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OFFON

FRANKLIN COVEY CO.

(FC)
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FRANKLIN COVEY : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K/A)

09/01/2021 | 04:55pm EST

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with Robert A. Whitman's transition from Chief Executive Officer to Executive Chairman and Chairman of the Board of Directors, the following annual compensation adjustments were approved by the Board of Directors:


Compensation Element                  Previous Amount  New Amount
Base Salary                                 $ 500,000$ 200,000
Short-term incentive plan (cash)(1)           575,000     200,000

Long-term incentive plan (equity)(1) 1,150,000 1,000,000

Mr. Walker's compensation for his new role as the Company's President and Chief Executive Officer was adjusted as follows:


Compensation Element                  Previous Amount  New Amount
Base Salary                                $  425,000$ 500,000
Short-term incentive plan (cash)(1)           284,750     375,000

Long-term incentive plan (equity)(1) 425,000 750,000

(1)Amounts presented in the tables above for short- and long-term incentive plan awards are variable and are shown at the target amount, or achievement of 100% of the specified financial metrics. The actual amount paid may be either higher or lower than the amount shown depending on the actual achievement of the specified metrics.

Item 9.01 Financial Statements and Exhibits

(d)Exhibits

104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the inline XBRL document.



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© Edgar Online, source Glimpses

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