RENT-A-CENTER, INC. (NASDAQ:RCII) 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.
Mark E. Denman resigned his position as Executive Vice President – Acceptance Now of Rent-A-Center, Inc. (the “Company”) effective as of August 1, 2017. Mr. Denman was a named executive officer of the Company for the fiscal year ending December 31, 2016. Mr. Denman’s resignation is a termination without “cause” to Section 3(a) of the executive transition agreement between Mr. Denman and the Company. Accordingly, Mr. Denman is entitled to certain payments and benefits including:
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unpaid but earned base salary through August 1, 2017; |
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a pro rata bonus calculated based upon Mr. Denman’s bonus, if any, for the year ended December 31, 2017; and |
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one and one half times the sum of Mr. Denman’s highest annual rate of salary during the previous 24 months. |
The form of executive transition agreement to which Mr. Denman is a party is filed as Exhibit 10.24 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
In addition, Mr. Denman will comply for a period of two (2) years with certain post-employment covenants, including non-compete and confidentiality obligations, to the loyalty and confidentiality agreement between Mr. Denman and the Company. The form of loyalty and confidentiality agreement to which Mr. Denman is a party is filed as Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.
Joel M. Mussat, the Company’s Executive Vice President – Chief Operating Officer since May 2017, will assume responsibility for the Company’s Acceptance Now business, effective immediately. Mr. Mussat was previously employed by Vixxo Inc. as its Chief Operating Officer from January 2016 to April 2017. Mr. Mussat served as the Company’s Executive Vice President – Chief Omnichannel Officer from January 2014 until January 2016; Executive Vice President – Emerging Businesses from May 2012 until January 2014; Executive Vice President – Emerging Businesses and Strategic Planning from August 2011 until April 2012; Senior Vice President – Strategic Planning and New Business Development from December 2009 until August 2011; and as Vice President – Strategic Planning from December 2005 until December 2009.
About RENT-A-CENTER, INC. (NASDAQ:RCII)
Rent-A-Center, Inc. is a rent-to-own operator in North America. The Company provides an opportunity to obtain ownership of products, such as consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories), under rental purchase agreements. The Company operates in four segments: Core U.S., Acceptance Now, Mexico and Franchising. Its Core U.S. and Mexico stores generally offer merchandise from over five basic product categories: consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories). The Acceptance Now segment provides an on-site rent-to-own option at a third-party retailer’s location. Its Franchising segment engages in the sale of rental merchandise to its franchisees who, in turn, offer the merchandise to the general public for rent or purchase under a rent-to-own transaction. It offers brands, such as LG, Frigidaire, Acer, Apple, Asus, Samsung, Ashley, Powell and Standard.
