EZCORP INC : Change in Directors or Principal Officers (form 8-K)
September 03, 2020 at 04:15 pm EDT
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Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)(c)Timothy K. Jugmans has been appointed Interim Chief Financial Officer
(principal financial officer), effective September 1, 2020.
Mr. Jugmans, age 44, has been serving as the Company's Vice President, Treasury
and M&A since December 2016, having served as a consultant to the Company
performing similar duties since March 2015. From January 2015 to December 2016,
Mr. Jugmans was a principal of Selene Partners Inc., a financial consulting firm
providing strategic advice and other business services to a variety of clients,
including the Company and Morgan Schiff & Co., Inc. Morgan Schiff & Co., Inc. is
a boutique investment banking services company wholly owned by Phillip E. Cohen,
the beneficial owner of all of the Company's Class B Voting Common Stock. Mr.
Jugmans served as the Chief Financial Officer of Morgan Schiff & Co., Inc. from
April 2013 to December 2014, and was Chief Financial Officer of ShippingEasy,
Inc. from July 2011 to April 2013. From April 2005 to June 2012, Mr. Jugmans was
a Corporate Advisor at Lexicon Partners Pty Limited, an independent corporate
advisory and consulting firm based in Sydney, Australia. He served in various
analyst and senior analyst positions at boutique investment banks for seven
years prior to that. Mr. Jugmans currently has no affiliation or relationship
with Mr. Cohen (other than through his Company role) or any of Mr. Cohen's
non-EZCORP companies.
Mr. Jugmans received a Bachelor of Business degree, with a major in Finance and
a minor in Mathematics, from the University of Technology in Sydney. He serves
as a non-executive board member of Ratecity Pty Ltd., which operates one of
Australia's leading financial comparison sites.
As Interim Chief Financial Officer, Mr. Jugmans will receive the following
compensation:
•Annual base salary of $370,000.
•Annual short-term incentive (STI) bonus target of 60% of base salary. The STI
bonus for fiscal 2020 will be prorated for time in position.
•Annual long-term incentive (LTI) award target of 80% of base salary. Currently,
the Company's LTI awards are made in the form of performance-based restricted
stock units that vest at the end of a three-year performance period subject to
the achievement of specified performance goals based on net income and earnings
per share.
•Other benefits generally made available to the Company's executive officers,
including severance of twelve months' base salary on termination without cause.
Mr. Jugmans succeeds Jason A. Kulas, who joined the Company as President and
Chief Financial Officer in February 2020 and was promoted to Chief Executive
Officer in July 2020.
EZCORP, Inc. is a provider of pawn transactions in the United States and Latin America. The Company also sells merchandise, primarily collateral forfeited from pawn lending operations and pre-owned and recycled merchandise purchased from customers. It operates through three segments: U.S. Pawn, Latin America Pawn, and Other Investments. The U.S. Pawn segment includes its EZPAWN, Value Pawn & Jewelry and other branded pawn operations in the United States. The Latin America Pawn segment includes its Empeno Facil, Cash Apoyo Efectivo (CAE) and other branded pawn operations in Mexico, as well as its GuatePrenda and MaxiEfectivo pawn operations in Guatemala, El Salvador, and Honduras (GPMX). At its pawn stores, it advances cash against the value of collateralized tangible personal property and sells merchandise to customers looking for good value. The merchandise it sells primarily consists of second-hand collateral forfeited from its pawn activities or merchandise purchased from customers.
EZCORP, INC. 
