IEG HOLDINGS CORPORATION (OTCMKTS:IEGH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2017, Investment Evolution Corporation (“IEC”), a wholly owned subsidiary of IEG Holdings Corporation (“IEG Holdings”) entered into a professional consulting contract with Paul Mathieson, IEG Holdings’ President, Chief Executive Officer and sole director, (the “Consulting Contract”). to the terms of the Consulting Contract, Mr. Mathieson agreed to provide regulatory and management consulting services as requested by IEG Holdings, including services to be provided by IEG Holdings to IEC. The Consulting Contract has a term of not less than one and one-half years and renews automatically on December 31st for one year periods unless notice of termination is provided 30 days prior to the automatic renewal date. In exchange for Mr. Mathieson’s services, IEG Holdings agreed to pay Mr. Mathieson $1.2 million annually plus health insurance and a discretionary bonus to be determined by IEG Holdings’ board of directors. to the terms of the Consulting Contract, fees are to be paid quarterly in advance on July 1st, October 1st, January 1st and April 1st beginning on July 1, 2017. Mr. Mathieson will also receive reimbursement for all reasonable expenses incurred for the benefit of IEC, including but not limited to travel expenses for him and his entourage, hotel expenses, communication, security, relocation and entertainment expenses.
The foregoing description of the Consulting Contract is qualified in its entirety by reference to the Consulting Contract, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description |
| 10.1 | Professional Consulting Contract dated July 1, 2017 by and between Investment Evolution Corporation and Paul Mathieson. |
IEG Holdings Corp ExhibitEX-10.1 2 ex10-1.htm PAUL MATHIESON PROFESSIONAL CONSULTING CONTRACT – JULY 1ST,…To view the full exhibit click here
About IEG HOLDINGS CORPORATION (OTCMKTS:IEGH)
IEG Holdings Corporation is a consumer finance company. The Company is engaged in the business of providing unsecured consumer loans ranging from $2,000 to $10,000. The Company operates in Consumer Loans segment. It offers loans online under the consumer brand Mr. Amazing Loans through its Website and online application portal at www.mramazingloans.com. It has obtained additional state lending licenses, and are licensed and originating direct consumer loans in the states of Alabama, Arizona, California, Florida, Georgia, Illinois, Kentucky, Louisiana, Missouri, Nevada, New Jersey, New Mexico, Oregon, Pennsylvania, Texas, Utah and Virginia. It has approximately 80 loans in default representing over 4.81% of the number of loans in its active portfolio. Its subsidiaries include Investment Evolution Corporation, which holds state licenses, leases, employee contracts, and other operating and administrative expenses, and IEC SPV, LLC, which is a bankruptcy remote special purpose vehicle.
