ONEMAIN HOLDINGS, INC. (NYSE:OMF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 8, 2019, OneMain Holdings, Inc. (the “Company”) advised David P. Hogan, who has been serving in an advisory role since November 2018, that it would be terminating his employment, effective as of March 31, 2019 (the “Separation Date”). Mr. Hogan will continue to serve in his advisory role until the Separation Date.
On or about the Separation Date, it is anticipated that the Company will enter a severance agreement and general release (the “Severance Agreement”) with Mr. Hogan in substantially the form attached as Appendix A to the OneMain Holdings, Inc. (formerly Springleaf Holdings, Inc.) Executive Severance Plan, effective as of March 16, 2015, which was filed with the Securities and Exchange Commission as Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. to the Severance Agreement, it is anticipated that Mr. Hogan will receive (i) his annual base salary to be paid over the 12-month period following the Separation Date in substantially equal installments in accordance with the regular payroll practices of the Company, (ii) a lump sum payment of $125,000, and (iii) a lump sum cash payment in an amount equal to 12 months of premiums for COBRA continuation coverage for Mr. Hogan and his eligible dependents. In exchange for these benefits, it is anticipated that Mr. Hogan will agree to certain customary non-competition, non-solicitation, confidentiality and release provisions in favor of the Company. In addition, any unvested restricted stock units and restricted stock awards held by Mr. Hogan will be accelerated in full to the terms of the Company’s Amended and Restated 2013 Omnibus Incentive Plan.
About ONEMAIN HOLDINGS, INC. (NYSE:OMF)
OneMain Holdings, Inc., formerly Springleaf Holdings, Inc., incorporated on August 5, 2013, is a financial services holding company. The Company provides responsible loan products; offers credit and non-credit insurance; pursues strategic acquisitions of loan portfolios, and pursues acquisitions of companies and/or establish joint ventures. The Company operates through three segments: Consumer and Insurance; Acquisitions and Servicing, and Real Estate. The Company’s subsidiaries include Springleaf Finance, Inc. (SFI) and Independence Holdings, LLC (Independence). SFI’s principal subsidiary is Springleaf Finance Corporation (SFC), and Independence’s principal subsidiary is OneMain Financial Holdings, LLC (OMFH). SFC and OMFH are financial services holding companies with subsidiaries engaged in the consumer finance and insurance businesses.
