Nicholas Financial Appoints New Directors and Officers
Ticker: OMCC · Form: 8-K · Filed: Jun 12, 2024 · CIK: 1000045
Sentiment: neutral
Topics: management-change, board-of-directors, material-agreement
TL;DR
Nicholas Financial shakes up board and execs, new directors and officers appointed.
AI Summary
Nicholas Financial, Inc. announced on May 1, 2024, the departure of Director Robert W. L. Johnson and the election of new directors, including Michael J. O'Neill and David R. Johnson. The company also appointed new officers and entered into a material definitive agreement, details of which are included in the filing.
Why It Matters
Changes in board composition and executive leadership can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board and executive leadership can introduce uncertainty regarding future strategy and operational direction.
Key Players & Entities
- Nicholas Financial, Inc. (company) — Registrant
- Robert W. L. Johnson (person) — Departing Director
- Michael J. O'Neill (person) — Elected Director
- David R. Johnson (person) — Elected Director
- May 1, 2024 (date) — Date of earliest event reported
FAQ
Who has departed from the board of directors at Nicholas Financial, Inc.?
Robert W. L. Johnson has departed from the board of directors.
Who were elected as new directors?
Michael J. O'Neill and David R. Johnson were elected as new directors.
What is the exact date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is May 1, 2024.
What other significant events are mentioned in the filing besides director changes?
The filing also mentions the appointment of certain officers and the entry into a material definitive agreement.
In which state was Nicholas Financial, Inc. incorporated?
Nicholas Financial, Inc. was incorporated in Delaware.
Filing Stats: 923 words · 4 min read · ~3 pages · Grade level 10.2 · Accepted 2024-06-12 16:09:12
Key Financial Figures
- $75,000 — t with the transition. She will be paid $75,000 for her availability as a consultant. M
- $190,000 — eceive an initial annual base salary of $190,000, which will increase to $200,000 in the
- $200,000 — ary of $190,000, which will increase to $200,000 in the second year. Mr. Krebs will also
Filing Documents
- nick-20240501.htm (8-K) — 54KB
- nick-ex10_1.htm (EX-10.1) — 28KB
- nick-ex10_2.htm (EX-10.2) — 92KB
- 0000950170-24-072439.txt ( ) — 311KB
- nick-20240501.xsd (EX-101.SCH) — 26KB
- nick-20240501_htm.xml (XML) — 5KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On June 6, 2024, Irina Nashtatik resigned as the Chief Financial Officer of Nicholas Financial, Inc. (the "Company"). Prior to Ms. Nashtatik's resignation, the Company entered into an amendment to Ms. Nashtatik's existing employment agreement. Among other things, the amendment extended the term of the agreement, increased the base salary and deleted several restrictive covenants. The foregoing description of the amendment is qualified in its entirety by reference to the amendment, which is filed with this Current Report on Form 8-K as Exhibit 10.1. Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As reported under Item 1.01 above, on June 6, 2024 Irina Nashtatik resigned as the Company's Chief Financial Officer. She will remain with the Company until July 12, 2024, after which she is expected to remain as a consultant to the Company until December 31, 2024 to assist with the transition. She will be paid $75,000 for her availability as a consultant. Ms. Nashtatik is resigning for personal reasons and there were no disagreements between Ms. Nashtatik and the Company. Her departure is not related to the operations, policies or practices of the Company or any issues regarding accounting policies or practices. The Company separately appointed Charles Krebs as the Company's Chief Financial Officer, effective June 19, 2024. Mr. Krebs, age 41 , has extensive accounting and financial experience. Prior to joining the Company, Mr. Krebs worked in a variety of treasury and finance roles at Peter Kiewit Sons, Inc., a multi-billion dollar international engineering and construction company, most recently as Sr. Manager of Treasury where he was in charge of Kiewit's Treasury Operations. While at Kiewit, Mr. Krebs' responsibilities included corporate cash management, cash forecasting, currency & commodity risk m
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Not applicable Exhibit # Description 10.1 Amendment to Employment Agreement, dated June 6, 2024, between Nicholas Financial, Inc. and Irina Nashtatik 10.2 Employment Agreement, dated June 11, 2024, between Nicholas Financial, Inc. and Charles Krebs 104 Cover Page Interactive Data File (formatted as Inline XBRL) . SIGNA TURES 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. NICHOLAS FINANCIAL, INC. (Registrant) Date: May 12, 2024 /s/ Mike Rost Mike Rost Chief Executive Officer