Regional Management Corp. (NYSE:RM) 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.
Consulting Agreement with Daniel J. Taggart
On April 13, 2020 (the Effective Date), Regional Management Corp. (the Company) entered into a Consulting Agreement (the Consulting Agreement) with Daniel J. Taggart, who previously served as the Companys Executive Vice President and Chief Credit Risk Officer until February 2020. to the Consulting Agreement, Mr. Taggart will provide consulting and advisory services, including but not limited to services related to credit risk matters (the Services), during the term of the Consulting Agreement ending on June 30, 2020 (unless extended upon the mutual agreement of the parties). During the term, Mr. Taggart is entitled to receive a consulting fee equal to $25,000 per calendar month, plus an additional amount of $300 per hour for each hour of Services that Mr. Taggart performs in excess of 85 hours in any calendar month. In addition, he is entitled to receive reimbursement for reasonable business expenses incurred in connection with those Services. to Mr. Taggarts former employment agreement with the Company, Mr. Taggart remains subject to customary restrictive covenants following his termination of employment.
The foregoing summary of the Consulting Agreement is not complete and is qualified in its entirety by reference to the full text of the Consulting Agreement, a copy of which is attached as Exhibit 10.1 to this Report and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| 10.1 | Consulting Agreement dated April 13, 2020 between Daniel J. Taggart and Regional Management Corp. |
2