SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
Report (Date of earliest event reported) August
27, 2007
WORLD
ACCEPTANCE CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
|
South
Carolina
|
|
0-19599
|
|
57-0425114
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer
Identification
No.)
|
108
Frederick Street
Greenville,
South Carolina 29607
(Address
of Principal Executive Offices)
(Zip
Code)
(864)
298-9801
(Registrant’s
Telephone Number, Including Area Code)
Not
Applicable
(Former
name or former address, if changed from 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 (see
General
Instruction A.2. below):
o
Written communication pursuant to Rule 425 under the Securities Act
(17
CFR 230.425)
o
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4c))
|
Item
5.02.
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers
|
Effective
August 27, 2007, the Company entered into an employment agreement with Ms.
Kelly
M. Malson, its Vice President and Chief Financial Officer. The following
summary, which does not purport to be a complete description of this agreement,
is qualified by reference to the terms of the agreement, which is filed as
Exhibit 99.1 to this Current Report on Form 8-K.
The
employment agreement of Ms. Malson runs for an initial term that expires on
August 26, 2010, but is subject to automatic extension for successive one
year periods thereafter unless either the Company or the executive gives notice
of termination not less than 90 days prior to the date on which the agreement
would otherwise be automatically extended. The agreement provides for a current
annual base salary of not less than $155,000, subject to annual adjustment
as
determined by the Compensation and Stock Option Committee (the “Committee”). The
agreement further provides for payment, at the Company’s discretion, of annual
cash incentive payments and equity or cash based long-term incentive
compensation awards in accordance with criteria established by the Board or
the
Committee. The executive is also entitled to the use of a company automobile
and
to participate in all other compensation benefits and programs and to receive
such other benefits and perquisites as provided under any existing or future
program for salaried employees.
Under
the
agreement, the Company has agreed to provide this executive with long-term
disability insurance benefits equal to 60% of the executive’s base salary at the
time of disability. The agreement also provides for severance payments and
the
continuation of certain benefits if the executive is terminated without cause
or
constructively discharged (as defined in the agreement). In the event of such
termination without cause or constructive discharge, including any such
termination or discharge that occurs within two years after a change of control
of the Company, the executive is generally entitled to receive (i) a lump sum
cash payment of accrued salary, unused vacation pay and any unpaid bonus earned
for the year prior to the fiscal year in which termination occurs, (ii) a
prorated bonus for the portion of the fiscal year in which her termination
occurs, generally calculated based on the average of her bonus payments for
the
preceding three years, (iii) severance pay equal to two years’ base salary and
two years’ bonus (generally calculated as the average of the bonus paid to the
executive over the three years prior to termination), payable over 24 months
and
(iv) the continuation of all other welfare and fringe benefits until the earlier
of 24 months or such time as the executive becomes employed and eligible for
similar benefits from another company from the date of termination.
Under
the
agreement, Ms. Malson has agreed to observe certain confidentiality and
non-compete obligations during the term of employment and for 24 months
thereafter.
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.
Date: August
29, 2007
|
|
| |
|
By:
|
/s/
Kelly Malson
|
| |
Kelly
Malson, Vice President and
|
| |
Chief
Financial Officer
|
|
Item
9.01.
|
Financial
Statements and Exhibits
|
(d)
Exhibits
Exhibit 99.1 Employment
Agreement between the Company and Kelly M. Malson, effective August 27,
2007