-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BRMpYap1KPyj2HzHnM3BEKbjHV3RMyFvfsY74Shfy60a6Z2xm/Y8XkBDIVNZqP4O jAP9sjFl1lkP74ADN1AU8Q== 0000893220-06-002630.txt : 20061215 0000893220-06-002630.hdr.sgml : 20061215 20061215143210 ACCESSION NUMBER: 0000893220-06-002630 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20061214 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20061215 DATE AS OF CHANGE: 20061215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 061279962 BUSINESS ADDRESS: STREET 1: P.O. BOX 844 STREET 2: WELSH & MCKEAN ROADS CITY: SPRING HOUSE STATE: PA ZIP: 19477 BUSINESS PHONE: 2154445341 MAIL ADDRESS: STREET 1: C/O WELSH & MCKEAN ROADS STREET 2: P.O. BOX 844 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K 1 w24299ge8vk.htm ADVANTA CORPORATION FORM 8-K e8vk
 

 
 
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) December 14, 2006
Advanta Corp.
 
(Exact name of registrant as specified in its charter)
         
Delaware   0-14120   23-1462070
 
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
     
Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania   19477
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code (215) 657-4000
 
(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))
 
 

 

 

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
     On December 14, 2006, the Board of Directors of Advanta Corp. (the “Company”) elected Thomas Costello as a Director to serve as a member of the class of directors whose term of office will expire in 2008. Mr. Costello was also appointed to serve on the Audit Committee of the Board of Directors and was designated as a financial expert for purposes of Section 407 of the Sarbanes-Oxley Act of 2002 in connection with his appointment to the Audit Committee. Mr. Costello, age 61, served as a Director for KPMG LLP from 2002 to 2004. Prior to that, he was employed at Arthur Andersen LLP for 35 years, including serving as National Practice Director from 1996 to 2002, where he was responsible for the accounting and audit practices of 19 Arthur Andersen offices in the southeast region of the United States. From 1985 to 1996, he served as Partner in Charge of the Accounting and Audit practice in Arthur Andersen’s Philadelphia Office and, prior to that, he acted as Engagement Partner where he served clients in numerous industries and worked with both large multinational and small and mid-sized public companies. Mr. Costello is currently a director and chairman of the audit committee of Alesco Financial Inc.
     Upon his election to the Company’s Board of Directors, Mr. Costello was granted 15,000 options to purchase shares of Class B Common Stock of the Company pursuant to the Company’s 2000 Omnibus Stock Incentive Plan. The options will vest in four equal installments on the first four anniversaries of the date of grant and will expire on the tenth anniversary of the date of grant. In addition, as a Director of the Company Mr. Costello will receive an annual retainer of $50,000 and will be entitled to receive fees of $1,000 per meeting of the Board of Directors that he attends. In addition, as a member of the Audit Committee he will receive an annual retainer of $20,000 and $1,000 per meeting of the Audit Committee that he attends. As a Director of the Company, Mr. Costello will be entitled to receive an annual grant of 9,000 options and will be eligible to apply for $500,000 term life insurance for which the Company would pay the premiums.

 

 

SIGNATURES
     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.
         
  Advanta Corp.   
  (Registrant)
  
 Date: December 15, 2006
 		  
  By:   /s/ Elizabeth Mai    
         Elizabeth H. Mai   
         Senior Vice President, Chief
     Administrative Officer,
     Secretary and General Counsel 		  
 

 

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