Regional Management Corp. (NYSE:RM) Files An 8-K Termination of a Material Definitive AgreementItem 1.02.
The information set forth in the third paragraph under Item 1.02 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 1.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On July24, 2017, following more than 30 years of service to Regional Management Corp. (the “Company”), Richard A. Godley provided notice to the Board of Directors of the Company (the “Board”) of his decision to enter retirement, effective immediately. Mr.Godley served as a director of the Company since its inception in 1987, was its founder, and previously served as President and Chief Executive Officer of the Company from 1987 through January 2006. The Board is appreciative of Mr.Godley’s many years of service to the Company. The Corporate Governance and Nominating Committee of the Board will consider the recruitment of an independent director to fill the vacancy on the Board created by Mr.Godley’s retirement.
Mr. Godley’s decision to retire was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
In connection with Mr.Godley’s retirement, on July28, 2017, the Company entered into an Amended and Restated Shareholders Agreement Termination (the “Termination Agreement”) with the remaining stockholders party to that certain Amended and Restated Shareholders Agreement, by and among the Company, Parallel 2005 Equity Fund, LP, Palladium Equity Partners III, L.P., and the other stockholders party thereto, dated March27, 2012 and filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April2, 2012 (the “Shareholders Agreement”). Mr.Godley had been designated to the Board by certain stockholders in accordance with the Shareholders Agreement. The Termination Agreement terminates the Shareholders Agreement and any remaining obligations or liabilities of the parties thereto, including any Board designation rights, effective immediately.
About Regional Management Corp. (NYSE:RM)
Regional Management Corp. is a diversified specialty consumer finance company. The Company provides a range of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies and other traditional lenders. Its products include small loans, large loans, automobile loans, retail loans and optional credit insurance products. The Company operates offices in over 300 locations in the states of Alabama, Georgia, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas under the names Regional Finance, RMC Financial Services, Anchor Finance and RMC Retail. The loan products are secured, structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and repayable at any time without penalty. Its loans are sourced through multiple channel platforms, including its branches, direct mail campaigns, independent and franchise automobile dealerships, retailers, and the consumer Website.
