WRLD-11.20.2013-8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 16, 2013
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World Acceptance Corporation |
(Exact Name of Registrant as Specified in its Charter) |
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South Carolina | | 0-19599 | | 57-0425114 |
(State or Other Jurisdiction of Incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
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108 Frederick Street Greenville, South Carolina 29607 |
(Address of Principal Executive Offices) (Zip Code) |
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(864) 298-9801 |
(Registrant’s Telephone Number, Including Area Code) |
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Not Applicable |
(Former name or address, if changed from last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective November 16, 2013, the Company entered into a separation agreement with Mr. Mark C. Roland, its former President and Chief Operating Officer. The following summary, which does not purport to be a complete description of this agreement, is qualified by reference to the terms of the agreement, which is filed as Exhibit 99.1 to this Current Report on Form 8-K.
The agreement provides that the Company will pay Mr. Roland a severance payment of six (6) months current base pay in the gross total amount of $183,341.50 and Company will convey the title of Mr. Roland’s Company car to him. The agreement also provides that Mr. Roland will remain entitled to exercise all of his stock options that have vested on or before November 1, 2013 for a period of one year, not to exceed the expiration date of such options.
Under the agreement, Mr. Roland has agreed to observe certain confidentiality and non-compete obligations for a period of one year, and has agreed to customary separation terms regarding release of claims and covenant not to sue.
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Item 9.01. | Financial Statements and Exhibits. |
Exhibit 99.1 –Agreement between the Company and Mark C. Roland, effective November 16, 2013.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: November 16, 2013 | | |
| World Acceptance Corporation | |
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| By: | /s/ A. Alexander McLean, III | |
| | A. Alexander McLean, III | |
| | Chief Executive Officer | |
EXHIBIT INDEX
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Exhibit Number | Exhibit |
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99.1 | Agreement between the Company and Mark C. Roland, effective November 16, 2013. |