Tennant Company entered into a cooperation agreement with Vision One Fund, LP and its affiliates, appointing Patrick E. Allen to the Board of Directors and committing to declassify the Board by 2027. The company also appointed James T. Glerum, Jr. as an independent director, expanding the Board to 11 members.
Key takeaways
Tennant Company entered into a Cooperation Agreement with Vision One Fund, LP and its affiliates on February 12, 2026.
Patrick E. Allen was appointed to the Board as a Class II director effective February 12, 2026, with a term expiring at the 2027 annual meeting.
James T. Glerum, Jr. was appointed to the Board as a Class III director effective February 12, 2026, with a term expiring at the 2028 annual meeting.
The Board committed to take action to approve and recommend an amendment to declassify the Board and provide for annual director elections by the earlier of the 2027 annual meeting or sixteen months after the Cooperation Agreement date.
Vision One Parties agreed to customary standstill restrictions, voting commitments, and other obligations until the Expiration Date.
Vision One Parties beneficially own 344,585 shares of Tennant Company common stock as of the agreement date.