EGOV » Topics » ITEM 9B. OTHER INFORMATION

This excerpt taken from the EGOV 10-Q filed May 5, 2009.

ITEM 5.  OTHER INFORMATION

 

On May 1, 2009, the Company entered into an amendment to extend its $10 million unsecured revolving credit agreement with a bank to May 1, 2011.  The Company can obtain letters of credit in an aggregate amount of $5 million, which reduces the maximum amount available for borrowing under the facility.  Interest on amounts borrowed is payable at a base rate or a Eurodollar rate, in each case as defined in the agreement.  The base rate is equal to the higher of the Federal Funds Rate plus 0.5% or the bank’s prime rate.  Fees on outstanding letters of credit are either 1.5% (if the Company’s consolidated leverage ratio is less than or equal to 1.25:1) or 1.75% (if the Company’s consolidated leverage ratio is greater than 1.25:1) of the face value per annum.  The Company will pay a one-time fee of $37,500 related to the amendment to the credit facility.

 

On May 5, 2009, the Shareholders of the Company approved an amendment to the 2006 Amended and Restated Stock Option and Incentive Plan (the “Plan”) to increase the number of shares of Common Stock which may be issued under the Plan from 9,286,754 shares to 14,286,754 shares.

 

This excerpt taken from the EGOV 10-Q filed May 12, 2008.

ITEM 5.  OTHER INFORMATION

 

On May 6, 2008, the Board of Directors of the Company approved an amendment to the Amended and Restated Bylaws of NIC Inc. to change “President” to “principal executive officer” and clarify that the Board has discretion to determine the title of such principal executive officer.

 

On May 6, 2008, the Compensation Committee of the Board of Directors of the Company approved the form of the Performance-Based Restricted Stock Agreement to be entered into with executive officers who receive performance-based restricted stock awards under the NIC Inc. 2006 Amended and Restated Stock Option and Incentive Plan.

 

Jeffery S. Fraser stepped down as Chairman of the Board of Directors of the Company on May 6, 2008, effective on the same date.  On May 6, 2008, Mr. Fraser was voted the honorary title Chairman Emeritus by the Board.  He will continue to serve on the Company’s Board of Directors.

 

On May 6, 2008, the Board of Directors of the Company elected Harry H. Herington, who is currently the Chief Executive Officer of the Company, as Chairman of the Board of Directors, and appointed Art N. Burtscher to serve as Lead Director during 2008.

 

On May 6, 2008, Governor Daniel J. Evans was appointed to serve as Chairman of the Compensation Committee and Alexander C. Kemper was appointed to serve as Chairman of the Corporate Governance and Nominating Committee. The Audit Committee elected Mr. Burtscher to serve as its Chair.

 

This excerpt taken from the EGOV 10-K filed Mar 16, 2006.

ITEM 9B. OTHER INFORMATION

     Entry Into a Material Definitive Agreement - On March 13, 2006, NICUSA, Inc., a wholly owned subsidiary of NIC Inc. (the “Company”), and the California Secretary of State (“California SOS”) entered into an amendment (the “Amendment”) to the California Business Programs Automation Agreement (the “Agreement”). Among other changes to the Agreement, the Amendment reduces the aggregate contract value from approximately $25 million to approximately $19 million, and releases NICUSA from the obligation to deliver the business filings, or BE, portion of the project, except for maintenance of hardware and delivery of BE images as expressly set forth in the Amendment. The Amendment also sets forth the final criteria in order for the California SOS to accept the Uniform Commercial Code, or UCC, portion of the project and move it into the maintenance and operations phase. A copy of the Amendment is filed with this report on Form 10-K as Exhibit 10.50, and this summary is qualified in all respects by reference to the Amendment.

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PART III

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