Asset Acceptance Capital Corp - Current report filing
October 24 2007 - 12:21PM
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
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Date of Report (Date of Earliest Event Reported):
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October 19, 2007
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Asset Acceptance Capital Corp.
(Exact name of registrant as specified in its charter)
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Delaware
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000-50552
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80-0076779
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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28405 Van Dyke Avenue, Warren,
Michigan
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48093
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
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586-939-9600
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
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Item 5.02(e) Amendment to Employment Agreement; Change in Compensation Chief Operating Officer
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On October 19, 2007, Asset Acceptance Capital Corp. (the Company) and Rion B. Needs, the
Companys Chief Operating Officer, entered into a written amendment to Mr. Needs employment
agreement dated July 20, 2007.
In lieu of Mr. Needs receiving an option to purchase 62,500 shares of the Companys common stock in
each of August 2008, 2009, 2010 and 2011 as stated under Item 5.02 of the Current Report on Form
8-K filed by the Company on July 20, 2007, the written amendment provides that Mr. Needs will be
granted a mix of the following in each of August 2008, 2009, 2010 and 2011:
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stock options vesting in 25% annual increments over a four-year period,
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performance-based restricted stock units representing the contingent right to
receive shares of common stock, which stock will not vest until the earlier of (i) the
filing date of the Companys Form 10-Q for the quarterly period ending June 30 of the
fourth year following the year of the grant date, or (ii) August 15 of the fourth year
following the year of the grant date, at which time the stock will vest in varying
amounts of shares (from 0% to 100%) based on the Companys achievement of specified
earnings per share goals, provided that, Mr. Needs Continuous Service (as defined in
the Incentive Plan) as an employee of the Company has not ended before the vesting
date and the applicable performance-based criteria have been satisfied, or
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other types of equity awards.
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The total value of the mix of all these awards would equal 62,500 option equivalents to purchase
shares of the Companys common stock in each of the years 2008, 2009, 2010, 2011, with the
Compensation Committee to determine the allocation among stock options, performance-based
restricted stock units or other types of equity in amounts consistent with awards made by the
Compensation Committee to other executive officers of the Company.
The above
description of the Incentive Plan is subject to, and qualified in its entirety by,
the 2007 Incentive Compensation Plan for Management which is filed as Exhibit 10.1 to the Current
Report on Form 8-K filed by the Company on February 16, 2007 and incorporated herein by reference
to this Item 5.02.
Except for the change in equity awards described above, the written amendment to Mr. Needs
employment agreement memorializes the changes in Mr. Needs compensation described in the Current
Report on Form 8-K filed by the Company on October 9, 2007 and incorporated herein by reference to
this Item 5.02.
SIGNATURES
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.
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Asset Acceptance Capital Corp.
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October 24, 2007
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By:
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/s/ Nathaniel F. Bradley IV
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Name:
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Nathaniel F. Bradley IV
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Title:
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Chairman of the Board, President and
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Chief Executive Officer
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