WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 31, 2017, World Acceptance Corporation (the “Company”) and Tara E. Trantham agreed that Ms. Trantham’s employment and role as Senior Vice President, Secretary and General Counsel of the Company would terminate effective January 1, 2018.
The Company and Ms. Trantham entered into a separation agreement (the “Separation Agreement”) on December 31, 2017 in connection with Ms. Trantham’s separation from the Company. The Company and Ms. Trantham have agreed that the termination of Ms. Trantham’s employment will be treated as a termination by the Company without cause (other than in connection with a change of control) for all purposes under her employment agreement and related equity award agreements with the Company. Under the Separation Agreement, Ms. Trantham is entitled to receive (i) a lump sum payment equal to $12,035.04 for accrued base salary and accrued vacation through the termination date; (ii) a lump sum payment equal to $12,529.92 for 12 months of COBRA premiums, (iii) $276,981.95 of vested accrued benefits under the Company’s 2005 Supplemental Income Plan, and (iv) $195,569 in severance payments, representing 12 months of Ms. Trantham’s base salary and payable in 12 equal monthly installments. In addition, certain equity awards that were previously granted to Ms. Trantham will vest and become exercisable in accordance with the terms of Ms. Trantham’s employment agreement with the Company and the applicable plans and award agreements. Ms. Trantham will also be eligible to receive a pro rata bonus payment for the current fiscal year, provided the Company meets the corporate goals established by the Company’s Board of Directors for the current fiscal year. The Separation Agreement includes customary waiver and release provisions in favor of the Company, as well as non-competition, confidentiality, and non-disparagement covenants.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
WORLD ACCEPTANCE CORP ExhibitEX-10.1 2 ex101_severanceagreementan.htm EXHIBIT 10.1 Exhibit Exhibit 10.1December 31,…To view the full exhibit click here
About WORLD ACCEPTANCE CORPORATION (NASDAQ:WRLD)
World Acceptance Corporation operates a small-loan consumer finance business in 15 states and Mexico as of March 31, 2016. The Company offers short-term small installment loans, medium-term larger installment loans, related credit insurance and ancillary products and services to individuals. The Company offers standardized installment loans generally between $300 and $4,000 through 1,339 branches in Alabama, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Texas, Tennessee, Wisconsin and Mexico as of March 31, 2016. The Company generally serves individuals with limited access to other sources of consumer credit, such as banks, credit unions, other consumer finance businesses and credit card lenders. In the United States branches, the Company also offers income tax return preparation services to its loan customers and other individuals.