EMERGENT CAPITAL, INC. (NYSE:EMG) 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
On January 27, 2020, Emergent Capital, Inc. (“Emergent” or the “Company”), granted a bonus to Patrick J. Curry, the Company’s Chief Executive Officer (the “Bonus”), in recognition of his past and ongoing work for the Company. The Bonus consists of: (i) $400,000 in cash, payable promptly after the grant, and 1,000,000 shares of restricted common stock of Emergent, vesting in thirds upon the first three anniversaries of the grant date, (ii) up to $300,000 in cash, as determined by the Compensation Committee (the “Compensation Committee”) of Emergent’s Board of Directors (the “Board”), payable upon the consummation of the Company’s contemplated restructuring (the “Restructuring”), and (iii) up to $300,000 in cash, as determined by the Compensation Committee, if the Company effects the Restructuring at least $600,000 under the budget for such Restructuring that is approved by the Board within 45 days of the date hereof, measured as of 30 days after the date of the Restructuring.
On January 29, 2020, Jack Simony, the Company’s Chief Investment Officer, notified the Company of his resignation, effective on February 7, 2020. Also on January 29, 2020, Imperial Finance and Trading, LLC, a wholly-owned subsidiary of Emergent, and Mr. Simony entered into an amendment (the “Amendment”) to the Retention Agreement dated as of November 12, 2019 (the “Simony Retention Agreement”). The Simony Retention Agreement provided for, among other things, a retention payment to Simony by the Company in the amount of $1,000,000, two-thirds of which has already been paid and the remaining one-third to be paid within three (3) business days of the closing of the current restructuring under consideration by the Company. to the Amendment, the remaining one-third of the retention payment is accelerated and will be paid within seven (7) days of the date of the Amendment.
| 10.1 | 2010 Omnibus Incentive Plan Form Restricted Stock Award Agreement |
| 10.2 | Amendment dated January 29, 2020 to Retention Agreement between Imperial Finance and Trading, LLC and Jack Simony |
EMERGENT CAPITAL, INC. Exhibit
EX-10.1 2 tm206145d1_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 5355 Town Center Road Suite 701 Boca Raton,…
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About EMERGENT CAPITAL, INC. (NYSE:EMG)
Emergent Capital, Inc., formerly Imperial Holdings, Inc., is a specialty finance company that invests in asset classes, primarily life settlements. The Company, through its subsidiary companies, owns a portfolio of approximately 630 life insurance policies (life settlements). The Company purchases individual policies and portfolios of life insurance policies and manages those assets based on actuarial and market data. The Company provides customized liquidity solutions to owners of illiquid financial assets in two markets, which include life finance and structured settlements. The Company focuses on lending to outright purchases of portfolios, to tertiary trades, as well as individual secondary market purchases. The Company invests in short and long-term life settlement investments.
