Brief: I3 Verticals Says Gregory Daily, Co's Chairman & CEO, Informed Co's Board, Compensation Committee That He Wished To Voluntarily Waive His Annual Base Salary For 6 Months

i3 Verticals

03/04/2020 22:42

April 3 (Reuters) - i3 Verticals Inc  IIIV.O :
    * I3 VERTICALS - GREGORY DAILY, CO'S CHAIRMAN & CEO,
INFORMED CO'S
BOARD, COMPENSATION COMMITTEE THAT HE WISHED TO VOLUNTARILY
WAIVE HIS ANNUAL BASE SALARY FOR 6 MONTHS
    * I3 VERTICALS - CO'S COMPENSATION COMMITTEE APPROVED
DAILY’S
REQUEST EFFECTIVE APRIL 1, EXCEPT THAT DAILY WILL CONTINUE TO
RECEIVE EMPLOYEE COST OF HIS HEALTH INSURANCE PREMIUM
    * I3 VERTICALS - TEMPORARILY FURLOUGHING A PORTION OF ITS
EMPLOYEES
    * I3 VERTICALS - EMPLOYEES ON FURLOUGH WILL CONTINUE TO
RECEIVE
THEIR PREVIOUSLY ELECTED EMPLOYEE BENEFITS
    * I3 VERTICALS - ADDITIONALLY IMPLEMENTED WORKFORCE
REDUCTION
PROGRAM THAT INCLUDES ELIMINATION OF CERTAIN POSITIONS, GENERAL
REDUCTION IN HEADCOUNT
    * I3 VERTICALS - TOTAL NUMBER OF EMPLOYEES IMPACTED BY 
FURLOUGH &
WORKFORCE REDUCTION REPRESENTS ABOUT 12% OF CO'S WORKFORCE
    * I3 VERTICALS - EXPECTS TO INCUR IMMATERIAL CHARGES IN
CONNECTION
WITH FURLOUGHS & WORKFORCE REDUCTIONS
    * I3 VERTICALS - IMMATERIAL CHARGES REPRESENT FUTURE CASH
EXPENDITURES FOR PAYMENT OF SEVERANCE, RELATED BENEFITS COSTS,
CERTAIN MODIFICATIONS TO EQUITY COMPENSATION ARRANGEMENTS IN Q3
2020
    * I3 VERTICALS - WITHDRAWING ITS FINANCIAL OUTLOOK ISSUED ON
FEBRUARY 10, 2020 FOR FISCAL YEAR ENDING SEPTEMBER 30, 2020

Source: https://bit.ly/39FarB4
Further company coverage:  IIIV.O 

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