Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.
Executive Severance Pay Policy
On
The Policy provides that if the termination of an Eligible Employee occurs
without Cause (as defined in the Policy), other than in connection with a
Change-in-Control (as defined in the Policy), the Eligible Employee will be
entitled to: (1) equal consecutive cash payment installments over a period of 12
months (24 months for the CEO) equal to 100% (200% for the CEO) of the Eligible
Employee's annual base salary, plus an amount equal to 100% (200% for the CEO)
of the Eligible Employee's annual target cash bonus; (2) the continuation of
certain medical benefits for one year (two years for the CEO); (3) vesting of
the unvested equity awards granted to the Eligible Employee, except if
termination is within 6 months of the fiscal year in which a grant was made, in
which case such grants shall be forfeited; and (4) payment of up to
If the termination of an Eligible Employee occurs without Cause, but in
connection with a Change-in-Control, the Eligible Employee will be entitled to:
(1) a lump-sum cash payment equal to 100% (200% for the CEO) of the Eligible
Employee's annual base salary, plus an amount equal to 100% (200% for the CEO)
of the Eligible Employee's annual target cash bonus; (2) the continuation of
certain medical benefits for one year (two years for the CEO); (3) full vesting
of the unvested equity awards granted to the Eligible Employee; and (4) payment
of up to
The Policy conditions all payments and benefits upon an Eligible Employee's execution of a release in favor of the Company, which includes non-disparagement covenants, and a non-solicitation obligation for a period of 12 months following the termination of the Eligible Employee's employment.
The foregoing description of the Policy does not purport to be complete and is qualified in its entirety by reference to the Policy, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Employment Agreement Termination
The Termination Agreement includes a general release and discharge of all claims arising under the Employment Agreement, including a release of all rights to any termination payments and to all provisions that purport to survive termination.
The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by reference to the Termination Agreement, which is filed as Exhibit 10.2 hereto and is incorporated herein by reference.
--------------------------------------------------------------------------------
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description of Exhibit 10.1 Executive Severance Pay Policy 10.2 Termination Agreement, dated as ofNovember 1, 2021 , by and amongMeta Financial Group, Inc. ,MetaBank, National Association andGlen W. Herrick . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
--------------------------------------------------------------------------------
© Edgar Online, source