UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
November 20, 2009 (November 16, 2009)
(Date of Report (date of earliest event reported))
Jackson Hewitt Tax Service Inc.
(Exact name of Registrant as specified in its charter)
Delaware | 1-32215 | 20-0779692 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File No.) | (I.R.S. Employer Identification Number) |
3 Sylvan Way Parsippany, New Jersey |
07054 | |
(Address of principal executive office) | (Zip Code) |
(973) 630-1040
(Registrants telephone number, including area code)
None
(Former name or former address, if changed since 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:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 1.01 | ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT |
On November 16, 2009, Jackson Hewitt Inc. (JHI), a subsidiary of Jackson Hewitt Tax Service Inc. (the Company), entered into the Second Amended and Restated Marketing Agreement (the Second Amended and Restated Marketing Agreement) with MetaBank d/b/a Meta Payment Systems (MetaBank), and a First Addendum (Addendum) to the Second Amended and Restated Marketing Agreement with MetaBank dated the same date. The Second Amended and Restated Marketing Agreement amends and supersedes the Amended and Restated Marketing Agreement, dated November 17, 2008, between JHI and MetaBank. The Second Amended and Restated Marketing Agreement expires on October 31, 2011. The Addendum expires on the later of July 15, 2010 or the date upon which the parties obligations under the Addendum have been fulfilled.
The Second Amended and Restated Marketing Agreement sets forth the terms for the 2010 tax season under which MetaBank is responsible for issuing and managing the Companys prepaid debit card program and providing line of credit products related to the card. JHI receives payment from MetaBank based on certain levels of revenues and gross profits.
The Addendum provides that in the event MetaBanks loan losses related to one of the line of credit products provided under the Second Amended and Restated Marketing Agreement significantly exceed MetaBanks projected losses, JHI will make payments to MetaBank to offset such losses. JHIs payment obligations will not arise unless MetaBanks actual loan losses are approximately two times the level of MetaBanks projected losses under the program. JHIs maximum payment obligation is approximately $4 million, which will occur in the event that MetaBanks actual loan losses are approximately two and a half times MetaBanks projected losses.
The Company will seek confidential treatment from the Securities and Exchange Commission for certain portions of the Second Amended and Restated Marketing Agreement and the Addendum in connection with filing such agreements as exhibits to the Companys Quarterly Report on Form 10-Q for the period ended October 31, 2009.
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SIGNATURE
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.
JACKSON HEWITT TAX SERVICE INC. | ||
By: | /s/ DANIEL P. OBRIEN | |
Daniel P. OBrien | ||
Executive Vice President and Chief Financial Officer |
Date: November 20, 2009
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