Attached files
file | filename |
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EX-10.1 - SEVERANCE AGREEMENT - EMERGENT CAPITAL, INC. | d302180dex101.htm |
EX-10.2 - LETTER AGREEMENT - EMERGENT CAPITAL, INC. | d302180dex102.htm |
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) February 15, 2012
IMPERIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Florida | 001-35064 | 30-0663473 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
701 Park of Commerce Boulevard, Suite 301 Boca Raton, Florida |
33487 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number including area code: (561) 995-4200
(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 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 15, 2012, Imperial Holdings, Inc. (the Company) entered into a Severance Agreement and a Letter Agreement with its Chief Financial Officer and Chief Credit Officer, Richard OConnell, Jr. Under the terms of the Severance Agreement, in the event Mr. OConnells employment is terminated without cause or Mr. OConnell terminates his employment with the Company for good reason, in each case, prior to December 31, 2013, Mr. OConnell will be entitled to 24 months base salary in addition to any accrued benefits. Under the terms of the Letter Agreement, unless Mr. OConnells employment is terminated for cause, Mr. OConnell will be entitled to a minimum bonus of $250,000 for each of 2012 and 2013, subject to the Companys Board of Directors right to terminate the bonus payment in respect of 2013 prior to January 1, 2013.
Except for the provisions relating to severance and other termination benefits, the terms of Mr. OConnells Employment and Severance Agreement entered into with the Company as of November 4, 2010 and included as an exhibit to the Companys Form 10-K for the fiscal year ended December 31, 2010 (the Employment Agreement) remain in effect during the term of the Severance Agreement and the provisions of the Employment Agreement relating to severance and other termination benefits will again be in effect following any termination of the Severance Agreement if Mr. OConnell is then employed by the Company.
The foregoing summary does not purport to be complete and is qualified in its entirety by the Severance Agreement and the Letter Agreement attached hereto as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit 10.1 | Severance Agreement, dated February 15, 2012, between Imperial Holdings, Inc. and Richard OConnell, Jr. | |
Exhibit 10.2 | Letter Agreement, dated February 15, 2012, between Imperial Holdings, Inc. and Richard OConnell, Jr. |
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.
February 15, 2012
IMPERIAL HOLDINGS, INC. | ||
(Registrant) | ||
By: | /s/ Michael Altschuler | |
Michael Altschuler | ||
General Counsel and Secretary |
EXHIBIT INDEX
Exhibit |
Description | |
10.1 | Severance Agreement, dated February 15, 2012, between Imperial Holdings, Inc. and Richard OConnell, Jr. | |
10.2 | Letter Agreement, dated February 15, 2012, between Imperial Holdings, Inc. and Richard OConnell, Jr. |