Conn’s, Inc. (NASDAQ:CONN) 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.
the appointment of Mr. Norman L. Miller as Chief Executive Officer
and President of the Company in September 2015, the Board of
Directors (Board) approved Mr. Millers compensation package, which
included an initial grant (the Initial Long-Term Incentive Award)
of $2,000,000 in restricted stock units (RSUs), scheduled to vest
ratably over five years on each anniversary of his commencement
date as Chief Executive Officer and President of the Company (the
Commencement Date).
Millers Initial Long-Term Incentive Award such that the RSUs are
now scheduled to vest ratably over a 4-year rather than a 5-year
period. With this modification, the remaining unvested RSUs in Mr.
Millers Initial Long-Term Incentive Award are scheduled to vest in
$533,330 increments on each of the next three anniversaries of his
Commencement Date, an annual increase of $133,330 over the original
RSU vesting schedule. The terms of this modification to Mr. Millers
RSU award are set forth in a letter agreement between Mr. Miller
and the Company (the Letter Agreement), dated January 2, 2017.
equity award to Mr. Miller of 100,000 shares of tiered
premium-priced options, with one-third of the options exercisable
at the closing price for the Companys common stock on the Grant
Date (the Grant Date Price), another one-third exercisable at 50%
above the Grant Date Price, and the final one-third exercisable at
50% above the Grant Date Price. These options will ratably vest on
each of the first four anniversaries of the Grant Date. The terms
of this equity award to Mr. Miller are described in the Letter
Agreement.
and is incorporated herein by reference. The foregoing description
of the terms of the Letter Agreement is qualified in its entirety
by reference to the full text of the Letter Agreement.
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10.1*
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Letter Agreement from Conn’s, Inc. to Norman L. Miller,
dated January 2, 2017 |
About Conn’s, Inc. (NASDAQ:CONN)
Conn’s, Inc. is a specialty retailer that offers a selection of consumer goods and related services in addition to a credit solution for its core credit constrained consumers. The Company operates through two segments: retail and credit. The Retail segment includes product categories, such as furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom; home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges; Consumer electronics, including liquid-crystal-display (LED), organic LED (OLED), Ultra high definition (HD) and Internet-ready televisions, and home office, including computers, printers and accessories. Its credit segment provides short- and medium-term financing for its retail customers. Its credit offering provides financing solutions to credit constrained consumers having limited banking options. The Company operates its business through its retail stores and Website. Conn’s, Inc. (NASDAQ:CONN) Recent Trading Information
Conn’s, Inc. (NASDAQ:CONN) closed its last trading session down -0.40 at 12.90 with 471,703 shares trading hands.
