Business Context and Reporting Period
Company: Regional Management Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: April 13, 2020
Reporting Period: The filing reports on an event occurring on April 13, 2020, regarding a new consulting agreement.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The document focuses exclusively on a specific executive compensation arrangement.
Material Changes
The material change reported is the execution of a Consulting Agreement with Daniel J. Taggart, formerly the Company's Executive Vice President and Chief Credit Risk Officer (departed February 2020).
- Role: Consultant providing advisory services, specifically related to credit risk matters.
- Term: Effective April 13, 2020, through June 30, 2020 (unless extended).
- Compensation Structure:
- Base fee: $25,000 per calendar month.
- Overtime fee: $300 per hour for services exceeding 85 hours in any calendar month.
- Expenses: Reimbursement for reasonable business expenses.
- Covenants: Mr. Taggart remains subject to customary restrictive covenants from his former employment agreement.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or general risk factors. The primary contingency noted is the potential extension of the consulting term upon mutual agreement of the parties.
Investor Verification Checklist
- Verify the full text of the Consulting Agreement attached as Exhibit 10.1 for complete terms and conditions.
- Confirm the total hours billed by Mr. Taggart to calculate potential overtime compensation beyond the base $25,000 monthly fee.
- Review the specific restrictive covenants applicable to Mr. Taggart post-employment.
- Monitor future filings for any extension of the consulting term beyond June 30, 2020.