Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective as of January 1, 2021, Josh Baer, the Chief Risk Officer for Santander
Consumer USA Holdings Inc. (the "Company") will transition to a new role at the
Company, the Head of Pricing and Strategy. In his new role, Mr. Baer will remain
on the Company's executive team and continue to report to the Company's Chief
Executive Officer.
In connection with his new role, Mr. Baer entered into a letter agreement dated
December 2, 2020, with the Company, which sets forth the terms of his employment
as Head of Pricing and Strategy (the "Letter Agreement"). Under the Letter
Agreement, Mr. Baer's annual base salary will be $750,000, and he will be
eligible to receive an annual bonus, with a target annual bonus opportunity of
$550,000. Mr. Baer may still be eligible to receive an award under the Special
Regulatory Incentive Program ("SRIP") as previously disclosed. Mr. Baer's annual
bonus, and any awards under the SRIP, will be paid in a combination of cash
(including deferred cash) and restricted stock units.
Item 8.01 Other Events.
On December 2, 2020, the Company issued a press release announcing the
appointment of Ramamurthy Lakshmana "RL" Prasad as Chief Risk Officer of the
Company, and Mr. Baer as the Head of Pricing and Strategy effective January 1,
2021. A copy of the press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1 Letter Agreement dated December 2, 2020, between Santander Consumer
USA Holdings Inc. and Josh Baer.
99.1 Press Release of Santander Consumer USA Holdings Inc., dated
December 2, 2020.
104 Cover page formatted as Inline XBRL and contained in Exhibit 101.
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SANTANDER CONSUMER USA HOLDINGS INC. 
