Business Context and Reporting Period
This Form 8-K Current Report was filed by Rent-A-Center, Inc. on May 10, 2017. The filing reports on the appointment of a new senior executive officer effective May 5, 2017. Note: The request metadata referenced "UPBOUND GROUP, INC.", but the filing text explicitly identifies the registrant as Rent-A-Center, Inc.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of Joel M. Mussat as Executive Vice President - Chief Operating Officer. Mr. Mussat previously served in various executive roles at the Company between 2005 and 2016 before a tenure at Vixxo, Inc.
Compensation and Management Commentary
The filing details the compensatory arrangements for Mr. Mussat:
- Base Salary: $525,000 annually.
- Cash Bonus: Target of 75% of base salary ($393,750).
- Sign-on Bonus: $100,000 cash payment within 30 days of commencement.
- Equity Compensation (Target 100% of base):
- 7,500 Restricted Stock Units (RSUs) vesting after one year.
- Stock options valued at $52,500, vesting ratably over 4 years.
- RSUs valued at $52,500, vesting on February 16, 2020.
- RSUs valued at $157,500, vesting based on relative Total Shareholder Return performance against the S&P 1500 Specialty Retail Index (2017-2019).
- Other Benefits: Relocation benefits and standard executive benefit plans (medical, dental, 401(k)).
Investor Verification Checklist
- Verify the exact vesting schedules and performance metrics for the $157,500 performance-based RSUs in the 2017 Proxy Statement.
- Confirm the total equity grant value relative to the company's current stock price at the time of the grant.
- Review the Company's 2017 Proxy Statement for details on the "equity compensation paid to executive officers" referenced in the filing.
- Check for any subsequent filings regarding the actual issuance of the equity grants scheduled for July 1, 2017.