UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January 4,
2008 (December 31, 2007)
FIRST ACCEPTANCE CORPORATION
(Exact Name of Registrant as Specified in Charter)
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| Delaware
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1-6802
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75-1328153 |
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| (State or Other Jurisdiction
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(Commission File Number)
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(I.R.S. Employer |
| of Incorporation)
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Identification No.) |
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| 3322 West End Ave, Suite 1000 |
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| Nashville, Tennessee
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37203 |
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| (Address of Principal Executive Offices)
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(Zip Code) |
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 5 — Corporate Governance and Management
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| Item 5.02. |
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Thomas M. Harrison, Jr. resigned as Executive Vice President of the Company effective December
31, 2007. In connection with his resignation, Mr. Harrison and the Company entered into a Release
Agreement pursuant to which Mr. Harrison will receive his base salary, payable in regular
installments, for the period from December 31, 2007 through
December 31, 2009 and all outstanding stock options held by Mr.
Harrison fully vested as of December 31, 2007. The Company accrued
a charge of approximately $770,000 (including approximately $100,000
relating to the accelerated vesting of Mr. Harrison’s stock
options) during the quarter ended December 31, 2007 related to
its obligations pursuant to the Release Agreement. A copy of the Release Agreement between the
Company and Mr. Harrison is attached hereto as Exhibit 99.1.
Section 9 — Financial Statements and Exhibits
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| Item 9.01. |
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Financial Statements and Exhibits. |
(d) Exhibits.
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99.1 |
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Release Agreement, dated December 31, 2007, between First Acceptance
Corporation and Thomas M. Harrison, Jr. |
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