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RCII > SEC Filings for RCII > Form 8-K on 26-Dec-2013All Recent SEC Filings

Show all filings for RENT A CENTER INC DE



Change in Directors or Principal Officers

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

Theodore V. DeMarino resigned his position as Executive Vice President - Shared Services of Rent-A-Center, Inc. (the "Company") effective as of December 20, 2013. Mr. DeMarino was a named executive officer of the Company for the fiscal year ending December 31, 2012. Mr. DeMarino's resignation is deemed a termination without "cause" pursuant to an executive transition agreement between Mr. DeMarino and the Company. Accordingly, Mr. DeMarino is entitled to certain payments and benefits including:

unpaid but earned base salary through December 20, 2013;

a pro rata bonus calculated based upon Mr. DeMarino's bonus amount from 2012; and

one and one half times the sum of Mr. DeMarino's highest annual rate of salary during the previous 24 months, and his average annual bonus for the two preceding calendar years.

For additional information regarding Mr. DeMarino and the executive transition agreement, please refer to the Company's proxy statement dated March 25, 2013.

In addition, Mr. DeMarino will (i) comply for a period of two (2) years with certain post-employment covenants, including non-compete and confidentiality obligations, pursuant to the loyalty and confidentiality agreement between Mr. DeMarino and the Company, and (ii) release any claims he may have against the Company.

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