Mr. Kulas, age 49, has been the Company’s President and Chief Financial Officer since February 2020, and served as an independent member of the Board of Directors from April 2019 to February 2020 and a member of the Audit Committee from July 2019 to February 2020. He has over 25 years of experience in financial analysis, investment banking and executive-level finance and operations roles with a variety of companies, including Santander Consumer USA Inc., a NYSE listed auto finance company, where he served as Chief Executive Officer (2015 to 2017), Director (2007 to 2012 and 2015 to 2017), President (2013 to 2015) and Chief Financial Officer (2007 to 2015). Prior to joining Santander Consumer USA, Inc., Mr. Kulas was a Managing Director in Investment Banking with J.P. Morgan Chase & Co., where he was employed from 1995 to 2007. He has also served as an Adjunct Professor of Marketing at Texas Christian University and an analyst at Dun & Bradstreet. After leaving Santander Consumer USA, Inc., in 2017, Mr. Kulas was a private investor and business advisor until joining the Company in February 2020. He has served on the board of directors of Exeter Finance, an auto finance portfolio company of The Blackstone Group, as a Senior Advisor to Warburg Pincus International LLC, and as a board member of CityLift Parking.

As Chief Executive Officer, Mr. Kulas will receive the following compensation:

Mr. Kulas will also be entitled to the following severance benefits (in lieu of the severance benefits associated with his position as President and Chief Financial Officer): If Mr. Kulas’ employment is terminated without cause (or by Mr. Kulas for good reason), he will receive payments equal to 12 months of base salary and continued healthcare benefits. Severance will not apply in the event that Mr. Kulas voluntarily resigns (other than a resignation for good reason as noted above).

Mr. Kulas’ continued employment, including the payment of all related compensation and benefits, is subject to his continuing compliance with certain restrictive covenants regarding confidentiality, non-competition and non-solicitation>of employees and suppliers.

Stuart I. Grimshaw resigned from his position on the Company’s Board of Directors effective July 5, 2020, and with the appointment of Mr. Kulas as Chief Executive Officer as described above, relinquished the position of Chief Executive Officer and assumed the position of Special Advisor to the CEO and Board, with such duties and responsibilities as may be determined from time to time by the Board of Directors. The compensation related to Mr.

Grimshaw’s position as Special Advisor, as well as the compensatory details associated with the termination of his role as Chief Executive Officer, have not yet been determined. The Company will file an amendment to this Current Report on Form 8-K to report those details after they have been finalized.

Item 7.01 — Regulation FD Disclosure

On July 6, 2020, the Company issued a press release announcing the appointment of Jason A. Kulas as Chief Executive Officer. A copy of that press release is furnished as Exhibit 99.1 to this report.

The information set forth, or referred to, in this Item 7.01 shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any registration statement or other filing made by EZCORP under the Securities Act of 1933 or the Securities Exchange Act of 1934, unless such subsequent filing specifically references this Item 7.01 of this Report.

Item 9.01 — Financial Statements and Exhibits

EZCORP INC Exhibit
EX-99.1 2 a2020-q48xkexhibit991.htm EXHIBIT 99.1 Exhibit EZCORP PROMOTES JASON KULAS TO CHIEF EXECUTIVE OFFICERAustin,…
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About EZCORP, Inc. (NASDAQ:EZPW)

EZCORP, Inc. provides pawn loans in the United States and Mexico, and consumer loans in Mexico. The Company operates through four segments: U.S. Pawn, which includes its EZPAWN, value pawn and jewelry, and other branded pawn operations in the United States; Mexico Pawn, which includes its Empeno Facil pawn operations and cash converters buy/sell store operations in Mexico; Grupo Finmart, which includes its Crediamigo and Adex payroll withholding loan operations in Mexico, and Other International, which includes its CASHMAX financial services operations in Canada and its equity interest in Cash Converters International. It offers pawn loans, which are non-recourse loans, collateralized by tangible property, and it sells merchandise, primarily collateral forfeited from pawn lending operations and used merchandise purchased from customers at its pawn stores.