Document:

Document

This filing amends the Company’s Current Report on Form 8-K filed on July 8, 2020 to include information that was not available at the time of the original filing.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e)    On November 14, 2020, the Company and Stuart I. Grimshaw (former Chief Executive Officer) entered into a Transition Employment Agreement (the “Agreement”) regarding the terms and conditions of Mr. Grimshaw’s employment as special adviser and his ultimate separation from employment with the Company.  The Agreement became effective on November 21, 2020 upon the expiration of a seven-day revocation period.
Under the terms of the Agreement, Mr. Grimshaw’s employment as special advisor will continue for three years unless earlier terminated pursuant to the provisions of the Agreement.  As compensation for services as special advisor, the Company will pay Mr. Grimshaw an aggregate of $800,000 as follows:  $200,000 on the effective date of the Agreement; $225,000 on November 30, 2020; $225,000 on December 31, 2020; and $50,000 per year over the three-year term of the Agreement.
In addition, the Company will to pay Mr. Grimshaw $1 million as severance for his termination of employment at the end of the Agreement.  This amount represents the contractual severance arrangement that was part of Mr. Grimshaw’s terms of employment as Chief Executive Officer and will be paid in the form of salary continuation over the one-year period commencing on the effective date of the Agreement.
The Agreement specifies that Mr. Grimshaw will not receive any other payout under the fiscal 2020 short-term bonus plan or any payments in lieu thereof (other than the payments described above) and that he will forfeit all of the long-term incentive awards that were outstanding at the time he relinquished the position of Chief Executive Officer (covering 696,162 shares of Class A Non-Voting Common Stock in the aggregate).
The Agreement contains customary release provisions pursuant to which Mr. Grimshaw releases the Company from any and all claims and demands.  It also specifies that Mr. Grimshaw will continue to be subject to non-competition and non-solicitation restrictions during the term of the Agreement (or, if terminated earlier, for at least one year following the effective date of the Agreement).
The Agreement may be terminated by Mr. Grimshaw for any reason, and may be terminated by the Company for cause or if Mr. Grimshaw accepts certain other employment or engagements. 
A copy of the Agreement will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended September 30, 2020, which is due to be filed on December 14, 2020.
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.
    EZCORP, INC.
Date:  November 27, 2020    By:        
        Thomas H. Welch, Jr.
        Chief Legal Officer and Secretaryex_217469.htm

Exhibit 10.1

 

	
			

				
			Policy #:

				
			P-HR-02

			
	
			Effective Date:

				
			December 8, 2020

			
	
			Subject:

				
			Severance Policy 

				
			Maintained By:

				
			SVP of Human Resources

			
	 	 	
			Approved By:

				
			Compensation Committee

			
	
			Applies to: 

				
			Aegion and/or its Subsidiaries

				
			Supersedes:

				
			March 20, 2020

			

 

	Scope

 

This Severance Policy (the “Policy”) is applicable to Aegion Corporation and its subsidiaries (together the “Company”).

 

	Purpose

 

This Policy is designed to provide a competitive package to aid employees affected by a termination without cause, position elimination or reduction in force during their transition period. The Plan creates a tiered approach that considers tenure and position level in determining employee benefits.

 

	Policy

 

	
			A.

				
			Eligibility

			

 

This Policy applies to non-union employees of the Company who are actively employed, have completed a minimum of six (6) months’ continuous service time (or two (2) years’ continuous service time for hourly field/production employees), are in good standing with the Company and whose employment is terminated involuntarily (1) without cause or (2) as a result of a reduction in force or position elimination, where a comparable position is not available. This Policy does not apply in the event of termination for cause or termination due to a violation of the Company’s Code of Conduct.

 

International employees generally are eligible for benefits pursuant to provincial or country requirement. Should none exist, this Policy will apply. Employees subject to an employment agreement that sets forth severance benefits different than those contained in this Policy will not be eligible for payments under this plan.

 

	
			B.

				
			Summary of Benefits

			

 

Severance benefits due a separated employee will be determined by position and uninterrupted tenure, as outlined below, and will be provided pursuant to the execution of any requested actions, including, but not limited to: timely return of an unaltered and signed release agreement, return of all company property, and completion of any position-related tasks specific to the Company. All severance payments will be processed as extended payroll, with applicable taxes and deductions, through the term of the applicable severance period. However, at the Company’s election, severance payments may be paid in one or more lump sum payments.

 

 

	 	INTERNAL USE ONLY	 
	Page 1 of 5	This material is protected by copyright. © Aegion Corporation 2017	12/08/2020

 

 

 

 

	
			

				
			Policy #:

				
			P-HR-02

			
	
			Effective Date:

				
			December 8, 2020

			
	
			Subject:

				
			Severance Policy 

				
			Maintained By:

				
			SVP of Human Resources

			
	 	 	
			Approved By:

				
			Compensation Committee

			
	
			Applies to: 

				
			Aegion and/or its Subsidiaries

				
			Supersedes:

				
			March 20, 2020

			

 

U.S. employees will be eligible for COBRA benefits immediately upon termination. During the severance period, U.S. employees receiving severance payments under this plan and who have fulfilled the obligations described above will be eligible to exercise his/her COBRA benefits while paying only his/her normal employee contribution via payroll deduction from the severance payments. Notwithstanding the foregoing, employees who are receiving severance payments under this plan and have exercised COBRA benefits have an affirmative obligation to notify the Company if they become eligible for health insurance benefits through employment with another employer during the severance period. If an employee who is receiving severance payments under this plan and has exercised COBRA becomes eligible for health insurance benefits through employment by another employer during the severance period, the employee must immediately enroll in the new employer’s health plan or pay the entire premium (both the employee and Company’s premium contributions) for continued coverage through the Company’s health benefit plan.

 

For Canadian employees, group supplemental health and welfare coverage will be extended through the term of severance payments at the normal employee contribution rate taken via payroll deduction.

 

This Policy does not limit an employee’s right to a payout under any Aegion Corporation incentive plan to the extent the employee otherwise meets the eligibility conditions for a payout.

 

Severance periods are based on employee classification, as set forth below:

 

	 	
			●

				
			Tier 1.0 Employees. If the termination of employment occurs prior to the employee’s third anniversary of continuous employment with the Company, employees classified as Tier 1 will receive their base salary for a period of twelve (12) months after they have satisfied all of their obligations under this Policy. If the termination of employment occurs on or after the employee’s third anniversary of continuous employment with the Company, employees classified as Tier 1 will continue to receive base salary for a period calculated as twelve (12) months, plus one (1) additional month for each full year of continuous service time with the Company, not to exceed twenty-four (24) months of base salary, after they have satisfied all of their obligations under this Policy. In addition, for either of the preceding events, employees classified as Tier 1 employees are eligible for up to $15,000 in outplacement services, provided by a vendor of the Company’s choosing. Payments for these services will be paid directly by the Company.

			

 

 

	 	INTERNAL USE ONLY	 
	Page 2 of 5	This material is protected by copyright. © Aegion Corporation 2017	12/08/2020

 

 

 

 

	
			

				
			Policy #:

				
			P-HR-02

			
	
			Effective Date:

				
			December 8, 2020

			
	
			Subject:

				
			Severance Policy 

				
			Maintained By:

				
			SVP of Human Resources

			
	 	 	
			Approved By:

				
			Compensation Committee

			
	
			Applies to: 

				
			Aegion and/or its Subsidiaries

				
			Supersedes:

				
			March 20, 2020

			

 

	 	
			●

				
			Tier 2.0 – 2.5 Employees. If the termination of employment occurs prior to the employee’s third anniversary of continuous employment with the Company, employees classified as Tier 2.0-2.5 will receive their base salary for a period of eight (8) months after they have satisfied all of their obligations under this Policy. If the termination of employment occurs on or after the employee’s third anniversary of continuous employment with the Company, employees classified as Tier 2.0-2.5 will continue to receive base salary for a period calculated as eight (8) months, plus one (1) additional month for each full year of continuous service time with the Company, not to exceed twelve (12) months of base salary, after they have satisfied all of their obligations under this Policy. In addition, for either of the preceding events, employees classified as Tier 2.0-2.5 employees are eligible for up to $10,000 in outplacement services, provided by a vendor of the Company’s choosing. Payments for these services will be paid directly by the Company.

			

 

	 	
			●

				
			Tiers 3.0 Employees. If the termination of employment occurs prior to the employee’s third anniversary of continuous employment with the Company, employees classified as Tiers 3.0 will receive their base salary for a period of twenty-six (26) weeks after they have satisfied all of their obligations under this Policy. If the termination of employment occurs on or after the employee’s third anniversary of continuous employment with the Company, employees classified as Tier 3.0 will continue to receive base salary for the greater of (a) a period of six (6) months; or (b) a period calculated as twelve (12) weeks, plus two (2) additional weeks for each full year of continuous service time with the Company, not to exceed forty-two (42) weeks of base salary. In addition, for either of the preceding events, employees classified as Tier 3.0 employees are eligible for up to $7,500 in outplacement services, provided by a vendor of the Company’s choosing. Payments for these services will be paid directly by the Company.

			

 

	 	
			●

				
			Tier 4.0 or Employees in Pay Grade 14 or Higher who are not Tier 1.0 to 3.0  Employees. If the termination of employment occurs prior to the employee’s third anniversary of continuous employment with the Company, employees who are Tier 4.0 or in Pay Grade 14 or higher and not classified as Tier 1.0 to 3.0 employees will receive their base salary for a period of thirteen (13) weeks after they have satisfied all of their obligations under this Policy. If the termination of employment occurs on or after the employee’s third anniversary of continuous employment with the Company, employees who are in Tier 4.0 or Pay Grade 14 or higher and not classified as Tier 1.0 to 3.0 employees will continue to receive base salary for a period calculated as thirteen (13) weeks, plus two (2) additional weeks for each full year of continuous service time with the Company, not to exceed thirty-six (36) weeks of base salary. In addition, for either of the preceding events, employees who are Tier 4.0 or in Pay Grade 14 or higher and not classified as Tier 1.0 to 3.0 employees are eligible for up to $5,000 in outplacement services, provided by a vendor of the Company’s choosing. Payments for these services will be paid directly by the Company.

			

 

 

	 	INTERNAL USE ONLY	 
	Page 3 of 5	This material is protected by copyright. © Aegion Corporation 2017	12/08/2020

 

 

 

 

	
			

				
			Policy #:

				
			P-HR-02

			
	
			Effective Date:

				
			December 8, 2020

			
	
			Subject:

				
			Severance Policy 

				
			Maintained By:

				
			SVP of Human Resources

			
	 	 	
			Approved By:

				
			Compensation Committee

			
	
			Applies to: 

				
			Aegion and/or its Subsidiaries

				
			Supersedes:

				
			March 20, 2020

			

 

	 	
			●

				
			Employees in Pay Grades 10 to 13 who are not Tier 1.0 to 4.0 Employees. If the termination of employment occurs prior to the employee’s third anniversary of continuous employment with the Company, employees who are in Pay Grades 10 to 13 and not classified as Tier 1.0 to 3.0 employees will receive their base salary for a period of six (6) weeks after they have satisfied all of their obligations under this Policy. If the termination of employment occurs on or after the employee’s third anniversary of continuous employment with the Company, employees who are in Pay Grades 10 to 13 and not classified as Tier 1.0 to 3.0 employees will continue to receive base salary for a period calculated as six (6) weeks, plus two (2) additional weeks for each full year of continuous service time with the Company, not to exceed seventeen (17) weeks of base salary. In addition, for either of the preceding events, employees who are in Pay Grades 10 to 14 and not classified as Tier 1.0 to 3.0 employees are eligible for up to $2,000 in outplacement services, provided by a vendor of the Company’s choosing. Payments for these services will be paid directly by the Company.

			

 

	 	
			●

				
			Employees in Pay Grades 5 to 9 or salaried exempt who are not Tier 1.0 to 4.0 Employees. If the termination of employment occurs prior to the employee’s third anniversary of continuous employment with the Company, employees who are in Pay Grades 5 to 9 and not classified as Tier 1.0 to 4.0 employees will receive their base salary for a period of four (4) weeks after they have satisfied all of their obligations under this Policy. If the termination of employment occurs on or after the employee’s third anniversary of continuous employment with the Company, employees who are in Pay Grades 5 to 9 and not classified as Tier 1.0 to 4.0 employees will continue to receive base salary for a period calculated as six (6) weeks, plus two (2) additional weeks for each full year of continuous service time with the Company, not to exceed fifteen (15) weeks of base salary. In addition, for either of the preceding events, employees who are in Pay Grades 5 to 9 and not classified as Tier 1.0 to 4.0 employees are eligible for up to $2,000 in outplacement services, provided by a vendor of the Company’s choosing. Payments for these services will be paid directly by the Company.

			

 

	 	
			●

				
			Employees in Pay Grades 1 to 4 or Staff non-exempt. Employees in pay grades 1 to 4 or staff non-exempt employees (“Non-exempt employees”) will receive their base salary payments for a period calculated as follows: one (1) week of salary (based on forty (40) hours per week), plus one (1) additional week (based on forty (40) hours per week) for each full year of continuous service time with the Company. Employees in pay grades 1 to 4 or non-exempt employees will receive no less than two (2) and no more than fifteen (12) weeks of base salary (based on forty (40) hours per week).

			

 

 

	 	INTERNAL USE ONLY	 
	Page 4 of 5	This material is protected by copyright. © Aegion Corporation 2017	12/08/2020

 

 

 

 

	
			

				
			Policy #:

				
			P-HR-02

			
	
			Effective Date:

				
			December 8, 2020

			
	
			Subject:

				
			Severance Policy 

				
			Maintained By:

				
			SVP of Human Resources

			
	 	 	
			Approved By:

				
			Compensation Committee

			
	
			Applies to: 

				
			Aegion and/or its Subsidiaries

				
			Supersedes:

				
			March 20, 2020

			

 

	 	
			●

				
			Field/Production hourly. Hourly field/production employees (“Field Employees”) will receive severance payments based on continuous service time with the Company. The severance period will be calculated as follows, based on forty (40) hours per week:

			

 

	 	
			o

				
			Completed at least two (2) to five (5) years - Two (2) weeks of base pay severance

			
	 	
			o

				
			Completed at least five (5) to ten (10) years - Three (3) weeks of base pay severance

			
	 	
			o

				
			Ten (10) years or more - Four (4) weeks of base pay severance

			

 

	
			C.

				
			Changes to Policy

			

 

This Policy is a statement of intent and is not a contract. It is not a guarantee of employment and employment with the Company remains “at will.” This Policy may be modified, suspended or terminated at any time and all payments are at the discretion of the Compensation Committee of the Board of Directors of Aegion Corporation. This Policy may be changed during the year without any obligation to pay for the elapsed part of the year in the manner described in the Policy. The decisions of the General Counsel, the Senior Vice President of Human Resources, the Board of Directors and/or the Compensation Committee in administering the Policy are final and binding on all persons.

 

	Compliance

 

Aegion employees are expected to comply fully with the letter and the spirit of this Policy. Failure to comply with this Policy shall be considered grounds for disciplinary action up to and including termination of employment. Fraud or theft will be pursued and prosecuted to the full extent the law allows. If you have any questions regarding the compliance to this Policy, you should either contact the Policy maintainer or the Company’s Human Resources Department.

 

 

	 	INTERNAL USE ONLY	 
	Page 5 of 5	This material is protected by copyright. © Aegion Corporation 2017	12/08/2020

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