LIBERTY TAX, INC. (NASDAQ:TAX) 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.
On June 1, 2017, Liberty Tax, Inc. (the Company) entered into
amendments to the existing employment agreements (each, an
Employment Agreement) with Vanessa M. Szajnoga, Vice President
and General Counsel and Michael S. Piper, Vice President of
Financial Products (each, an Amendment) to bring certain terms of
those agreements into conformity with other executive officer
agreements. Capitalized terms that are used but not defined
herein shall have the meanings ascribed to them in the applicable
Employment Agreement, as amended.
Ms. Szajnoga’s Employment Agreement, dated November 24, 2015, as
modified by the Amendment, includes the following: (i) for all
fiscal years, Ms. Szajnoga is eligible to receive a Bonus of
thirty-five percent of her Base Salary. The eligibility of the
Bonus shall be determined on a basis consistent with executive
officers of the Company and (ii) if Ms. Szajnoga’s employment is
terminated by her for Good Reason, by the Company without Cause
or as a result of her Employment-Related Death or Disability, she
is entitled the accelerated vesting of any incentive stock
awards, including options that were not vested as of the date of
her termination.
Mr. Piper’s Employment Agreement, dated July 31, 2015, as
modified by the Amendment, provides that if Mr. Piper terminates
his employment for Good Reason, or he is terminated by the
Company without Cause or as a result of his Employment-Related
Death or Disability, he is entitled to the following: (i) the
payment of an amount equal to his monthly base salary multiplied
by 12; (ii) the accelerated vesting of any incentive stock
awards, including options, that were not vested as of the date of
his termination; and (iii) continued coverage at the Company’s
expense under any medical, dental, life insurance and disability
policies for a period of 12 months, unless Mr. Piper becomes
reemployed with another employer and is eligible to receive such
welfare benefits from that employer.
The foregoing description of the Amendments is a summary of the
material terms and is qualified in its entirety by reference to
the full text of the Amendments, copies of which are filed
herewith as Exhibits 10.1 and 10.2 and are incorporated herein by
reference.
Item 9.01.Financial Statements and Exhibits
| (d) | Exhibits |
| Exhibit Number | Description | |
| 10.1 |
Amendment to Employment Agreement, effective as of June 1, 2017, by and among Liberty Tax, Inc. and JTH Tax, Inc. and Vanessa M. Szajnoga |
|
| 10.2 |
Amendment to Employment Agreement, effective as of June 1, 2017, by and among Liberty Tax, Inc. and JTH Tax, Inc. and Michael S. Piper |
|
About LIBERTY TAX, INC. (NASDAQ:TAX)
Liberty Tax, Inc. is the holding company for JTH Tax, Inc. The Company is a provider of tax preparation services. The Company provides retail federal and state income tax preparation services and related tax settlement products in the United States and Canada. The Company’s tax preparation services and related tax settlement products are offered primarily through franchised locations. All of the Company’s offices are operated under the Liberty Tax Service and SiempreTax+ brands. The Company also provides an online digital Do-It-Yourself (DIY) tax program in the United States. The Company offers two types of tax settlement financial products: refund transfer products, which include providing a means by which a customer receives his or her refund, and refund-based loans. The Company’s LibTax software allows tax customers to have their federal and state income tax returns filed electronically.
