<SEC-DOCUMENT>0000899751-14-000007.txt : 20140128
<SEC-HEADER>0000899751-14-000007.hdr.sgml : 20140128
<ACCEPTANCE-DATETIME>20140128090524
ACCESSION NUMBER:		0000899751-14-000007
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140128
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140128
DATE AS OF CHANGE:		20140128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TITAN INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000899751
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				363228472
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12936
		FILM NUMBER:		14550789

	BUSINESS ADDRESS:	
		STREET 1:		2701 SPRUCE ST
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301
		BUSINESS PHONE:		2172286011

	MAIL ADDRESS:	
		STREET 1:		2701 SPRUCE ST
		CITY:			QUINCY
		STATE:			IL
		ZIP:			62301

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TITAN WHEEL INTERNATIONAL INC
		DATE OF NAME CHANGE:	19930403
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a012814form8k.htm
<DESCRIPTION>TITAN INTERNATIONAL, INC. FORM 8-K JANUARY 28, 2014
<TEXT>
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<a name="s337c5d97be0f41219bd00f332a93ed1f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;"><hr></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">UNITED STATES</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:16pt;"><font style="font-family:inherit;font-size:16pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Washington, D.C.  20549</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:18pt;"><font style="font-family:inherit;font-size:18pt;font-weight:bold;">FORM 8-K</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">CURRENT REPORT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d) OF</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THE SECURITIES EXCHANGE ACT OF 1934</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Date of Report (Date of earliest event reported):  January 28, 2014</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:24pt;"><font style="font-family:inherit;font-size:24pt;font-weight:bold;">TITAN INTERNATIONAL, INC.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Exact name of Registrant as specified in its Charter)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:91.796875%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td width="33%"></td><td width="33%"></td><td width="34%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Illinois</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1-12936</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">36-3228472</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(State of Incorporation)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Commission File Number)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2701 Spruce Street, Quincy, IL&#160;62301</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;(Address of principal executive offices, including Zip Code)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">(217)&#160;228-6011</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Registrant's telephone number, including area code)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#32;</font><font style="font-family:Wingdings;font-size:10pt;">o</font><font style="font-family:inherit;font-size:10pt;">&#32;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s337c5d97be0f41219bd00f332a93ed1f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">INFORMATION TO BE INCLUDED IN THIS REPORT</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;padding-left:96px;text-indent:-96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Item 5.02  DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;padding-left:96px;text-indent:-96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The board of Titan International, Inc. (Titan or the Company) has approved the promotion of Paul Reitz from his current position as Chief Financial Officer of Titan to the open position of President of Titan International, Inc.  The board also approved the appointment of Mr. John Hrudicka as Chief Financial Officer of Titan International, Inc..  These executive management changes are effective February 3, 2014.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Paul Reitz</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Paul Reitz will be promoted to President of Titan International, Inc.  Mr. Reitz has been Chief Financial Officer of Titan since July of 2010.  Prior to joining Titan, Mr. Reitz was controller for Yellow Book USA Inc.  Mr. Reitz continues to be employed under his employment agreement which was filed as Exhibit 10 to the Company's Form 8-K filed on March 23, 2011. Mr. Reitz does not have any family relationship with any of the directors or executive officers of the Company.  Mr. Reitz is not a party to any related party transactions required to be disclosed pursuant to Item 404(a) of Regulation S-K.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">John Hrudicka</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">John Hrudicka will join Titan as Chief Financial Officer.  Mr. Hrudicka will oversee the Company's accounting and financial matters and serve as Titan's Principal Financial Officer and Principal Accounting Officer. Mr. Hrudicka has been at Elkay Manufacturing since 2006, joining as Vice President of Finance and becoming Chief Financial Officer in 2010.   Mr Hrudicka does not have any family relationship with any of the directors or executive officers of the Company.  Mr. Hrudicka is not a party to any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In connection with the hiring of Mr. Hrudicka, Titan and Mr. Hrudicka have entered into an employment agreement.  The agreement has a two year term and an effective date of February 1, 2014.  Upon execution of the Agreement, Mr. Hrudicka shall receive (a) $50,000.00 signing bonus; and (b) 10,000 shares of restricted Titan stock.  During the term of the agreement, Mr. Hrudicka will receive a base salary payable at an annual rate of  $290,000.  Nothing in the agreement will be deemed to prohibit an increase at any time in the base salary if Titan's Board of Directors approves.  In addition to salary, Mr. Hrudicka shall be entitled to receive a minimum bonus of $75,000.00 in 2014, provided that the 2014 financial results of Titan compare favorably to the 2013 financial results of Titan.  During the balance of the Employment Term and any Extended Employment Term, the Executive may be entitled to receive a bonus and Titan restricted stock.  The bonus and any restricted stock award is at the discretion of the Board of Directors.  A copy of the employment agreement is included as Exhibit 10.1.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s337c5d97be0f41219bd00f332a93ed1f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Item 9.01  FINANCIAL STATEMENTS AND EXHIBITS</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:12pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">Exhibits</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">10.1&#160;&#160;&#160;&#160;Employment Agreement dated February 1, 2014 between Titan and John Hrudicka</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:96px;"><font style="font-family:inherit;font-size:12pt;">99</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Press release dated January 28, 2014, announcing new Titan Officers</font></div></td></tr></table><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s337c5d97be0f41219bd00f332a93ed1f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">SIGNATURE</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.1328125%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="51%"></td><td width="49%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">TITAN INTERNATIONAL, INC.</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(Registrant)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.328125%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td width="8%"></td><td width="36%"></td><td width="7%"></td><td width="49%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Date:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">January 28, 2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">By</font><font style="font-family:inherit;font-size:12pt;">:</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">/s/ PAUL G. REITZ</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Paul G. Reitz</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Chief Financial Officer</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(Principal Financial Officer)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:53px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><hr style="page-break-after:always"><a name="s337c5d97be0f41219bd00f332a93ed1f"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">EXHIBIT INDEX</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:93.359375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="16%"></td><td width="84%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Exhibit No.</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Description</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10.1</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Employment Agreement dated February 1, 2014 between Titan and John Hrudicka</font></div></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">99</font></div></td><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Press release dated January 28, 2014, announcing new Titan Officers<br></font></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a012814ex101.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">Exhibit 10.1</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font><font style="font-family:inherit;font-size:13pt;">, dated as of February 1, 2014, between Titan International, Inc., a Illinois corporation (&#8220;Titan&#8221;) and its successor (s), and John Hrudicka (&#8220;Executive&#8221;) (hereinafter, as amended or modified referred to as the &#8220;Agreement&#8221;).  The effective date of this Agreement (the &#8220;Effective Date&#8221;) shall be February 1, 2014.  Titan and Executive may be hereafter referred to as the &#8220;Parties&#8221;.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;font-weight:bold;">INTENDING TO BE LEGALLY BOUND HEREBY, the Parties agree as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">1.</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Position.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">Titan agrees to employ Executive and Executive agrees to</font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">&#32;accept employment as Chief Financial Officer of Titan pursuant to the terms of this Agreement.  Executive will perform such services in the capacity of Chief Financial Officer as may be assigned to him by the By-laws and, from time to time by the CEO and Chairman of Titan during the Employment Term and, if applicable, during the Extended Employment Term, (as such terms are defined in Section 2).   Executive will devote such of his business skill, time and effort to his employment hereunder as shall be reasonably necessary to discharge his obligations hereunder.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:48px;"><font style="font-family:inherit;font-size:10pt;">2.</font><font style="font-family:inherit;font-size:10pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Employment Term.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;Executive&#8217;s term of employment by Titan </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">under this Agreement will begin on the Effective Date and will terminate on the date two (2) years after the Effective Date (the &#8220;Employment Term&#8221;), unless terminated earlier as provided in Sections 5 and  6 hereof.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">Subject to the provisions of Sections 5 and 6 of this Agreement, this Agreement shall not automatically renew.  If this Employment Agreement is extended by successive one-year periods from year to year thereafter (collectively, such one-year renewal periods are hereinafter referred to as the &#8220;Extended Employment Term&#8221;), unless notice of nonrenewal is given in accordance with the provisions of the following three sentences.  If either party desires not to continue the employment of Executive under this Agreement beyond the Employment Term, or, if applicable, beyond the Extended Employment Term (the last day of the Employment Term, or the last day of the Extended Employment Term, if applicable, is hereinafter referred to as the &#8220;Termination Date&#8221;), that party shall at least six (6) months but not more than twelve (12) months prior to the Termination Date give written notice to such effect to the other party.  Unless the notice of nonrenewal is thereafter revoked prior to the Termination Date by the party giving notice, and the party receiving notice of such nonrenewal consents in writing to the revocation thereof, the employment of Executive under this Agreement shall terminate effective on the Termination Date.  Any notice of nonrenewal, revocation of nonrenewal or consent to revocation of nonrenewal given by Titan shall be authorized by CEO/Chairman.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">1</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Direct Compensation.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">(i) Upon execution of this Agreement, Executive shall receive (a) $50,000.00 signing bonus; and (b) 10,000 shares of restricted Titan stock.  (ii) For his service hereunder during the Employment Term and, if applicable, during the Extended Employment Term, Executive will receive a base salary payable at an annual rate of $290,000.00 (the &#8220;Base Salary&#8221;), to be paid in accordance with the normal practices for remunerating Titan executive management.  Nothing in this Agreement will be deemed to prohibit an increase at any time in the Base Salary if Titan&#8217;s Board of Directors approves.  (The Base Salary, if so adjusted, is herein called the &#8220;Adjusted Base Salary&#8221;).  In addition to salary, the Executive shall be entitled to receive a minimum bonus of $75,000.00 in 2014, provided that the 2014 financial results of Titan compare favorably to the 2013 financial results of Titan.  During the balance of the Employment Term and any Extended Employment Term, the Executive may be entitled to receive a bonus and Titan restricted stock.  The bonus and any restricted stock award is at the discretion of the Board of Directors.  The Board of Directors will establish the bonus and performance standards at the beginning of each year.  (iii) The Executive, during the Employment term, shall be entitled to two weeks of vacation plus Titan designated holidays in each year and shall, during such periods, be entitled to remuneration as hereinbefore provided.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:48px;"><font style="font-family:inherit;font-size:13pt;">3.</font><font style="font-family:inherit;font-size:13pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Standard Executive Benefits.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">In addition to the benefits described in </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">Sections 4, 5 and 6, Executive and, as applicable, Executive&#8217;s family, shall be entitled to participate during the Employment Term, and if applicable, during the Extended Employment Term in all of Titan&#8217;s then prevailing Executive benefit plans and programs which are generally available to Titan executive management, including without limitation, any group life, hospitalization, surgical, major medical and accidental death and dismemberment insurance plans and/or benefits, dental, 401k and any pension or other capital accumulation plans (collectively, the &#8220;Standard Executive Benefits&#8221;).</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:240px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:0px;"><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;5.              </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Death or Disability.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;In the event of Executive&#8217;s death or disability </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">hereinafter defined) during the Employment Term, or, if applicable, during the Extended Employment Term, Titan shall pay Executive, his designated beneficiary or estate, in addition to all payments due under Section 4, 5 and 6, the Supplemental Death or Disability Benefits, as the case may be, as described below.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:384px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:0px;"><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;5.1           </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Supplemental Death Benefit.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">In the event of Executive&#8217;s death </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">during the Employment Term, or if applicable, during the Extended Employment Term, Titan shall pay Executive&#8217;s estate a lump sum equal to all earned yet unpaid Base Salary or Adjusted Base Salary, if any, in effect as at such date of death plus the full amount of such Base Salary or Adjusted Base Salary for a period ending six (6) months following the month during which the date of such death occurred (even if such six month period extends beyond the Termination Date), and thereafter during the remainder of the Employment Term, or, if applicable, the Extended Employment Term, fifty percent (50%) of Executive&#8217;s Base Salary.  In addition, Titan shall continue to provide Executive&#8217;s family with the Standard Executive Benefits from the date of Executive&#8217;s death until the later of (1) the expiration of the Employment Term or, if applicable, the Extended Employment Term or (2) six months.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">2</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">5.2      </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Supplemental Disability Benefits.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;In the event of Disability of Executive (as hereinafter defined), the majority of Titan&#8217;s Board of Directors as then constituted, at its election and upon 30 days written notice to Executive, may terminate the employment of Executive under this Agreement effective as of the last day of the month within which the end of such 30-day period occurs (the &#8220;Disability Termination Date&#8221;).  For purposes of this Agreement the term &#8220;Disability&#8221; shall mean the inability of Executive to engage in his regular occupation as a senior executive officer of a corporation generally comparable to Titan at a level of compensation commensurate with his education, training and experience for a substantially continue period which has extended or will foreseeable extend beyond six months in duration as a result of sickness, bodily injury, or mental or emotional disease or disorder of any type, excluding attempted suicide or intentionally self-inflicted injury.  Upon termination of the employment of Executive by reason of Disability, the  liabilities of Titan will be as follows:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:120px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:96px;"><font style="font-family:inherit;font-size:13pt;">a.</font><font style="font-family:inherit;font-size:13pt;"></font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">During the periods referred to in (i) and (ii) below, Titan shall </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">continue to provide the Executive with the following direct compensation:  (i)  commencing with the first day of the month next succeeding the Disability Termination Date, a lump sum equal to all earned yet unpaid Base Salary or Adjusted Base Salary, if any, in effect as of such Disability Termination Date plus a monthly amount which shall be equal to one-twelfth of Executive&#8217;s Base Salary or Adjusted Base Salary, in effect as at such Disability Termination Date, for a period of 24 months following such Disability Termination Date (the &#8220;Disability Benefit Continuation Period&#8221;) or until the end of the then current contract extension whichever occurs first;  however, that the monthly amounts payable under (i) above shall be reduced by an amount equal to the sum of the amount of monthly benefits then actually received by Executive pursuant to (A) any long-term disability insurance plan then generally provided to executive management by Titan</font><font style="font-family:inherit;font-size:13pt;font-style:italic;">, </font><font style="font-family:inherit;font-size:13pt;">and (B) any supplemental disability insurance program then provided to Executive by Titan.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">3</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">(b)     During the Disability Benefit Continuation Period, Titan shall continue to provide Executive with full participation in the benefits described in Sections 4, 5.1 and 5.2. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">If there should be any dispute between the parties as to Executive&#8217;s incapacity or physical or mental disability at any time, such dispute shall be determined by the written opinion of an impartial reputable physician agreed upon for this purpose by the parties or their representatives or, failing Agreement by the parties within twenty (20) business days of the request by either party to the other, by a panel of three impartial reputable physicians to be selected within twenty (20) business day of request by either party to the other, one by Executive and one by Titan, respectively, and one by the two physicians so selected.  If the physician selected by Titan and Executive should fail to select the third physician within ten (10) business days of their appointment, or if either Titan or Executive should fail to select a physician, the remaining member(s) of the panel shall be appointed by Director of Mayo Clinic of Rochester, MN.  The opinion of the majority of the panel as to the matter in dispute shall be final and binding on the parties.  Executive shall submit to such examination(s) as may be necessary for the purposes herein.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">6.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Termination.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;Executive&#8217;s employment under this Agreement may be terminated by Titan upon the occurrence of any of the following events:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">6.1</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Termination for Cause.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;If Titan terminates the Executive&#8217;s employment for cause, for this purpose, &#8220;Termination for Cause&#8221; shall mean any of the following: (i)  termination of the Executive&#8217;s employment for willful or gross neglect of duties hereunder, or willful  misconduct in the performance of such duties, so as to cause material harm to Titan, determined in good faith by the CEO/Chairman; (ii)  termination following a judicial determination that Executive has committed fraud, misappropriation or embezzlement against Titan;  (iii)   termination due to Executive&#8217;s having committed any felony for which he is convicted and which, as determined in good faith by the President and results in material harm to Titan and its subsidiaries considered as a whole;  or (iv)  has failed or refused to perform his duties under this Agreement as CEO/Chairman of Titan as assigned by the Board of Directors.  Upon the occurrence of a Termination for Cause, Titan&#8217;s obligations under this Agreement shall terminate, except that in the event of Termination for Cause pursuant to clause (iv) of the first sentence of this Section 6.1, Titan shall remain obligated to pay Executive fifty percent (50%) of his Base Salary and to continue for the Executive and/or his family the full benefits described in Section 4 for a period of six months.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">4</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">6.2        </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Termination Without Cause.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;If Titan terminates the Executive&#8217;s employment and unless such termination shall be pursuant to Section 5 or 6.1, such termination shall, in all cases, constitute &#8220;Termination Without Cause&#8221; with effect from the date of action by Titan.  Any demotion from the position of CFO set forth in Section 1, or any material reduction in the authorities inherent to such position, in each instance unless made with Executive&#8217;s prior written consent, or upon a termination pursuant to Sections 5 or 6.1, or any non-payment or reduction in the Base Salary or Adjusted Base Salary then in effect or any other breach by Titan of this Agreement shall be deemed to constitute Termination Without Cause:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">In the event of Executive&#8217;s Termination Without Cause, Titan shall remain obligated to pay Executive 100% of his Base Salary or Adjusted Base Salary then in effect for two (2) years from the effective date of the Termination Without Cause, but in no event beyond the Employment Term or, if applicable, the Extended Employment plus all benefits described in Sections 4, 5 and 6 during the Employment Term; </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">(b)  </font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">In the event of Executive&#8217;s Termination Without Cause, Titan agrees to provide for of the Executive and his spouse and dependents which live in the household shall receive, at no cost and expense to them for the remaining Employment Term, group medical (including  hospitalization, surgical, and major medical) and dental insurance benefits provided or furnished or made available under Titan&#8217;s Plan (at Executive, or in the event of Executive death, at Executive&#8217;s spouse&#8217;s election with respect to which plan) then prevailing Executive benefit plans to the then employed highest level executive officers&#8217; of either of them from time to time.  Titan shall pay the full premiums for all such benefits furnished through group insurance plans as well as all other charges and expenses for providing such benefits; </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">(c)     In the event of Executive&#8217;s Termination Without Cause, Titan agrees  all outstanding stock options and the Employer match under Titan&#8217;s 401k Plan for the Executive shall vest 100% immediately; and</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">(d)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">In the event of Executive&#8217;s Termination Without Cause, Titan shall provide, as a condition of any such sale, that the acquiring entity and/or successor shall assume this Agreement and become obligated to perform all of the terms and conditions hereof.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:288px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:0px;"><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;6.3      </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Change of Control</font><font style="font-family:inherit;font-size:13pt;">.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">In the event of a Change of Control of Titan  </font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:288px;text-indent:-288px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">and the Executive does not wish to remain with Titan, the Executive upon leaving Titan </font></div><div style="line-height:120%;text-align:justify;padding-left:288px;text-indent:-288px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">will receive the remaining amount of money due him on this Employment Agreement.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">5</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">7.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Successors and Assigns.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">This Agreement shall be binding upon any successor or assigns of Titan and a successor or assigns shall be any surviving corporation under which it might be merged or consolidated or the purchaser of substantially all of the assets of Titan.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">8.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Termination.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;This Agreement shall terminate upon the death of both Executive  and his spouse or earlier if mutually agreed upon by the Executive and Titan.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:96px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">9.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Expenses.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">Titan will pay or reimburse Executive for any expenses </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">reasonably incurred by him in furtherance of his duties hereunder, including,  without </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">limitation expenses for entertainment, travel (including automobile operating expenses), </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">meals, hotel accommodations and other ordinary and necessary activities incurred on </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">behalf of Titan, subject to reasonable documentation of such expenses by Executive.  </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">Titan shall also reimburse the Executive for moving expenses (specifically excluding </font></div><div style="line-height:120%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">costs associated with the sale of Executive&#8217;s current home, i.e. real estate commission,</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:0px;"><font style="font-family:inherit;font-size:13pt;">taxes, revenue stamps and the like).</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">&#32;</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:96px;text-indent:-48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:13pt;padding-left:48px;"><font style="font-family:inherit;font-size:13pt;">10.</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Inventions and Improvements.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;Any invention or development of any </font></div></td></tr></table><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">kind related to Titan&#8217;s</font><font style="font-family:inherit;font-size:13pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:13pt;">business made or conceived by Executive (solely, jointly or in conjunction with anyone else) while he is employed by Titan pursuant to this Agreement shall be promptly disclosed by Executive to Titan and shall be the sole property of Titan.  Executive shall execute an assignment to Titan, or to another designated by it, of his entire claim to and interest in each such invention or development.  Executive undertakes to sign all lawful papers and, at Titan&#8217;s expense, to assist it in every lawful way to obtain and sustain patents or copyrights for its benefit in any such inventions or developments when requested by Titan.  Executive shall not be entitled to compensation beyond his Base Salary or Adjusted Base Salary for the performance of any such acts.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">11.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Confidential Information.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;Executive acknowledges that by reason of his</font></div><div style="line-height:120%;text-align:justify;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">employment with Titan  he has and will hereafter, from time to time during his Employment Term, and, if applicable, during the Extended Employment Term, become exposed to and/or become knowledgeable about proposals, plans, inventions, practices, systems, programs, formulas, customer lists, and other forms of business information which are not known to Titan&#8217;s  competitors and which are not recognized as being encompassed within standard business management practices and which are kept secret and confidential by Executive (the &#8220;Confidential Information&#8221;).  Executive therefore agrees that at no time during or after the period of his employment by Titan will he disclose or use the Confidential Information except as may be required in the prudent course of business for the benefit of Titan, provided, that no payment required to be made by Titan under the terms of this Agreement including the Exhibits hereto after termination of the employment of Executive shall be subject to any right of set-off, counterclaim, defense, abatement, suspension, deferment or reduction by reason of any claim against Executive based upon breach of the covenant in this Section 12 other than execution of an unsatisfied final judgment rendered by a court of competent jurisdiction.</font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">6</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">12.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Competition.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;Executive hereby agrees that until the termination of his employment under this Agreement, and for a period of three (3) years thereafter, he will not, unless authorized in writing to do so by Titan, directly or indirectly own, manage, operate, join, control or participate in the ownership, management, operation or control of, or be employed or otherwise connected in any substantial manner with any business which directly competes to a material extent with line of  business of Titan or its subsidiaries that is material to the businesses, financial condition or prospects of Titan and its subsidiaries considered as a whole; provided that nothing in this paragraph shall prohibit Executive from acquiring up to 5% of any class of outstanding equity securities of any corporation whose equity securities are regularly traded on a national securities exchange or in the &#8220;over-the-counter market&#8221;.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">13.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Arbitration.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;Any controversy or claim arising out of or relating to this Agreement, or any breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association and judgment upon such award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.  The arbitration shall be held in Illinois unless another location shall be mutually agreed to by the parties at the time of the arbitration.  In any dispute between the parties as to which Executive is sustained on the claim(s) by or against him, Titan shall pay all legal fees incurred by Executive in connection with the dispute over such claim(s).  If more than one is involved in any dispute and if Executive is sustained as to one or more of such claims but not as to all of such claims, there shall be a reasonable allocation of applicable legal expenses.  Titan will reimburse Executive for those legal expenses determined by the arbitrator(s) or by the consent of the parties to be allocable to the claim or claims as to which Executive is upheld.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">14.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Binding Effect: Amendments.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;Executive&#8217;s undertakings hereunder will be binding regardless of (i) the duration of his employment with Titan; or (ii) the reasons for or manner of termination of his employment.  This Agreement will bind and inure to the benefit of the heirs, personal representatives, successors and assigns of the parties, will supersede any prior understanding between the parties relating to the same subject matter and may be modified and varied only in writing signed by the parties hereto.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">15.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Notices.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;All notices hereunder shall be given in writing by personal delivery or by registered mail addressed to Titan at is principal place of business and to Executive at his residence address as then listed in Titan&#8217;s records.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">7</font></div></div><hr style="page-break-after:always"><a name="s5830f21d7cc44c0db8f13cc503049ca0"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">16.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Governing Law.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois and jurisdiction of the State of Illinois.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">17.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Miscellaneous.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">(a)  the failure of a party to insist on any occasion upon strict adherence to any term of this Agreement shall not be considered to be a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.  Any waiver must be in writing signed by the party waiving any right; (b)   the underlined captions in this Agreement at the beginning of Sections are for reference only and shall not be deemed to define or limit the provisions hereof or to affect their construction and application; (c)   the parties agree that this Agreement may be executed in any number of counterparts, and in the event, each counterpart shall be deemed a complete original and be enforceable without reference to any other counterpart.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">18.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">Survival.</font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;Termination of the Executive&#8217;s employment whether voluntary or involuntary, whether with or without cause, shall not relieve Titan and/or its successor (s) from their obligations hereunder.  All of Sections 5 and 6 and shall survive the termination of this Agreement and shall not relieve Titan and/or successor from their obligations under these Sections. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:384px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">TITAN INTERNATIONAL, INC</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:384px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">By: </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:justify;padding-left:276px;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">Maurice M. Taylor, Jr.,</font></div><div style="line-height:120%;text-align:justify;text-indent:432px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">CEO and Chairman</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:384px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">By: </font><font style="font-family:inherit;font-size:13pt;text-decoration:underline;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font></div><div style="line-height:120%;text-align:justify;text-indent:288px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:13pt;">John Hrudicka</font></div><div style="line-height:120%;text-align:justify;text-indent:432px;font-size:13pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:13pt;">Executive</font></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><br><div><div style="line-height:120%;text-align:center;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;">8</font></div></div>	</body>
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<FILENAME>a012814ex99.htm
<DESCRIPTION>PRESS RELEASE DATED JANUARY 28, 2014
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<a name="s42d32fbfd40746429ec8ba108e3d683e"></a><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:120%;"><hr></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Exhibit 99</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Titan International Announces New Officers</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Quincy, Ill--January 28, 2014 - The board of Titan International, Inc. (NYSE: TWI) has approved the promotion of Paul Reitz from his current position as Chief Financial Officer of Titan International to the open position of President of Titan International, Inc. as of February 3, 2014.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The board also approved the appointment of Mr. John Hrudicka as Chief Financial Officer of Titan International. Mr. Hrudicka has been the presiding CFO at Elkay Manufacturing in Oak Brook, IL since 2010 after joining as Vice President-Finance in 2006.  He has spent his 27 year career spanning several industries, working for Motorola, 3Com and Baxter Healthcare in both finance and operations executive leadership roles.  He has also had international expatriate assignments in both Hong Kong and Beijing, China.  </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8220;The board members and I have been engaged in building a strong executive team for the past few years,&#8221; comments Titan Chairman and CEO, Maurice Taylor.  &#8220;I believe we are on track with these two professionals. Paul will focus on the manufacturing and marketing side of the business. John will lead a great team in our finance department. John will be joining the Titan International family at a very interesting time as we continue our aggressive growth plan. I look forward to working with both of these men in the future. The key to our success has always been a can-do attitude.&#8221;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Titan International, Inc., a holding company, owns subsidiaries that supply wheels, tires, assemblies and undercarriage products for off-highway equipment used in agricultural, earthmoving/construction and consumer (including all terrain vehicles) applications. For more information, visit </font><font style="font-family:inherit;font-size:11pt;color:#0000ff;text-decoration:underline;">www.titan-intl.com</font><font style="font-family:inherit;font-size:11pt;">.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Contact: Krista Gray</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Investor Relations Manager</font></div><div style="line-height:120%;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(217) 221-4773</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><br><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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