GWG Holdings, Inc. (NASDAQ:GWGH) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
Entry into a Material Definitive Agreement. |
On April 17, 2017, GWG Holdings, Inc. entered into a Separation
Agreement and General Release with Mr. Jon Gangelhoff, the
companys Chief Operating Officer. On that same date, the company
entered into a Separation Agreement with Michael Freedman, the
companys President.
Under the agreement with Mr. Gangelhoff, the company agreed to
pay him severance of one year of annual salary (aggregating to
$250,000). All of Mr. Gangelhoffs unvested outstanding common
stock options at the time of his separation were vested under the
agreement. The agreement with Mr. Gangelhoff contains a customary
general release of all claims. Under the agreement with Mr.
Freedman, Mr. Freedman will remain employed through May 15, 2017.
At that date, Mr. Freedman will resign his position and the
company will pay him his compensation through the term of his
Employment Agreement ending September 22, 2017 (aggregating to
$258,000). Mr. Freedman will surrender all of his vested and
unvested options to purchase company common stock. The agreement
with Mr. Freedman contains a customary general release of all
claims.
Item1.02 |
Termination of a Material Definitive Agreement. |
On April 17, 2017, and by virtue of the agreement with Mr.
Freedman described under Item 1.01 above, the Employment
Agreement with Mr. Freedman, dated as of September 22, 2014, will
be terminated effective as of May 15, 2017.
Item5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Officers. |
The disclosures contained in Item 1.01 above are incorporated
herein by this reference.
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About GWG Holdings, Inc. (NASDAQ:GWGH)
GWG Holdings, Inc. is a specialty finance company. The Company is a financial purchaser of life insurance assets in the secondary market. The Company creates opportunities for consumers owning life insurance to obtain value for their policies as compared to the traditional options offered by insurance companies. The Company also creates opportunities for investors to participate in alternative asset classes, such as life insurance, not correlated to traditional financial markets. The Company conducts its life insurance related business through its subsidiary, GWG Life, LLC. It generally purchases life insurance assets directly from policy owners having purchased their life insurance in the primary market. Its operational platform offers various options to customers based on the market value of their life insurance, including selling the entire policy benefit for cash, or selling a portion of the policy benefit and retaining a portion of the benefit with no future premium obligation. GWG Holdings, Inc. (NASDAQ:GWGH) Recent Trading Information
GWG Holdings, Inc. (NASDAQ:GWGH) closed its last trading session up +0.40 at 10.69 with 3,180 shares trading hands.