DELUXE CORPORATION (NYSE:DLX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective January 24, 2019, John Filby, Senior Vice President, Financial Services of Deluxe Corporation (the “Company”), departed the Company. to the terms of a severance letter (the “Severance Letter”) between the Company and Mr. Filby entered into on April 2, 2012, the material terms of which have been previously disclosed, Mr. Filby will be entitled to receive severance payments as further described below, subject to his entering into a separation agreement and release of claims with the Company (a “Separation Agreement”). He is also required to comply with the terms of a non-competition, non-solicitation confidentiality agreement entered into with the Company on April 4, 2012.
In connection with Mr. Filby’s departure, to the terms of the Severance Letter, and assuming that Mr. Filby enters into a Separation Agreement with the Company, he will be entitled to receive: (i) 12 months of his current salary, payable in accordance with the Company’s normal payroll practices, (ii) for the six months commencing on the anniversary of the first payment made under clause (i), the difference, if any, by which his current monthly salary exceeds his then-monthly salary, (iii) 12 months of executive-level outplacement services, and (iv) a one-time, lump-sum payment of $13,000, at the conclusion of the rescission period to be set forth in the Separation Agreement.
Additionally, to the terms of a retention agreement entered into by the Company and Mr. Filby on April 30, 2018, and provided that he enters into and does not rescind a release of claims, he will also be entitled to receive a retention bonus of $720,000, less withholding, within 15 days following the expiration of the applicable rescission period for this release of claims.
About DELUXE CORPORATION (NYSE:DLX)
Deluxe Corporation provides payment solutions. The Company operates in three segments: Small Business Services segment, Financial Services segment and Direct Checks segment. Its Small Business Services segment offers services for marketing needs of small businesses, including Web design, hosting and other Web services; search engine optimization; marketing services, including e-mail, mobile, social media and other self-service marketing solutions; digital printing services, and logo design. Its Financial Services segment offers a suite of financial technology (FinTech) solutions focused on enabling financial institutions to manage the customer life cycle for their retail and commercial customers. Its Direct Checks segment is a direct-to-consumer check supplier, selling under various brand names, including Checks Unlimited, Designer Checks, Checks.com, Check Gallery, The Styles Check Company and Artistic Checks.