Current Report Filing (8-k)
April 19 2017 - 9:11AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(
d
)
of
the
Securities Exchange Act of 1934
Date
of Report (date of earliest event reported): April 17, 2017
GWG
Holdings, Inc.
(Exact
name of registrant as specified in its charter)
Delaware
|
|
None
|
|
26-2222607
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
20
South Sixth Street, Suite 1200, Minneapolis, MN
|
|
55402
|
(Address
of principal executive offices)
|
|
(Zip Code)
|
(612)
746-1944
(Registrant's
telephone number, including area code)
Not
applicable
(Former
name or former address, if changed since 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:
|
☐
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
☐
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
☐
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
☐
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Item 1.01
|
Entry
into a Material Definitive Agreement.
|
On
April 17, 2017, GWG Holdings, Inc. entered into a Separation Agreement and General Release with Mr. Jon Gangelhoff, the company’s
Chief Operating Officer. On that same date, the company entered into a Separation Agreement with Michael Freedman, the company’s
President.
Under
the agreement with Mr. Gangelhoff, the company agreed to pay him severance of one year of annual salary (aggregating to $250,000).
All of Mr. Gangelhoff’s unvested outstanding common stock options at the time of his separation were vested under the agreement.
The agreement with Mr. Gangelhoff contains a customary general release of all claims. Under the agreement with Mr. Freedman, Mr.
Freedman will remain employed through May 15, 2017. At that date, Mr. Freedman will resign his position and the company will pay
him his compensation through the term of his Employment Agreement ending September 22, 2017 (aggregating to $258,000). Mr. Freedman
will surrender all of his vested and unvested options to purchase company common stock. The agreement with Mr. Freedman contains
a customary general release of all claims.
|
Item 1.02
|
Termination
of a Material Definitive Agreement.
|
On
April 17, 2017, and by virtue of the agreement with Mr. Freedman described under Item 1.01 above, the Employment Agreement with
Mr. Freedman, dated as of September 22, 2014, will be terminated effective as of May 15, 2017.
|
Item 5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Officers.
|
The
disclosures contained in Item 1.01 above are incorporated herein by this reference.
* * * * * * *
SIGNATURE
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.
|
GWG Holdings,
Inc.
|
|
|
|
Date:
April 19, 2017
|
By:
|
/s/
William Acheson
|
|
|
William
Acheson
|
|
|
Chief
Financial Officer
|
3
GWG (NASDAQ:GWGH)
Historical Stock Chart
From Mar 2024 to Apr 2024
GWG (NASDAQ:GWGH)
Historical Stock Chart
From Apr 2023 to Apr 2024