UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 31, 2008
FINANCIAL INDUSTRIES CORPORATION
(Exact Name of Registrant as Specified in Charter)
TEXAS 0-4690 74-2126975
(State or Other Jurisdiction of (Commission File (IRS Employer
Incorporation) Number) Identification No.)
6500 RIVER PLACE BOULEVARD, BUILDING I, AUSTIN, TEXAS 78730
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number (including area code): (512) 404-5000
N/A
(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))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
ITEM 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
CERTAIN OFFICERS.
Financial Industries Corporation ("FIC") and William Prouty entered into
Amendment No. 1, effective as of January 31, 2008 (the "Amendment") to the CEO
Engagement Agreement, dated as of February 1, 2007 (the "Employment Agreement"),
between FIC and Mr. Prouty. The Amendment extends the term of Mr. Prouty's
employment as FIC's Chief Executive Officer through the earlier of (i) the
consummation of a Change of Control Transaction (as defined in the Employment
Agreement), including without limitation the consummation of the merger pursuant
to the Agreement and Plan of Merger, dated January 14, 2008, between Americo
Life, Inc. and FIC (the "Americo Merger Agreement"), (ii) 5:00 p.m. on the 30th
day following written notice to Mr. Prouty stating FIC's intention to terminate
the Employment Agreement (or such later date specified in such written notice)
or (iii) 5:00 p.m. on December 31, 2008.
In addition, the Amendment extends the period during which Mr. Prouty is
entitled to a $600,000 change of control payment in the event a Change of
Control Transaction (as defined in the Employment Agreement) is consummated.
Under the terms of the original Employment Agreement, in order for Mr. Prouty to
be entitled to the change of control payment, a Change of Control Transaction
satisfying certain criteria had to be consummated on or before October 31, 2008.
Pursuant to the terms of the Amendment, Mr. Prouty will be entitled to the
$600,000 change of control payment in the event a Change of Control Transaction
satisfying certain criteria is consummated on or before December 31, 2008. The
consummation of the merger pursuant to the Americo Merger Agreement will
constitute a qualifying Change of Control Transaction under the Employment
Agreement, which will trigger the $600,000 change of control payment to Mr.
Prouty.
Except as expressly amended by Amendment No. 1, the CEO Engagement
Agreement remains unmodified and continues in full force and effect.
The foregoing description of the amendment to the CEO Engagement Agreement
does not purport to be complete and is qualified in its entirety by reference to
the amendment, which is incorporated herein by reference as an exhibit to this
Current Report on Form 8-K.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) EXHIBITS
99.1 Amendment No. 1 to CEO Engagement Agreement, dated January 31,
2008.
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SIGNATURES
Pursuant to 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.
Financial Industries Corporation
By: /s/ William B. Prouty
---------------------------
Name: William B. Prouty
Title: Chief Executive Officer
Date: February 6, 2008
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