ASTA FUNDING, INC. (NASDAQ:ASFI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 4, 2019, the Board of Directors (the “Board”) of Asta Funding, Inc. (the “Company”) appointed Mr. Michael Monteleone as a director of the Company, effective January 4, 2019, to fill the vacancy created by the resignation of Mr. Mark Levenfus, which occurred on January 3, 2019. Mr. Levenfus’ resignation was not the result of any disagreement on any matter relating to the Company’s operations, policies or practices.
Mr. Monteleone will serve as Chairman of the Board’s Audit Committee.
Mr. Monteleone is a retired audit partner, formerly with KPMG LLP. He has extensive experience serving large multinational publicly traded companies. His experience includes SEC reporting, mergers and acquisitions, reorganizations and restructurings, as well as other technical financial reporting matters.
Mr. Monteleone is a licensed certified public accountant in the states of Virginia, New Jersey and New York. He is a member of the American Institute of Certified Public Accountants and New York and New Jersey State Societies. He earned a bachelor of business administration in accounting from Pace University.
Mr. Monteleone will participate in the Company’s standard non-employee director compensation arrangements (on a pro-rated basis for his initial period of service), to which he will be eligible to receive the following annual retainers payable in cash based on current board and committee assignments: $45,000 for service as an independent director, and $15,000 for service as chairman of the Audit Committee. Furthermore, all non-employee directors, including Mr. Monteleone, are eligible to receive equity compensation awards under the Company’s 2012 Stock Option and Performance Award Plan.
In connection with his appointment, on January 7, 2019, Mr. Monteleone entered into anindemnificationagreement with the Company (the “Indemnification Agreement”), which will provide indemnification protection for Mr. Monteleone in connection with his service as a director of the Company.The Indemnification Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Financial Statements and Exhibits.
ASTA FUNDING INC Exhibit
EX-10.1 2 ex_132630.htm EXHIBIT 10.1 ex_132630.htm Exhibit 10.1 ASTA FUNDING,…
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About ASTA FUNDING, INC. (NASDAQ:ASFI)
Asta Funding, Inc. is primarily engaged in the businesses of acquiring, managing, servicing and recovering on portfolios of consumer receivables. The Company operates through four segments: Consumer Receivables, Personal Injury Claims, Structured Settlements and GAR Disability Advocates. The Consumer receivables segment is engaged in purchasing, managing for its own account and servicing distressed consumer receivables, including charged off receivables, semi-performing receivables and performing receivables. The Personal injury claims segment includes the operations of its subsidiary, Pegasus Funding, LLC. The Structured settlements segment includes the operations of CBC Settlement Funding, LLC (CBC). The GAR Disability Advocates segment includes the operations of GAR Disability Advocates, LLC (GAR Disability Advocates). GAR Disability Advocates is a social security benefit and disability advocacy group.