SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 28, 2020
OPEN LENDING CORPORATION
(Exact name of registrant as specified in its charter)
|(State or other jurisdiction of incorporation)||
Barton Oaks One
901 S. MoPac Expressway
Bldg. 1, Suite 510
Austin, Texas 78746
(Address of principal executive offices, including zip code)
Registrants telephone number, including area code: 512-892-0400
(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:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Name of each exchange on which registered
|Common stock, par value $0.01 per share||LPRO||The Nasdaq Stock Market LLC|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 28, 2020, the Board of Directors (the Board) of Open Lending Corporation (the Company) elected Eric A. Feldstein to serve as a Director of the Company effective as of August 28, 2020.
Mr. Feldstein will serve as a Class I Director of the Company, to hold office until the 2021 annual meeting of stockholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. Mr. Feldstein was appointed to serve on the Audit Committee and the Risk Committee.
Mr. Feldstein has been the Chief Financial Officer of New York Life Insurance Company since October 2019. Prior to joining New York Life Insurance Company, Mr. Feldstein served as the Chief Financial officer of Health Care Service Corporation from 2016 to 2019. From 2010 to 2016, he served as an Executive Vice President with American Express. Mr. Feldstein also served as Chief Executive Officer of GMAC Financial Services from 2002 through 2008. There is no arrangement or understanding between Mr. Feldstein and any other person pursuant to which Mr. Feldstein was appointed to the Board. Mr. Feldstein is not a party to any transactions that would be required to be disclosed under Section 404(a) of Regulation S-K.
Mr. Feldstein has entered into the Companys standard form of indemnification agreement, which is filed as Exhibit 10.11 to the Companys Registration Statement on Form S-1 filed on July 1, 2020. There are no family relationships between Mr. Feldstein, on the one hand, and any director, executive officer or any other person nominated or chosen by the Company to become a director or executive officer, on the other.
On September 3, 2020, the Company issued a press release Mr. Feldsteins election. A copy of this press release is furnished as Exhibit 99.1 to this report on Form 8-K.
|Item 9.01.|| |
Financial Statements and Exhibits.
|99.1||Press Release issued by the Company on September 3, 2020.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|OPEN LENDING CORPORATION|
|By:||/s/ Charles D. Jehl|
|Name:||Charles D. Jehl|
|Title:||Chief Financial Officer|
Date: September 3, 2020
Open Lending Appoints Eric A. Feldstein to Board of Directors
AUSTIN, TX September 3, 2020 Open Lending Corporation (NASDAQ: LPRO) (Open Lending), a leading provider of lending enablement and risk analytics solutions to financial institutions, today announced the appointment of Eric A. Feldstein to its Board of Directors, effective August 28, 2020. Mr. Feldstein was appointed to serve on the Audit Committee and the Risk Committee.
Eric will be a great addition to our Board. He is a proven leader in the FinTech space as well as the captive auto finance industry. We believe his deep financial background will be extremely valuable as we implement our growth strategies, said John Flynn, Chairman and CEO of Open Lending. We now have a seasoned, exceptional Board of Directors to supplement our strong executive team.
Mr. Feldstein has been the Chief Financial Officer of New York Life Insurance Company since October 2019. Prior to joining New York Life Insurance Company, Mr. Feldstein served as the Chief Financial Officer of Health Care Service Corporation from 2016 to 2019. From 2010 to 2016, he served as an Executive Vice President with American Express. Mr. Feldstein began his career in finance with General Motors where he held a variety of roles with increasing responsibility. He served as Treasurer from 1997 to 2002, and subsequently served as CEO of GMAC Financial Services from 2002-2008. Eric holds a Bachelor of Arts from Columbia University and Master of Business Administration from Harvard University.
About Open Lending
Open Lending, through its flagship product, Lenders Protection, offers loan analytics, risk-based pricing, risk modeling and default insurance, ensuring profitable auto loan portfolios for financial institutions throughout the United States. For more information, please visit www.OpenLending.com.
ICR for Open Lending