Blog: NICHOLAS FINANCIAL INC : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K) – Marketscreener.com

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On May 6, 2022, the President and Chief Executive Officer of Nicholas Financial,
Inc. (the “Company”) informed the Board of Directors of the Company (the
“Board”) of his intention to resign his position as President and Chief
Executive Officer, and to retire from the Board, in each case, effective as of
May 9, 2022.

On May 10, 2022, the Company entered into a separation and release of claims
agreement with Mr. Marohn. Pursuant to the agreement, Mr. Marohn’s resignation
is effective as of May 9, 2022. In addition to unpaid salary and accrued
vacation pay through May 9, 2022, Mr. Marohn is entitled to receive a severance
payment of $131,250 and continuation of COBRA benefits for 4.5 months. His
restricted stock awards continue to be governed by the award agreements for each
award, with all unvested restricted stock forfeited. The separation and release
of claims agreement contains a one year non-compete provision, and prohibits Mr.
Marohn from soliciting customers for one year and Company employees for two
years. The separation and release of claims agreement is attached hereto as
Exhibit 10.1.

On May 9, 2022, the Board appointed Michael Rost, 51, as interim Chief Executive
Officer, effective immediately. Mr. Rost has worked at the Company for more than
20 years. Prior to his appointment, Mr. Rost served as Vice President of Branch
Operations for the Company since April 2021, as Divisional Vice President from
June 2018 until April 2021, as District Manager from December 2010 until June
2018, and as Branch Manager from December 2001 until December 2010.

Item 7.01 Regulation FD Disclosure
On May 10, 2022, the Company issued a press release in connection with Mr.
Marohn’s resignation and Mr. Rost’s appointment, which is attached hereto as
Exhibit 99.1.

In accordance with General Instruction B.2. of Form 8-K, the information in this
Item 7.01 and Exhibit 99.1 hereto is being furnished for informational purposes
only and shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as

Item 9.01 Financial Statements and Exhibits

Exhibit #   Description
              Separation and General Release Agreement between Nicholas Financial,
10.1        Inc. and Doug Marohn
99.1          Press Release Dated May 10, 2022
            Cover Page Interactive Data File (embedded within the Inline XBRL
104         document)




——————————————————————————–

© Edgar Online, source Glimpses

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s