South Carolina | 0-19599 | 57-0425114 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
108 Frederick Street Greenville, South Carolina 29607 |
(Address of Principal Executive Offices) (Zip Code) |
(864) 298-9800 |
(Registrant’s Telephone Number, Including Area Code) |
Not Applicable |
(Former name or address, if changed from last report) |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Item 9.01. | Financial Statements and Exhibits. |
Date: July 15, 2015 | ||
World Acceptance Corporation | ||
By: | /s/ A. Alexander McLean, III | |
A. Alexander McLean, III | ||
Chief Executive Officer |
1. | In consideration of WORLD ACCEPTANCE CORPORATION (“WORLD”) |
a. | Paying you six (6) months severance in the gross amount of Ninety-nine thousand, eight hundred eight dollars and 56/100 ($99,808.56), less state and federal withholding taxes and all statutory and customary deductions, at the normally expected pay dates of World. This will be payable after receiving any and all WORLD issued equipment and property, and only after the revocation periods set forth in paragraphs three (3) and fourteen (14) of this Agreement have been met and under the understanding that the terms and conditions of paragraph six (6) will be complied with ; |
b. | Paying you an additional six (6) months severance pay in the gross amount of Ninety-nine thousand, eight hundred eight dollars and 56/100 ($99,808.56), less state and federal withholding taxes and all statutory and customary deductions, at the normally expected pay dates or World if, and only if, you maintain the terms and conditions of the previously signed Confidentiality and Non-Compete Agreement (the “NDA). |
c. | Continuation of your insurance up through June 30, 2016 or such time as 1) your severance payments end or you obtain other insurance, whichever occurs first. |
d. | Giving you your current Company owned car. |
e. | Paying your Supplemental Income Plan after the six month waiting period as stipulated in Section 3.3 of the Second Amended and Restated World Acceptance Corporation 2005 Supplemental Income Plan (November, 2007) as prorated due to your age. |
2. | You agree that should you breach any part of this Agreement, you will forfeit and repay WORLD for any payment made or other consideration offered pursuant to paragraph 1, and WORLD’s obligation to make such |
3. | No payments will be made hereunder until at least ten (10) business days following the expiration of the seven (7) day revocation period described in paragraph thirteen (13), provided that you have not exercised your right of revocation as provided in paragraph thirteen (13). |
4. | Agree and acknowledge that WORLD has made no representations to you regarding the tax consequences of any funds received pursuant to this release. You agree to pay any federal, state, or local taxes for which you may be personally liable as a result of this settlement. |
5. | Represent that you have not filed any complaints, claims or actions and that you will not do so at any time hereafter as to matters arising before the date of this release against WORLD with any state, federal or local agency, or court; and that if any agency or court assumes jurisdiction of any complaint, claim, or action against WORLD filed by any person, you will direct that agency or court to withdraw from or dismiss the matter without prejudice with respect to all your interests. |
6. | Agree that you will not make any derogatory or disparaging remarks against or about the Company or any officers, directors or shareholders to any person or entity; that should you, at any point in the future, be in the position of hiring, you will not solicit employees of World; and you will maintain the terms and conditions of the NDA that you have previously signed as an employee of the Company. |
7. | Agree that this release sets forth the entire agreement between WORLD and you, and fully supersedes any and all prior agreements or understandings whether written or oral, except for the previously signed NDA. \This Agreement provides benefits in excess of benefits to which you would be entitled under any other WORLD severance plans and these benefits are provided to which you are also entitled. The benefits set forth and named in this Agreement are all the benefits you will receive as a result of your employment with and separation from WORLD. |
8. | Agree and acknowledge that WORLD does not admit, but expressly denies, any violation of any statute, regulation, or common law doctrine concerning your relationship with WORLD and that this release is not an admission or indication of any violation. |
9. | Agree that you will not disclose the terms of this settlement to anyone except those who need to know of its terms for the purpose of administering the settlement, or unless you are compelled to do so by a Court of competent jurisdiction, and that should you do so, WORLD shall be entitled to recover from you the sum of total of all monies paid to you as a part of this agreement as liquidated damages, plus any attorneys' fees and costs associated with collection of these damages. |
10. | Agree that, unless compelled by a court of competent jurisdiction, you will not discuss the business affairs of WORLD or its customers, or the business and/or personal affairs of its Board Members, officers or employees with any person for any purpose, and further agree that if you are contacted by any person and asked for information concerning WORLD or the aforesaid persons that you will say only that you are duty bound to have no discussions with any person about any aspect of the operations of WORLD or the business or personal affairs of any of WORLD's Board members, officers or employees. |
11. | This release is binding on your heirs, executors, administrators, successors and assigns. |
12. | This release is in full settlement of any claim of attorneys' fees, costs and expenses. |
13. | If any provision of this Agreement shall be determined to be invalid or unenforceable, either in whole or in part, this Agreement shall be deemed amended to delete, modify or construe, as necessary, any such invalid or unenforceable provisions and the remainder of this Agreement shall be given full force and effect. |
13. | You have the right to consult with an attorney before executing this release and you are encouraged to do so. You have up to twenty-one (21) days to consider whether you want to accept this proposal. If you agree on the advice of counsel to sign this release you may revoke the release up to seven (7) days after signing it by delivering written notice of your revocation in person to Marilyn M. Messer, SPHR, Senior Vice President of Human Resources, at the following address: World Acceptance Corporation, Post Office Box 6429, Greenville, South Carolina 29606. Any revocation shall not be effective unless actually received by Marilyn Messer within seven (7) days following the date that you sign the release. |