ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Salary Name and Title From ToMelvin C. Payne , CEO and Chairman of the Board$800,000 $680,000 William W. Goetz , President and Chief Operating Officer$550,000 $495,000 Carl Benjamin Brink , Senior Vice President, Chief Financial Officer and Treasurer$320,000 $296,000 Viki K. Blinderman , Senior Vice President, Chief Accounting Officer and Secretary$320,000 $296,000 Shawn R. Phillips , Senior Vice President, Regional Partner and Head of Strategic and Corporate Development$320,000 $296,000 Paul D. Elliott , Senior Vice President and Regional Partner$320,000 $296,000
For the same reasons as above, the Board also agreed to temporarily reduce its quarterly cash retainer fees for all non-employee directors by 15%. The Company will reevaluate these temporary reductions of compensation on a monthly basis. ITEM 7.01 Regulation FD Disclosure.
On
In light of recent developments relating to COVID-19, the Company is providing an update on the impact of COVID-19 on its operations.
Business Operations Update
The Company is continuing to proactively monitor and assess the COVID-19 pandemic. Since early March, the Company's senior leadership team has taken certain steps to assist our businesses in appropriately adjusting and adapting to the conditions resulting from the pandemic. Our businesses have been designated as essential services and therefore, each one of the Company's business locations remains open and ready to provide service to their communities in this time of need. While our businesses provide an essential public function, along with a critical responsibility to the communities and families they serve, the health and safety of our employees and the families we serve remain our top priority. The Company has taken additional steps during this time to continually review and update our processes and procedures to comply with all regulatory mandates and procure additional supplies to ensure that each of our businesses have appropriate personal protective equipment to provide these essential services.
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Additionally, in many of our business locations, we have also updated staffing
and service guidelines and adjusted other operating procedures. The Company has
also implemented additional safety and precautionary measures as it concerns our
businesses' day-to-day interaction with the families and communities they serve.
At this time, the impact on our business and operational results cannot be
reasonably estimated. As the COVID-19 pandemic evolves, the Company will
continue to monitor its impact on our business and will take any appropriate
steps and implement revised procedures and plans as may be necessary.
Extension for Filing of Quarterly Report on Form 10-Q for the Quarter Ended
The Company's day-to-day operations and business have experienced disruptions due to the unprecedented conditions surrounding the COVID-19 pandemic, along with the various measures that federal, state, and local jurisdictions have taken in response to the crisis. These disruptions include, but are not limited to, requirements that our Company's corporate support staff work remotely from home, along with reduced staffing at our business locations. As a result, this has impacted the Company's normal processes and interactions with its corporate support staff and others responsible for the preparation and timely filing of its Quarterly Report.
Accordingly, the Company is giving notice in this Current Report on Form 8-K to
avail itself of an extension to file its Quarterly Report on Form 10-Q for the
fiscal quarter ended
Risk Factor Update
In light of the COVID-19 pandemic, we are also supplementing the risk factors
set out under "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the
fiscal year ended
Unfavorable economic conditions, including as a result of health and safety concerns, could adversely affect our business, financial condition or results of operations.
Our business and operational results could be adversely affected by
general conditions in the
ITEM 9.01 Financial Statement and Exhibits.
The following are furnished as part of this Current Report on Form 8-K:
99.1 Press Release dated
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Forward-Looking Statements
This Current Report on Form 8-K includes certain statements made herein by the
Company that are not historical facts and are intended to be forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Specifically, this Current Report on Form 8-K contains certain statements and
information that may constitute forward-looking statements within the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical information, should be deemed to
be forward-looking statements. These statements include, but are not limited to,
the effects of the COVID-19 pandemic, including impacts to our business and
operations? any statements of the plans, timing, expectations and objectives of
management related to the COVID-19 pandemic, including activities conducted in
response to the COVID-19 pandemic and temporary reductions in executive and
non-employee director compensation; statements regarding the expected filing
date of the Quarterly Report and the impact of the COVID-19 pandemic to such
filing activities; any statements of the plans, timing, expectations and
objectives of management for future financing activities; our ability to
implement business strategies and plans related to the COVID-19 pandemic?
adverse effects of the COVID-19 pandemic on our business or the market price of
our common stock; any statements of belief; and any statements of assumptions
underlying any of the foregoing and are based on our current expectations and
beliefs concerning future developments and their potential effect on us. The
words "may", "will", "estimate", "intend", "believe", "expect", "seek",
"project", "forecast", "foresee", "should", "would", "could", "plan",
"anticipate" and other similar words or expressions are intended to identify
forward-looking statements, which are generally not historical in nature. While
management believes that these forward-looking statements are reasonable as and
when made, there can be no assurance that future developments affecting us will
be those that we anticipate. Our forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and assumptions
that could cause actual results to differ materially from our historical
experience and our present expectations or projections, including, but not
limited to, the impact of the COVID-19 pandemic on the Company's business,
financial condition and results of operations. For additional information
regarding these and other risks and uncertainties to the Company, please see the
risks and uncertainties described in the Company's Annual Report on Form 10-K
for the year ended
Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.
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