EZCORP, Inc. (NASDAQ:EZPW) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07 — Submission of Matters to a Vote of Security Holders
Effective November 28, 2018, the sole holder of the Company’s Class B Voting Common Stock (the "Voting Stockholder") approved an amendment to the EZCORP, Inc. 2010 Long-Term Incentive Plan (the "Plan") to increase the number of shares of Class A Non-Voting Common Stock that the Company is authorized to issue under the Plan by 400,000 shares. Specifically, the amendment amends the first sentence of Section 3.1 of the Plan to read as follows:
This amendment was approved by the Compensation Committee and the Board of Directors prior to submission to the Voting Stockholder.
A copy of the amended and restated Plan is filed as Exhibit 10.1 to this Report.
On November 28, 2018, there were 2,970,171 shares of the Company's ClassB Voting Common Stock outstanding, all of which are held by MS Pawn Limited Partnership.
Item 5.07 — Regulation FD Disclosure
On November 23, 2018, Stuart I. Grimshaw, Chief Executive Officer, entered into a prearranged trading plan to sell 125,000 shares of the Company’s Class A Non-Voting Common Stock in one or more open market transactions between February 7, 2019 and March 1, 2019. This plan was designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934 and the Company’s policies regarding stock transactions. Mr. Grimshaw has informed the company that these sales are part of his personal program for long-term asset diversification and tax and financial planning. Following completion of these sales, Mr. Grimshaw will still own more than 450,000 shares of Company stock and will continue to own over 580,000 shares of unvested restricted stock units.
Rule 10b5-1 permits persons who may be considered company insiders to establish written prearranged stock trading plans when they are not in possession of material, nonpublic information. The plans establish predetermined trading parameters that do not permit the person adopting the plan to exercise any subsequent influence over how, when or whether to effect trades. All sales under the plans will be disclosed publicly through appropriate filings with the U.S. Securities and Exchange Commission.
The information in this Item 5.07 shall not be deemed to be incorporated by reference into any registration statement or other document to the Securities Act of 1933, as amended, unless such subsequent filing specifically references Item 5.07 in this Current Report on Form 8-K.
Item 5.07 — Financial Statements and Exhibits
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.