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HRB > SEC Filings for HRB > Form 8-K on 17-Jul-2014All Recent SEC Filings

Show all filings for H&R BLOCK INC

Form 8-K for H&R BLOCK INC


Change in Directors or Principal Officers, Financial Statements and Exhibits

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

(e) On July 15, 2014, H&R Block, Inc. (the "Company"), pursuant to the approval of the Compensation Committee of the Company's Board of Directors, entered into a letter agreement (the "Letter Agreement") with William C. Cobb, President and Chief Executive Officer of the Company, amending various provisions of the Employment Agreement, by and among the Company, H&R Block Management, LLC, and Mr. Cobb, dated as of April 27, 2011, as amended by that certain letter agreement, dated as of January 4, 2013 (the "Employment Agreement"). The material amendments to the Employment Agreement are:
? An extension of Mr. Cobb's employment term to September 1, 2016 (remaining subject to the existing provisions of the Employment Agreement providing for earlier termination);

? An increase in the maximum annual bonus potentially payable to Mr. Cobb under the Company's annual cash bonus plan from 175% of Mr. Cobb's target bonus to 200% of Mr. Cobb's target bonus (remaining subject to the existing provisions of the Employment Agreement providing that such bonus shall not exceed the maximum annual amount permitted by the applicable compensation plan);

? An extension of the terms of Mr. Cobb's post-employment non-hiring, non-solicitation, and non-competition restrictive covenants from one year following his last date of employment to two years following his last date of employment; and

? Revisions to the clawback provisions providing that, to the extent future laws or applicable stock exchange listing standards require more expansive clawback provisions, the more expansive provisions will be deemed incorporated into the Employment Agreement and, to the extent more onerous, the more expansive provisions will be deemed to supersede the existing clawback provisions.

The other material terms of the Employment Agreement remain unchanged. The foregoing summary of the Letter Agreement is qualified in its entirety by reference to the full text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)  Exhibits
Exhibit Number      Description
10.1                Letter Agreement, dated as of July 15, 2014, by and among
                    the Company, H&R Block Management, LLC, and William C. Cobb.

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