BLACK KNIGHT FINANCIAL SERVICES, INC. (NYSE:BKFS) 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 18, 2017, the Board of Directors of Black Knight Financial Services, Inc. (the “Company”) appointed Joseph M. Nackashi to serve as President of the Company. Thomas J. Sanzone will continue to serve as Chief Executive Officer.
Mr. Nackashi has served as President of our Servicing Technologies division since January 2014, and served as our Chief Information Officer from January 2014 until June 2015. Mr. Nackashi previously served as Executive Vice President and Chief Information Officer of Lender Processing Services, Inc. (“LPS”) from July 2008 until LPS was acquired by Fidelity National Financial, Inc. in January 2014. Prior to that, he served as Senior Vice President and Chief Technology Officer of Fidelity National Information Services, Inc. (“FIS”), from which LPS was spun off, since 2006, and as Senior Vice President and Chief Technology Officer of various predecessor entities of FIS since 2000.
Mr. Nackashi is not a party to any related party transactions with the Company. In connection with his appointment as President, we entered into a new employment agreement with Mr. Nackashi, which provides for a three-year term ending on July 17, 2020, with a provision for automatic annual extensions beginning on July 17, 2019 and continuing thereafter unless either party provides timely notice that the term should not be extended. Mr. Nackashi’s employment agreement provides that he will receive a minimum annual base salary of $600,000, and is eligible for an annual incentive bonus opportunity under the Annual Incentive Plan, with amounts payable depending on performance relative to targeted results. Mr.Nackashi’s target bonus is set at 50% of his base salary, with a maximum of up to 200% of his base salary. Mr.Nackashi is entitled to the benefits we provide to our other employees generally.
Mr.Nackashi’s employment agreement also provides that, if any payments or benefits to be paid to Mr.Nackashi to the terms of the employment agreement would be subject to the excise tax imposed by Section4999 of the Internal Revenue Code, then Mr.Nackashi may elect for such payments to be reduced to one dollar less than the amount that would constitute a “parachute payment” under Section280G of the Internal Revenue Code; and that if Mr.Nackashi does not elect to have such payments so reduced, Mr.Nackashi is responsible for payment of any excise tax resulting from such payments and shall not be entitled to a gross-up payment under his employment agreement. The agreement contains other terms and conditions substantially similar to those contained in the employment agreements of our other executives.
About BLACK KNIGHT FINANCIAL SERVICES, INC. (NYSE:BKFS)
Black Knight Financial Services, Inc. is a holding company. The Company, through its subsidiaries, provides integrated technology, workflow automation, and data and analytics to the mortgage industry. It operates through two segments: Technology, which offers software and hosting solutions that support loan servicing and includes the mortgage servicing, specialty mortgage servicing, including loss mitigation and default workflow management, loan origination and settlement services, and Data and Analytics, which offers solutions to support its technology products in the mortgage, real estate and capital markets industries. Its solutions include property ownership data, servicing data, automated valuation models, collateral risk scores, lead generation and other data solutions. It also offers a document delivery platform, consumer portal and support for data-validated electronic mortgage. Its subsidiaries include Black Knight InfoServ, LLC and Black Knight Financial Services, LLC.