Jack Henry enters retention deal with CEO

David Foss is awarded restricted stock units valued at $4 million.

Monett-based financial software firm Jack Henry & Associates Inc. (Nasdaq: JKHY) entered into a retention deal with President and CEO David Foss.

Jack Henry Chief Financial Officer Kevin Williams said Foss was issued restricted stock units currently worth about $4 million. The shares will vest at 2021-24 market prices at the beginning of those years, he said.

“The retention agreement is intended to incentivize Mr. Foss to remain as the company’s chief executive officer and president through the vesting period of the RSUs and thereby ensure his continued employment as a key leader of the company,” the Jan. 3 SEC filing states.

Foss was named president of the company in 2014 and then succeeded Jack Prim as CEO in 2016, according to past Springfield Business Journal reporting.

In the company’s most recent fiscal year ending June 30, 2019, Jack Henry reported net income of $271.9 million, down from $365 million in fiscal 2018. To start fiscal 2020, the company posted first quarter profits of $89.4 million, a 7% increase.

JKHY shares were trading at $145.60 as of 10:05 a.m., compared with a 52-week range of $122.92 to $152.93.