlo Logistics, a logistics services provider, where he served as President and Chief Executive Officer from 1992 through 2001. Mr. Williford also served as President and Chief Executive Officer of
Menlo Worldwide from 2001 to 2005, a group which included Menlo Logistics and Menlo Forwarding (formerly Emory Worldwide), a global air and ocean freight forwarder. Mr. Williford earned a bachelor’s degree from Hamilton College and an
M.B.A. from the University of California at Berkeley. He has previously served on the Board of Advisors for the Haas Business School at The University of California, Berkeley, the Board of Directors for the National Association of
Manufacturers, and on the Transportation Advisory Board for the National Defense Transportation Association.
Mr. Williford brings extensive management and consulting experience in the logistics industry, which we believe brings valuable financial, operational, governance and strategic expertise to the Board.
|
Name
|
Age
|
Position
|
||
Executive Officers:
|
||||
Victor M. Garcia
|
52
|
President, Chief Executive Officer and Director
|
||
Timothy B. Page
|
67
|
Chief Financial Officer
|
||
Daniel J. Hallahan
|
64
|
Senior Vice President, Global Marketing
|
||
Camille G. Cutino
|
61
|
Vice President, Operations and Human Resources
|
||
Key Employees:
|
||||
Matthew Easton
|
47
|
Vice President, Information Technology
|
||
Steven J. Garcia
|
56
|
Vice President, Legal Affairs
|
||
David B. Morris
|
53
|
Vice President, Finance and Corporate Controller
|
Name of Director
|
Audit
|
Compensation
|
Nominating and
Corporate Governance
|
|||
Kathryn JacksonË
|
||||||
David G. Remington (Chairman)Ë
|
||||||
Gary M. SawkaË
|
||||||
John H. WillifordË
|
||||||
Andrew S. Ogawa
|
||||||
Victor M. Garcia
|
Chairperson Member Ë
Financial Expert
|
• |
Form 4s for Victor Garcia, Timothy Page, Daniel Hallahan and Camille Cutino filed on February 28, 2019 relating to the grant of RSUs;
|
• |
a Form 4 for Mr. Garcia filed on February 24, 2020 relating to an exercise of stock options in May 2019; and
|
• |
a Form 4 for Mr. Hallahan filed on January 24, 2020 relating to (i) the sale of shares of common stock in November 2019 and (ii) the exercise of stock options and the sale of shares of common stock to cover the exercise price and tax
obligations upon the exercise of the stock options in December 2019.
|
ITEM 11: |
Name
|
Position
|
|
Victor M. Garcia
|
President and Chief Executive Officer
|
|
Timothy B. Page
|
Chief Financial Officer
|
|
Daniel J. Hallahan
|
Senior Vice President, Global Marketing
|
|
Camille G. Cutino
|
Vice President, Operations and Human Resources
|
• |
Management Development and Continuity. Provide competitive compensation packages that enable us to attract and retain talented executives to develop, grow and manage our business;
|
• |
Pay-for-Performance. Align named executive officer compensation with the achievement of our short- and long-term corporate strategies and business objectives and with the long-term interests of
our stockholders; and
|
• |
Long-Term Focus on Stockholder Value. Align named executive compensation with stockholder value creation by delivering a portion of our named executive officers’ compensation in the form of equity-based awards that vest over multiple years.
|
• |
Annual Cash Incentives. Historically, the annual cash incentive bonuses for our executive officers was based on a combination of subjective reviews and objective factors. To be more consistent with our pay-for-performance philosophy, in 2019 the annual cash incentive bonuses for all of our executive officers was changed to base the calculation of the annual cash bonus entirely on the
achievement of key corporate financial measures.
|
• |
Long-Term Equity Incentives. Historically we granted equity awards that vested solely upon the passage of time. In 2018, our long-term equity incentive (“LTI”) program was amended to provide
that 50% of equity compensation is earned based on the achievement of key corporate financial measures. In 2019, a relative Total Shareholder Return (rTSR) component, as measured over the prior three
(3) years, was added as a back-end modifier to the calculation of performance totals, which when applied, can result in a 25% adjustment to compensation, upward or downward, if the Company’s rTSR ranks in the top or bottom third on a list
of peer TSRs.
|
Things We Do:
|
Things We Don’t Do:
|
|||
✓
|
Independent Compensation Committee. The Compensation Committee, comprised solely of independent directors, recommends all compensation for our named executive officers.
|
û
|
No excise tax gross-ups. We do not provide our management with “excise tax gross-ups” in the event of a change in control.
|
|
✓
|
Independent compensation consultant. The Compensation Committee retains an independent compensation consultant.
|
û
|
Ban on pledging. We do not allow our management or directors to pledge our stock to secure loans or other obligations.
|
|
✓
|
Assessment of compensation risk. The Compensation Committee assessed our compensation policies and programs and determined that our compensation policies and programs are
unlikely to give rise to risks reasonably likely to have a material adverse effect on the Company.
|
û
|
No excessive executive benefit programs. We do not provide our management with pensions or any other enhanced benefit programs.
|
|
✓
|
Performance-based pay. The Compensation Committee focuses on paying our named executive officers for their performance.
|
û
|
No repricings. Our equity plans do not allow repricing of stock option or stock appreciation rights without stockholder approval.
|
|
✓
|
Use of multiple performance metrics. The Compensation Committee uses multiple complementary objective performance measures for the 2019 annual incentive and performance-based
equity awards to align the executive compensation program to a broader perspective of Company performance. There is little overlap between the performance measures used in our annual incentive program and performance-based equity awards.
|
û
|
No excessive perquisites. Our management receives minimal perquisites.
|
|
✓
|
Performance-based equity. 50% of equity grants to our named executive officers are tied to 3-year performance achievement, including a relative TSR modifier to further ensure
alignment with our shareholders.
|
|||
✓
|
Annual say-on-pay vote. We hold annual advisory say-on-pay votes to approve executive compensation and in 2019 received support of 93% on such proposal.
|
2018 Peer Group
|
|
Air Transport Services Group, Inc.
|
McGrath Rentcorp
|
Aircastle LTD
|
Mobile Mini, Inc.
|
Echo Global Logistics, Inc.
|
Radiant Logistics, Inc.
|
GATX Corporation
|
Triton International Limited
|
General Finance Corporation
|
Willis Lease Finance Corp.
|
Marlin Business Services Corp.
|
Element
|
Fixed or Variable
|
Purpose
|
||
Base Salary
|
Fixed
|
To attract and retain executives by offering fixed compensation that is competitive with market opportunities and that recognizes each executive’s position, role, responsibility and experience.
|
||
Annual Cash Incentive
|
Variable
|
To motivate and reward for the achievement of our annual financial and/or operating performance goals.
|
||
Equity Awards
|
Variable
|
To align executives’ interests with the long-term interests of stockholders through equity-based compensation with performance-based and time-based vesting periods, and to promote the long-term retention of our
executives and key management personnel.
|
Annual Base Salary
|
||||||||||||
Name
|
July 1, 2018 – June 30,
2019
|
July 1, 2019 – June 30,
2020
|
Percentage Increase/(Decrease)
|
|||||||||
Victor M. Garcia
|
$
|
725,000
|
$
|
725,000
|
—
|
%
|
||||||
Timothy B. Page
|
$
|
435,000
|
$
|
435,000
|
—
|
%
|
||||||
Daniel J. Hallahan
|
$
|
369,380
|
$
|
380,248
|
3
|
%(1)
|
||||||
Camille G. Cutino
|
$
|
281,242
|
$
|
281,242
|
—
|
%
|
(1)
|
Mr. Hallahan received no increase in salary when measured in his local currency.
|
Named Executive Officer
|
Base Salary
|
Target Bonus as a
Percentage of Salary
|
Target Bonus
|
|||||||||
Victor M. Garcia
|
$
|
725,000
|
100
|
%
|
$
|
725,000
|
||||||
Timothy B. Page
|
$
|
435,000
|
50
|
%
|
$
|
217,500
|
||||||
Daniel J. Hallahan
|
$
|
367,647
|
60
|
%
|
$
|
220,588
|
||||||
Camille G. Cutino
|
$
|
281,242
|
40
|
%
|
$
|
112,497
|
Performance Goal Achievement*
|
Performance Multiplier
|
|
Minimum Threshold = 75% of budget
|
50%
|
|
Target = 100% of budget
|
100%
|
|
Maximum = 175% or more than budget
|
200%
|
|
*Performance Multipliers for performance falling between the Threshold, Target and Maximum Performance levels are determined by linear interpolation. Performance below Minimum Threshold results in a 0%
Multiplier.
|
Performance Factor
|
2019 Target
|
2019 Actual
|
2019 Actual as a
Percentage of Target
|
Weighting
|
Bonus
Payout vs.
Target
|
|||||||||||||||
Consolidated Pre-Tax Income
(Mr. Garcia, Mr. Page and Ms. Cutino)
|
$
|
90.9 million |
$
|
22.3 million |
25
|
%
|
75
|
%
|
0
|
%
|
||||||||||
Container Pre-Tax Income
(Mr. Hallahan)
|
$
|
86.8 million |
$
|
60.2 million |
69
|
%
|
75
|
%
|
0
|
%
|
||||||||||
Consolidated Return on Average Common Equity
(all named executive officers)
|
12.2
|
%
|
2.5
|
%
|
21
|
%
|
25
|
%
|
0
|
%
|
Award Type
|
2019
Allocation
Percentage
|
2019 Alignment to Stockholder Interests
|
||
Performance-Based RSUs
|
50%
|
Payout depends on our performance at the end of a three-year performance period if specified pre-determined performance metrics are met, as well as our TSR performance relative to our peer
group (see the 2019 Performance-Based RSU Award section below for further details). The value of the earned award also depends on our stock price at the end of the performance period.
|
||
Time-Based RSUs
|
50%
|
Value of award depends on our stock price at the time of the vesting.
|
Name
|
Time-Based RSUs Awards:
Number of Units
(#)
|
Performance-Based RSUs
Awards: Number of Units
Awarded at Target (#)
|
||
Victor M. Garcia
|
18,017
|
18,017
|
||
Timothy B. Page
|
5,210
|
5,210
|
||
Daniel J. Hallahan
|
4,297
|
4,297
|
||
Camille G. Cutino
|
2,191
|
2,191
|
Compensation Committee Report Submitted By:
|
|
Kathryn G. Jackson (Chair)
|
|
David G. Remington
|
|
Gary M. Sawka
|
|
John H. Williford
|
Name and Principal Position
|
Year
|
Salary
($)(1)
|
Bonus
($)
|
Stock Awards
($)(2)
|
Option
Awards
($)(2)
|
Non-Equity
Incentive Plan
Compensation
($)(3)
|
All Other
Compensation
($)(4)
|
Total
($)
|
||||||||||||||||||||||
Victor M. Garcia
|
2019
|
725,000
|
—
|
924,992
|
—
|
—
|
49,775
|
1,699,767
|
||||||||||||||||||||||
President and Chief Executive Officer
|
2018
|
712,500
|
—
|
700,012
|
—
|
863,739
|
47,046
|
2,323,297
|
||||||||||||||||||||||
2017 |
626,700
|
—
|
—
|
481,662
|
894,584
|
35,464
|
2,038,410
|
|||||||||||||||||||||||
Timothy B. Page
|
2019
|
435,000
|
—
|
267,480
|
—
|
—
|
56.000
|
758,480
|
||||||||||||||||||||||
Chief Financial Officer
|
2018
|
428,460
|
—
|
210,941
|
—
|
250,965
|
51,372
|
941,738
|
||||||||||||||||||||||
|
2017 |
415,776
|
337,537
|
—
|
157,635
|
—
|
48,994
|
959,942
|
||||||||||||||||||||||
Daniel J. Hallahan
|
2019
|
374,814
|
—
|
220,608
|
—
|
—
|
46,951
|
642,373
|
||||||||||||||||||||||
Senior Vice President, Global Marketing
|
2018
|
362,259
|
—
|
204,634
|
—
|
269,891
|
42,321
|
879,105
|
||||||||||||||||||||||
|
2017 |
337,020
|
355,138
|
—
|
201,422
|
—
|
38,813
|
932,393
|
||||||||||||||||||||||
Camille G. Cutino
|
2019
|
281,242
|
—
|
112,486
|
—
|
—
|
36,830
|
430,558
|
||||||||||||||||||||||
Vice President, Operations and Human Resources
|
2018
|
277,146
|
—
|
109,237
|
—
|
131,915
|
32,774
|
551,072
|
||||||||||||||||||||||
2017
|
269,075
|
150,000
|
47,670
|
52,545
|
—
|
36,908
|
556,198
|
(1) |
These amounts reflect the base salary earned for services during the year ended December 31, 2019. Base salary changes are effective on July 1st of each fiscal year
|
(2) |
These amounts reflect the aggregate grant date fair value for restricted stock awards and stock options computed in accordance with FASB ASC Topic 718, excluding the effect of any estimated forfeitures. For information on the method and
assumptions used to calculate the compensation costs, see Note 11 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019. The aggregate grant date fair value of stock awards,
which are comprised of time-vested RSUs and performance-based RSUs, includes the grant date fair value for the performance-based RSUs calculated based on the target number of shares. For 2019, the total aggregate grant date fair value of
stock awards, including the time-vested RSUs and the performance-based RSUs assuming the achievement of the highest level of performance, would be as follows: $1,618,736 for Mr. Garcia, $468,090 for Mr. Page, $386,064 for Mr. Hallahan, and
$196,851 for Ms. Cutino.
|
(3) |
Represents amounts earned by our named executive officers under our annual cash incentive program. See “Annual Cash Incentive Bonuses” above for additional information on the amounts earned in 2019.
|
(4) |
All other compensation for 2019 consisted of the following for each of our named executive officers:
|
Named Executive Officer
|
Health Insurance
($)
|
Life and Disability
Insurance
($)
|
Retirement Plan
Matching Contributions
($)
|
Car Allowance
and/or Parking
($)
|
Total All Other
Compensation
($)
|
|||||||||||||||
Victor M. Garcia
|
16,657
|
3,318
|
11,200
|
18,600
|
49,775
|
|||||||||||||||
Timothy B. Page
|
28,031
|
10,169
|
11,200
|
6,600
|
56,000
|
|||||||||||||||
Daniel J. Hallahan
|
13,178
|
—
|
19,687
|
14,086
|
46,951
|
|||||||||||||||
Camille G. Cutino
|
20,011
|
3,928
|
11,200
|
1,691
|
36,830
|
Name
|
Award Description
|
Grant Date
|
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards
|
Estimated Future Payouts Under
Equity Incentive Plan Awards(1)
|
All Other Stock
Awards:
|
Grant Date
Fair Value of
Stock Awards
($)(2)
|
||||||||||||||||||||||||||||||
Threshold
($)
|
Target
($)
|
Maximum
($)
|
Threshold
(#)
|
Target
(#)
|
Maximum
(#)
|
Number of
Shares of Stock
or Units
(#)
|
||||||||||||||||||||||||||||||
Victor M. Garcia
|
Time-Based RSUs
|
2/14/2019
|
—
|
—
|
—
|
—
|
—
|
—
|
18,017
|
462,496
|
||||||||||||||||||||||||||
|
Performance-Based RSUs |
2/14/2019
|
—
|
—
|
—
|
6,756
|
18,017
|
45,043
|
—
|
462,496
|
||||||||||||||||||||||||||
|
Annual Cash Incentive |
362,500
|
725,000
|
1,450,000
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Timothy B. Page
|
Time-Based RSUs
|
2/14/2019
|
—
|
—
|
—
|
—
|
—
|
—
|
5,210
|
133,740
|
||||||||||||||||||||||||||
|
Performance-Based RSUs |
2/14/2019
|
—
|
—
|
—
|
1,954
|
5,210
|
13,025
|
—
|
133,740
|
||||||||||||||||||||||||||
|
Annual Cash Incentive |
217,500
|
435,000
|
870,000
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Daniel J. Hallahan
|
Time-Based RSUs
|
2/14/2019
|
—
|
—
|
—
|
—
|
—
|
—
|
4,297
|
110,304
|
||||||||||||||||||||||||||
|
Performance-Based RSUs |
2/14/2019
|
—
|
—
|
—
|
1,611
|
4,297
|
10,743
|
—
|
110,304
|
||||||||||||||||||||||||||
|
Annual Cash Incentive |
183,734
|
367,647
|
734,934
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Camille G. Cutino
|
Time-Based RSUs
|
2/14/2019
|
—
|
—
|
—
|
—
|
—
|
—
|
2,191
|
56,243
|
||||||||||||||||||||||||||
|
Performance-Based RSUs |
2/14/2019
|
—
|
—
|
—
|
821
|
2,191
|
5,478
|
—
|
56,243
|
||||||||||||||||||||||||||
|
Annual Cash Incentive |
140,621
|
281,242
|
562,484
|
—
|
—
|
—
|
—
|
—
|
(1) |
Represents the performance-based RSUs granted by the Compensation Committee in 2019 (See “Long-Term Equity Incentive Program” above.
|
(2) |
These amounts reflect the aggregate grant date fair value of grants computed in accordance with FASB ASC Topic 718, excluding the effect of any estimated forfeitures. For information on the method and assumptions used to calculate the
compensation costs, see Note 11 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2019.
|
Option Awards
|
Stock Awards
|
|||||||||||||||||||||||||||||||||||||||
Name
|
Grant Date
|
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
|
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
|
Option
Exercise
Price
($)
|
Option
Expiration
Date
|
Number of
Shares or Units
of Stock That
Have Not
Vested
(#)
|
Market Value
of Shares or
Units of Stock
That Have Not
Vested
($)(1)
|
Equity Incentive
Plan Awards:
Number of
Unearned Shares,
Units or Other
Rights That Have
Not Vested (#)
|
Equity Incentive
Plan Awards:
Market or Payout
Value of Unearned
Shares, Units or
Other Rights That
Have Not Vested
($)(1)
|
|||||||||||||||||||||||||||||||
Victor M. Garcia
|
4/29/2011
|
12,561
|
—
|
25.16
|
4/28/2021
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||||||
6/12/2012 |
5,250
|
—
|
17.77
|
6/11/2022
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/14/2013 |
13,800
|
—
|
26.41
|
6/13/2023
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/12/2014 |
55,000
|
—
|
22.09
|
6/11/2024
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/5/2015 |
55,000
|
—
|
21.89
|
6/4/2025
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/3/2016 |
48,125
|
6,875
|
(2
|
)
|
7.87
|
6/2/2026
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2017 |
38,958
|
16,042
|
(2
|
)
|
15.89
|
2/15/2027
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
11,987
|
(3
|
)
|
347,383
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
—
|
—
|
15,982
|
(4
|
)
|
463,158
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
18,017
|
(3
|
)
|
522,133
|
—
|
—
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
—
|
—
|
18,017
|
(4
|
)
|
522,133
|
||||||||||||||||||||||||||||||
Timothy B. Page
|
6/12/2014
|
3,000
|
—
|
22.09
|
6/11/2024
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||||||
6/5/2015 |
7,500
|
—
|
21.89
|
6/4/2025
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/3/2016 |
9,750
|
2,250
|
(2
|
)
|
7.87
|
6/2/2026
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2017 |
12,750
|
5,250
|
(2
|
)
|
15.89
|
2/15/2027
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
3,612
|
(3
|
)
|
104,676
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
—
|
—
|
4,816
|
(4
|
)
|
139,568
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
5,210
|
(3
|
)
|
150,986
|
—
|
—
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
—
|
—
|
5,210
|
(4
|
)
|
150,986
|
Daniel J. Hallahan
|
6/12/2014
|
1,605
|
—
|
22.09
|
6/11/2024
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||||||
6/5/2015 |
7,125
|
—
|
21.89
|
6/4/2025
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/3/2016 |
—
|
2,250
|
(2
|
)
|
7.87
|
6/2/2026
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2017 |
—
|
6,709
|
(2
|
)
|
15.89
|
2/15/2027
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
3,504
|
(3
|
)
|
101,546
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
—
|
—
|
4,672
|
(4
|
)
|
135,395
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
4,297
|
(3
|
)
|
124,527
|
—
|
—
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
—
|
—
|
4,297
|
(4
|
)
|
124,527
|
||||||||||||||||||||||||||||||
Camille G. Cutino
|
6/12/2014
|
667
|
—
|
22.09
|
6/11/2024
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||||||
6/5/2015 |
1,667
|
—
|
21.89
|
6/4/2025
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||||
6/3/2016 |
3,250
|
750
|
(2
|
)
|
7.87
|
6/2/2026
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
6/3/2016 |
—
|
—
|
—
|
—
|
750
|
(3
|
)
|
21,735
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2017 |
4,250
|
1,750
|
(2
|
)
|
15.89
|
2/15/2027
|
—
|
—
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2017 |
—
|
—
|
—
|
—
|
1,500
|
(3
|
)
|
43,470
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
1,871
|
(3
|
)
|
54,222
|
—
|
—
|
||||||||||||||||||||||||||||||
2/16/2018 |
—
|
—
|
—
|
—
|
—
|
—
|
2,494
|
(4
|
)
|
72,276
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
2,191
|
(3
|
)
|
63,495
|
—
|
—
|
||||||||||||||||||||||||||||||
2/14/2019 |
—
|
—
|
—
|
—
|
—
|
—
|
2,191
|
(4
|
)
|
63,495
|
(1) |
Market value calculated based on our closing stock price of $28.98 per share as reported on the NYSE on December 31, 2019.
|
(2) |
Twenty-five percent (25%) of the total number of shares subject to the option vest and become exercisable on the first anniversary of the grant date, and 1/48th of the total number of shares subject to the option vest monthly thereafter,
provided that the option holder is in continuous service with us as of each vesting date.
|
(3) |
The time-based RSU awards vest in four equal annual installments beginning on the first anniversary of the vesting date, provided that the holder is in continuous service with us as of each vesting date.
|
(4) |
Represents the performance-based RSUs granted by the Compensation Committee in 2018 and 2019. See “Long-Term Equity Incentive Program” above. The amount of performance-based RSUs represents the amount of shares that can be earned based
on the achievement of target performance over the three-year performance period.
|
Option Awards
|
Stock Awards
|
|||||||||||||||
Name
|
Number of Shares Acquired
on Exercise
(#)
|
Value Realized on
Exercise
($)(1)
|
Number of Shares
Acquired on Vesting
(#)
|
Value Realized on
Vesting
($)(2)
|
||||||||||||
Victor M. Garcia
|
11,357
|
193,296
|
3,995
|
98,716
|
||||||||||||
Timothy B. Page
|
—
|
—
|
1,204
|
29,751
|
||||||||||||
Daniel J. Hallahan
|
25,666
|
411,257
|
1,168
|
28,861
|
||||||||||||
Camille G. Cutino
|
—
|
—
|
2,623
|
63,764
|
(1) |
For option awards, the value realized is the difference between the closing price of our common stock on the date of exercise and the exercise price. For stock awards, the value realized is based on the closing price of our common stock
on the vesting date.
|
• |
any accrued compensation and benefits through the effective date of the termination;
|
• |
a lump sum payment equal to 150% of the sum of: (i) Mr. Garcia’s base salary for the 12 months immediately preceding the date of termination, and (ii) the average of Mr. Garcia’s cash performance bonus for the two most recent years;
|
• |
COBRA health benefits for whichever of the following periods is shortest: (A) the longer of (i) the remaining term of Mr. Garcia’s Employment Agreement or (ii) eighteen months following the date of termination; or (B) until Mr. Garcia is
no longer entitled to COBRA continuation coverage under the Company’s group health plans; and
|
• |
so long as the date of termination is at least one month after the beginning of our latest fiscal year, the annual bonus for the fiscal year of termination, pro-rated based on the number of days Mr. Garcia was employed during the fiscal
year.
|
Name
|
Benefit
|
Upon a Change in
Control
($)
|
Termination
Without Cause
($)
|
Termination For Good
Reason, Due to Death or
Disability, or Within 24
Months Following a
Change in Control
($)
|
||||||||||
Victor M. Garcia
|
||||||||||||||
|
Severance
|
—
|
1,087,500
|
1,087,500
|
||||||||||
|
Non-equity incentive plan bonus
|
—
|
647,804
|
647,804
|
||||||||||
|
Stock options (unvested and accelerated)
|
355,121
|
—
|
—
|
||||||||||
|
Restricted stock and RSUs (unvested and accelerated)
|
1,854,807
|
—
|
—
|
||||||||||
COBRA premiums
|
—
|
26,875
|
26,875
|
|||||||||||
Total
|
2,209,928
|
1,762,179
|
1,762,179
|
|||||||||||
Timothy B. Page(1)
|
|
|||||||||||||
Severance
|
—
|
435,000
|
435,000
|
|||||||||||
|
Non-equity incentive plan bonus
|
—
|
125,482
|
125,482
|
||||||||||
|
Stock options (unvested and accelerated)
|
116,220
|
—
|
—
|
||||||||||
|
Restricted stock and RSUs (unvested and accelerated)
|
546,216
|
—
|
—
|
||||||||||
Total
|
662,436
|
560,482
|
560,482
|
|||||||||||
Daniel J. Hallahan
|
|
|||||||||||||
|
Severance
|
—
|
—
|
380,248
|
||||||||||
|
Non-equity incentive plan bonus
|
—
|
—
|
134,945
|
||||||||||
|
Stock options (unvested and accelerated)
|
135,318
|
—
|
—
|
||||||||||
|
Restricted stock and RSUs (unvested and accelerated)
|
485,995
|
—
|
—
|
||||||||||
Total
|
621,313
|
—
|
515,193
|
|||||||||||
Camille G. Cutino(2)
|
|
|||||||||||||
|
Severance
|
—
|
281,242
|
281,242
|
||||||||||
|
Non-equity incentive plan bonus
|
—
|
65,957
|
65,957
|
||||||||||
|
Stock options (unvested and accelerated)
|
38,740
|
—
|
—
|
||||||||||
|
Restricted stock and RSUs (unvested and accelerated)
|
318,693
|
—
|
—
|
||||||||||
Total
|
357,433
|
347,199
|
347,199
|
(1) |
Upon termination for any reason (other than for cause or as a result of death or disability) within 24 months of a change in control, Mr. Page would be entitled to a severance payment of $870,000 as of December 31, 2019.
|
(2) |
Upon termination for any reason (other than for cause or as a result of death or disability) within 24 months of a change in control, Ms. Cutino would be entitled to a severance payment of $562,484 as of December 31, 2019.
|
• |
the median of the annual total compensation of all employees of our Company (other than our Chief Executive Officer) was $85,850; and
|
• |
the annual total compensation of our Chief Executive Officer, as reported in the 2019 Summary Compensation Table above, was $1,699,767.
|
Annual Board Service
|
Cash Retainer(1)
|
$
|
60,000
|
||
Restricted Stock Award(2) | $ | 150,000 | |||
Board/Committee Chair
|
Chairman of the Board
|
$
|
30,000
|
||
Cash Retainer(1) | Audit Committee | $ | 20,000 | ||
Compensation Committee
|
$
|
15,000
|
|||
Nominating and Corporate Governance Committee
|
$ | 15,000 | |||
Committee Member Cash
|
Audit Committee
|
$
|
8,000
|
||
Retainer(1) |
Compensation Committee
|
$ | 8,000 | ||
|
Nominating and Corporate Governance Committee
|
$ | 8,000 |
(1) |
All cash retainers are paid in arrears in quarterly installments.
|
(2) |
The restricted stock awards vest one year from the grant date, subject to such non-employee director’s continued service as of the vesting date.
|
Name
|
Fees Earned or Paid in
Cash
($)
|
Stock Awards
($)(1)
|
Total
($)
|
|||||||||
Kathryn G. Jackson
|
112,500
|
149,987
|
262,487
|
|||||||||
Masaaki (John) Nishibori(2)
|
33,144
|
—
|
33,144
|
|||||||||
Andrew S. Ogawa
|
103,022
|
149,987
|
253,009
|
|||||||||
David G. Remington
|
195,000
|
179,989
|
374,989
|
|||||||||
Gary M. Sawka
|
117,500
|
149,987
|
267,487
|
|||||||||
John H. Williford
|
117,000
|
149,987
|
266,987
|
(1) |
These amounts reflect the aggregate grant date fair value for restricted stock awards computed in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, excluding the effect of
any estimated forfeitures. For information on the method and assumptions used to calculate the compensation costs, see Note 11 to our audited consolidated financial statements in our Annual Report on Form 10-K for the year ended December
31, 2019. As of December 31, 2019, the aggregate number of shares underlying outstanding restricted stock and option awards for each non-employee director was: Ms. Jackson—14,353 shares; Mr. Nishibori—46,757 shares; Mr. Ogawa—1,076,367
shares; Mr. Remington—64,738 shares; Mr. Sawka—93,321 shares; and Mr. Williford—13,687 shares.
|
(2) |
Mr. Nishibori retired from the Board on June 10, 2019.
|
ITEM 12: |
• |
each person known to us who beneficially owned more than 5% of our common stock;
|
• |
each of the named executive officers named in the 2019 Summary Compensation Table above;
|
• |
each of our current directors and director nominees; and
|
• |
all of our current executive officers and directors as a group.
|
Name and Address of Beneficial Owner
|
Number of Shares
Beneficially Owned
|
Percentage of
Class Beneficially
Owned
|
||||||
Beneficial Owners of 5% or More of our Common Stock:
|
||||||||
Park West Asset Management LLC(1)
|
1,522,328
|
8.7
|
%
|
|||||
Wellington Management Group LLP(2)
|
1,466,500
|
8.4
|
%
|
|||||
Dimensional Fund Advisors LP(3)
|
1,464,018
|
8.4
|
%
|
|||||
Weiss Asset Management LP(4)
|
1,430,751
|
8.2
|
%
|
|||||
Wellington Trust Company, N.A.(5)
|
1,344,896
|
7.7
|
%
|
|||||
BlackRock, Inc.(6)
|
1,238,616
|
7.1
|
%
|
|||||
Aristotle Capital Boston, LLC(7)
|
1,132,235
|
6.5
|
%
|
|||||
Mangrove Partners Master Fund, Ltd(8)
|
1,101,173
|
6.3
|
%
|
|||||
Andrew S. Ogawa(9)
|
1,076,367
|
6.1
|
%
|
|||||
Named Executive Officers, Directors and Director Nominees:
|
||||||||
Victor M. Garcia(10)
|
311,332
|
1.8
|
%
|
|||||
Kathryn G. Jackson(11)
|
14,353
|
*
|
||||||
Andrew S. Ogawa(9)
|
1,076,367
|
6.1
|
%
|
|||||
David G. Remington(12)
|
64,738
|
*
|
||||||
Gary M. Sawka(13)
|
93,321
|
*
|
||||||
John H. Williford(14)
|
13,687
|
*
|
||||||
Timothy B. Page(15)
|
40,461
|
*
|
||||||
Camille G. Cutino(16)
|
19,829
|
*
|
||||||
Daniel J. Hallahan(17)
|
38,160
|
*
|
||||||
All directors and executive officers as a group (9 persons)(18)
|
1,672,248
|
9.6
|
%
|
* |
Less than 1%.
|
(1) |
Based solely on a Schedule 13G/A filed with the SEC on February 14, 2020. The address for Park West Asset Management LLC is 900 Larkspur Landing Circle, Suite 165, Larkspur, California 94939.
|
(2) |
Based solely on a Schedule 13G/A filed with the SEC on January 27, 2020. The address of Wellington Management Group LLP is 280 Congress Street, Boston, Massachusetts 02210.
|
(3) |
Based solely on a Schedule 13G/A filed with the SEC on February 12, 2020. The address for Dimensional Fund Advisors LP is Building One, 6300 Bee Cave Road, Austin, Texas 78746.
|
(4) |
Based solely on a Schedule 13D/A filed with the SEC on February 3, 2020. The address of Weiss Asset Management LLP is c/o Georgiy Nikitin, 222 Berkeley St., 16th Floor, Boston, Massachusetts 02116.
|
(5) |
Based solely on a Schedule 13G/A filed with the SEC on January 29, 2020. The address for Wellington Trust Company, N.A. is c/o Wellington Management Company LLP, 280 Congress Street, Boston, Massachusetts 02210.
|
(6) |
Based solely on a Schedule 13G/A filed with the SEC on February 5, 2020. The address of BlackRock, Inc. is 55 East 52nd Street, New York, New York 10055.
|
(7) |
Based solely on a 13G filed with the SEC on February 14, 2020. The address of Aristotle Capital Boston, LLC is One Federal Street, 36th Floor, Boston, Massachusetts 02110.
|
(8) |
Based solely on a Schedule 13G/A filed with the SEC on February 7, 2020. The address for Mangrove Partners Master Fund, Ltd is c/o Maples Corporate Services, Ltd., PO Box 309, Ugland House, South Church Street, George Town, Grand Cayman,
Cayman Islands KY1-1104.
|
(9) |
Mr. Ogawa beneficially owns 105,634 shares of our common stock in his own name, which includes 6,564 shares of restricted stock. Mr. Ogawa also beneficially owns (i) 712,433 shares held by the Mr. Ogawa as executor of the estate of
Hiromitsu Ogawa and (ii) 258,300 shares held by the Andrew S. Ogawa GST Trust, of which Mr. Ogawa is the trustee.
|
(10) |
Includes 240,152 shares issuable upon exercise of options that are exercisable within 60 days of April 1, 2020.
|
(11) |
Includes 6,564 shares of restricted stock.
|
(12) |
Includes 48,400 shares issuable upon exercise of options that are exercisable within 60 days of April 1, 2020 and 7,877 shares of restricted stock.
|
(13) |
Includes 80,000 shares issuable upon exercise of options that are exercisable within 60 days of April 1, 2020 and 6,564 shares of restricted stock.
|
(14) |
Includes 6,564 shares of restricted stock.
|
(15) |
Includes 36,750 shares issuable upon exercise of options that are exercisable within 60 days of April 1, 2020.
|
(16) |
Includes 11,084 shares issuable upon exercise of options that are exercisable within 60 days of April 1, 2020 and 750 shares of restricted stock.
|
(17) |
Includes 13,001 shares issuable upon exercise of options that are exercisable within 60 days of April 1, 2020.
|
(18) |
Includes 429,387 shares that executive officers and directors as a group have the right to acquire within 60 days of April 1, 2020 through the exercise of options, and 34,883 shares of restricted stock.
|
Plan Category
|
Number of Securities to Be
Issued Upon Exercise of
Outstanding Options, Warrants
and Rights
|
Weighted Average Exercise
Price of Outstanding Options,
Warrants and Rights
|
Number of Securities
Remaining Available for
Future Issuance Under
Equity Compensation
Plans (Excluding Shares
Reflected in the First
Column)(1)
|
|||||||||
Equity compensation plans approved by securityholders(1)
|
646,946
|
$
|
16.96
|
1,794,961
|
||||||||
Equity compensation plans not approved by securityholders
|
—
|
—
|
—
|
|||||||||
Total
|
646,946
|
$
|
16.96
|
1,794,961
|
(1) |
Shares available for issuance under the 2019 Plan can be granted pursuant to stock options, SARs, restricted stock or units, performance units, performance shares and any other stock-based awards selected by the plan administrator.
Includes 250,000 shares available for issuance under our 2019 Employee Stock Purchase Plan.
|
ITEM 13: |
ITEM 14: |
Services Rendered
|
2018
|
2019
|
||||||
Audit Fees (1)
|
$
|
1,005,250
|
$
|
1,061,500
|
||||
Audit-Related Fees (2)
|
314,000
|
28,000
|
||||||
Tax Fees (3)
|
9,800
|
11,700
|
||||||
Total Fees
|
$
|
1,329,050
|
$
|
1,101,200
|
(1) |
Audit Fees consist of fees for professional services rendered for the audit of our 2018 and 2019 consolidated annual financial statements and review of the interim consolidated financial statements included in quarterly reports and
services that are normally provided by KPMG LLP in connection with regulatory filings.
|
(2) |
Audit-Related Fees consist of fees billed for assurance and related services, including comfort letters for public offerings and services associated with compliance reporting for our asset-backed securities.
|
(3) |
Tax Fees consist of fees billed for professional services rendered in 2018 and 2019 for tax compliance relating to our domestic and foreign subsidiaries.
|
ITEM 15: |
(a)(1) |
Financial Statements.
|
Page
|
|
Report of Independent Registered Public Accounting Firm
|
56
|
Consolidated Balance Sheets as of December 31, 2019 and 2018
|
57
|
Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017
|
59
|
Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017
|
60
|
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2019, 2018 and 2017
|
61
|
Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017
|
62
|
Notes to Consolidated Financial Statements
|
64
|
(a)(2) |
Financial Statement Schedules.
|
Schedule II—Valuation Accounts
|
93
|
(a)(3) |
List of Exhibits.
|
The exhibits set forth on the accompanying Exhibit Index are filed as part of, or incorporated by reference into, this Amendment No. 1.
|
30
|
Exhibit
No.
|
Description
|
Amended and Restated Certificate of Incorporation of CAI International, Inc. (incorporated by reference to Exhibit 3.1 of our Registration Statement on Form S-1, as amended, File No. 333-140496, filed on April 24, 2007).
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of CAI International, Inc., dated June 4, 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on June 5, 2018).
|
|
Certificate of Designations of Rights and Preferences of 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, dated March 28, 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form
8-K filed on March 28, 2018).
|
|
Certificate of Designations of Rights and Preferences of 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, dated August 10, 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form
8-K filed on August 10, 2018).
|
|
Amended and Restated Bylaws of CAI International, Inc. (incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K, filed on March 10, 2009).
|
|
Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of our Registration Statement on Form S-1, as amended, File No. 333-140496, filed on April 24, 2007).
|
|
Indenture, dated October 18, 2012, between CAL Funding II Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed on October 23, 2012).
|
|
Series 2012-1 Supplement, dated October 18, 2012, to Indenture dated October 18, 2012, between CAL Funding II Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.2 of our Current Report on Form 8-K,
filed on October 23, 2012).
|
|
Series 2013-1 Supplement, dated March 28, 2013, to Indenture dated October 18, 2012, between CAL Funding II Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K,
filed on April 3, 2013).
|
|
Indenture, dated July 6, 2017, among CAL Funding III Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K, filed on July 11, 2017).
|
|
Series 2017-01 Supplement, dated July 6, 2017, among CAL Funding III Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.2 of our Current Report on Form 8-K, filed on July 11, 2017).
|
|
Series 2018-1 Supplement, dated February 28, 2018, to Indenture dated July 6, 2017, between CAL Funding III Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K
filed on March 5, 2018).
|
|
Series 2018-2 Supplement, dated September 19, 2018, to Indenture dated July 6, 2017, between CAL Funding III Limited and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.1 of our Current Report on Form 8-K
filed on September 25, 2018).
|
|
Description of Registrant’s Securities.
|
|
Form of Indemnification Agreement between CAI International, Inc. and each of its current executive officers and directors (incorporated by reference to Exhibit 10.8 of our Registration Statement on Form S-1, as amended, File No.
333-140496, filed on April 24, 2007).
|
|
CAI International, Inc. 2007 Equity Incentive Plan, as amended (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K, filed on June 7, 2017).
|
CAI International, Inc. 2019 Incentive Plan (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K, filed on June 13, 2019).
|
CAI International, Inc. 2019 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 of our Current Report on Form 8-K, filed on June 13, 2019).
|
|
P&R Management Agreement, dated March 14, 2006, among Container Applications International, Inc., P&R Equipment & Finance Corporation and Interpool Containers Limited (incorporated by reference to Exhibit 10.12 of our
Registration Statement on Form S-1, as amended, File No. 333-140496, filed on March 27, 2007).
|
|
Third Amended and Restated Revolving Credit Agreement, dated March 15, 2013, by and among CAI International, Inc., Container Applications Limited, the lending institutions listed on Schedule I thereto, Bank of America, N.A., as
administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo
Securities, LLC, as joint lead arrangers and book managers, and Bank of Montreal (Chicago Branch), JPMorgan Chase Bank, N.A. and Sovereign Bank, N.A., as co-agents (incorporated by reference to Exhibit 99.1 of our Current Report on Form
8-K, filed on March 21, 2013).
|
Amendment No. 1 to Third Amended and Restated Revolving Credit Agreement, dated October 1, 2013, by and among CAI International, Inc., Container Applications Limited, Bank of America, N.A. and other lending institutions from time to time
party to the Third Amended and Restated Revolving Credit Agreement, Bank of America, N.A., as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and book managers, and Bank of Montreal (Chicago Branch), JP Morgan Chase Bank, N.A. and Sovereign Bank, N.A.,
as co-agents (incorporated by reference to Exhibit 10.6 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed on February 27, 2015).
|
|
Amendment No. 2 to Third Amended and Restated Revolving Credit Agreement, dated August 15, 2014, by and among CAI International, Inc., Container Applications Limited, Bank of America, N.A. and other lending institutions from time to time
party to the Third Amended and Restated Revolving Credit Agreement, Bank of America, N.A., as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Union Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and book managers, and Bank of Montreal (Chicago Branch), JP Morgan Chase Bank, N.A. and Santander Bank, N.A.,
as co-agents (incorporated by reference to Exhibit 10.7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed on February 27, 2015).
|
|
Amendment No. 3 to Third Amended and Restated Revolving Credit Agreement, dated January 30, 2015, by and among CAI International, Inc., Container Applications Limited, Bank of America, N.A. and other lending institutions from time to
time party to the Third Amended and Restated Revolving Credit Agreement, Bank of America, N.A., as administrative agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Bank, N.A., as
syndication agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Securities, LLC, as joint lead arrangers and book managers, and Bank of Montreal (Chicago Branch), JP Morgan Chase Bank, N.A.
and Santander Bank, N.A., as co-agents (incorporated by reference to Exhibit 99.1 of our Current Report on Form 8-K, filed on February 5, 2015).
|
|
Commitment Increase, Amendment No. 5 and Joinder, dated June 16, 2017, by and among CAI International, Inc., Container Applications Limited, the guarantors named therein, Bank of America, N.A., as a lender and administrative agent of the
lenders, the other lending institutions party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MUFG Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
MUFG Union Bank, N.A. and Wells Fargo Securities, LLC, as joint lad arrangers and book managers, and Bank of Montreal (Chicago branch), JPMorgan Chase Bank, N.A. and Santander Bank N.A. as co-agents (incorporated by reference to Exhibit
10.1 to our Current Report on Form 8-K, filed on June 22, 2017).
|
Amendment No. 6 to Third Amended and Restated Revolving Credit Agreement, dated June 26, 2018, by and among CAI International, Inc., Container Applications Limited, the guarantors named therein, Bank of America, N.A., as a lender and
administrative agent, the other lending institutions party thereto, Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”), MUFG Union Bank, N.A. and Wells Fargo Bank, N.A., as syndication agents, Merrill Lynch, as lead
arranger and book runner, and ABN AMRO Capital USA, LLC, Compass Bank, Bank of Montreal, Royal Bank of Canada and PNC Bank, National Association, as documentation agents (incorporated by reference to Exhibit 10.1 of our Current Report on
Form 8-K filed on June 28, 2018).
|
|
Amended and Restated Term Loan Agreement, dated October 1, 2014, among Container Applications Limited, CAI International, Inc., the lending institutions from time to time listed on Schedule I thereto, ING Bank N.V. and ING Bank, branch
of ING-DIBA AG (incorporated by reference to Exhibit 99.1 of our Current Report on Form 8-K, filed on October 7, 2014).
|
Amended and Restated Term Loan Agreement, dated June 30, 2016, among Container Applications Limited, CAI International, Inc., the Lenders listed on Schedule I thereto, SunTrust Bank and SunTrust Robinson Humphrey, Inc. (incorporated by
reference to Exhibit 99.1 of our Current Report on Form 8-K, filed on July 7, 2016).
|
|
Second Amended and Restated Revolving Credit Agreement, dated October 22, 2015, among CAI Rail, Inc., CAI International, Inc., the lending institutions from time to time listed on Schedule 1 thereto, MUFG Union Bank, N.A. and Bank of
America, N.A., as joint lead arrangers and joint bookrunners, Bank of America, N.A., as syndication agent, and ING Bank, a branch of ING-Diba AG and The Huntington National Bank, as co-documentation agents (incorporated by reference to
Exhibit 99.1 of our Current Report on Form 8-K, filed on October 27, 2015).
|
|
Third Amended and Restated Revolving Credit Agreement, dated October 22, 2018, among CAI Rail Inc., CAI International, Inc., the lending institutions from time to time listed on Schedule 1 thereto, MUFG Union Bank, N.A., as
administrative agent and lead arranger and bookrunner, Bank of America, N.A., as syndication agent, and ING Bank, a branch of ING-Diba AG and The Huntington National Bank, as co-documentation agents.
|
|
Contribution and Sale Agreement, dated October 18, 2012, between Container Applications Limited and CAL Funding II Limited (incorporated by reference to Exhibit 99.2 of our Current Report on Form 8-K, filed on October 23, 2012).
|
|
Performance Guaranty, dated October 18, 2012, made by CAI International, Inc. for the benefit of Wells Fargo Bank, National Association (incorporated by reference to Exhibit 99.3 of our Current Report on Form 8-K, filed on October 23,
2012).
|
Loan and Security Agreement, dated August 30, 2016, among CAI Rail, Inc., the lenders from time to time party thereto, and Bank of Utah, as administrative and collateral agent (incorporated by reference to Exhibit 99.1 of our Current
Report on Form 8-K filed on September 6, 2016).
|
|
10.19
|
Term Loan Agreement, dated October 18, 2018, among Container Applications Limited, CAI International, Inc., the lending institutions from time to time listed on Schedule 1 thereto, and Wells Fargo Bank, N.A., as administrative agent.
|
Amended and Restated Employment Agreement, dated April 29, 2011, between CAI International, Inc. and Victor Garcia (incorporated by reference to Exhibit 10.1 of our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,
2011, filed on May 6, 2011).
|
|
Employment Agreement, dated August 20, 2013, between CAI International, Inc. and Timothy B. Page (incorporated by reference to Exhibit 99.1 of our Current Report on Form 8-K, filed on August 23, 2013).
|
|
Service Agreement, dated August 20, 2013, between Container Applications International (UK) Limited and Daniel Hallahan (incorporated by reference to Exhibit 99.2 of our Current Report on Form 8-K, filed on August 23, 2013).
|
|
Amendment No. 1 to Service Agreement, dated March 7, 2017, between Container Applications International (UK) Limited and Daniel Hallahan (incorporated by reference to Exhibit 10.1 of our Quarterly Report on Form 10-Q for the quarter
ended March 31, 2017, filed on May 4, 2017).
|
|
Employment Agreement, dated October 2, 2019, between CAI International, Inc. and Camille G. Cutino (incorporated by reference to Exhibit 10.1 of our Current Report on Form 8-K filed on October 7, 2019).
|
Multi-Year Railcar Order, dated June 29, 2015, among CAI Rail, Inc., Trinity North America Freight Car, Inc. and Trinity Tank Car, Inc. (incorporated by reference to Exhibit 10.1 of our Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2015, filed on August 5, 2015).
|
|
Equity Distribution Sales Agreement, dated October 23, 2017, among CAI International, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Wells Fargo Securities, Inc. (incorporated by reference to Exhibit 1.1 of our Current
Report on Form 8-K, filed on October 23, 2017).
|
At the Market Issuance Sales Agreement, dated May 2, 2018, between CAI International, Inc. and B. Riley FBR, Inc. (incorporated by reference to Exhibit 1.1 of our Current Report on Form 8-K filed on May 2, 2018).
|
|
Subsidiaries of CAI International, Inc.
|
|
Consent of KPMG LLP.
|
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a).
|
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a).
|
|
Certification of Chief Executive Officer Pursuant to Exchange Act Rule 13a-14(a).
|
|
Certification of Chief Financial Officer Pursuant to Exchange Act Rule 13a-14(a).
|
|
Certification of Chief Executive Officer Furnished Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of Chief Financial Officer Furnished Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101#
|
The following financial statements, formatted in XBRL: (i) Consolidated Balance Sheets as of December 31, 2019 and 2018, (ii) Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017; (iii) Consolidated
Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017; (iv) Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2019, 2018 and 2017; (v) Consolidated Statements of Cash Flows
for the years ended December 31, 2019, 2018 and 2017; and (vi) Notes to Consolidated Financial Statements.
|
# |
Previously filed with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on March 5, 2020.
|
## |
Filed herewith.
|
† |
Previously furnished with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on March 5, 2020.
|
* |
Management contract or compensatory plan.
|
‡‡ |
Confidential treatment granted as to portions of this exhibit. Confidential information has been omitted and filed separately with the Securities and Exchange Commission.
|
CAI INTERNATIONAL, INC.
|
||
By:
|
/s/ VICTOR M. GARCIA
|
|
Victor M. Garcia
|
||
President and Chief Executive Officer, Director
|
||
(Principal Executive Officer)
|
||
By:
|
/s/ TIMOTHY B. PAGE
|
|
Timothy B. Page
|
||
Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
1. |
I have reviewed this Amendment No. 1 on Form 10-K/A of CAI International, Inc.; and
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report.
|
Date: April 29, 2020
|
||
By:
|
/s/ VICTOR M. GARCIA
|
|
Victor M. Garcia
|
||
President and Chief Executive Officer
|
1. |
I have reviewed this Amendment No. 1 on Form 10-K/A of CAI International, Inc.; and
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report.
|
Date: April 29, 2020
|
||
By:
|
/s/ TIMOTHY B. PAGE
|
|
Timothy B. Page
|
||
Chief Financial Officer
|