1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of Directors, Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 31, 2017, the Compensation Committee (the Committee) of
the Board of Directors (the Board) of 1347 Property Insurance
Holdings, Inc. (the Company) approved a share matching
arrangement for certain purchases made by Douglas N. Raucy,
President and Chief Executive Officer, John S. Hill, Vice
President and Chief Financial Officer, and Dean E. Stroud, Vice
President and Chief Underwriting Officer of the Company, as
described below. Messrs. Raucy, Hill and Stroud will have the
opportunity to purchase up to 20,000, 20,000, and 10,000 shares
of the Companys common stock, respectively, in each case through
the open market, independently and without assistance from the
Company, during the six months beginning on May 31, 2017, and at
the end of the six-month purchase period, the Company will match
any such shares purchased by them with a grant of restricted
stock units (RSUs) of the Company equal to two RSUs for each
share purchased by them. The RSU grants will be made to the
Companys Amended and Restated 2014 Equity Incentive Plan (the
Plan). The RSUs will vest 20% per year over five years following
the date granted, subject to continued employment by the
executive through such vesting date, with the ability of the
Board, in its discretion, to accelerate vesting in the event of
the executives early retirement, and provided that the executive
maintains ownership of the shares purchased through the full
five-year vesting period.
In addition, on May 31, 2017, the Committee approved a share
matching arrangement for certain purchases made by the Companys
non-employee directors, as described below. Each current
non-employee director will have the opportunity, independently
and without assistance from the Company, to purchase up to 3,333
shares of the Companys common stock, through the open market and
during the six months beginning on May 31, 2017, and at the end
of the six-month purchase period, the Company will match any such
shares purchased by the director with a grant of RSUs of the
Company equal to two RSUs for each share purchased them. The RSU
grants will be made to the Plan, and the RSUs will vest 20% per
year over five years following the date granted, provided that
such director maintains ownership of the shares purchased through
the full five-year vesting period. The vesting of the RSUs will
be subject to the directors continued service on the Board
through the applicable vesting date, provided that if a director
makes himself available and consents to be nominated by the
Company for continued service but is not nominated by the Board
for election by the shareholders, other than for good reason as
determined by the Board in its discretion, then such directors
RSUs will vest in full as of his last date of service as a
director with the Company.
About 1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH)
1347 Property Insurance Holdings, Inc. is a holding company. The Company, through its subsidiaries, is engaged providing property and casualty insurance. The Company offers homeowners’ insurance, manufactured home insurance and dwelling fire insurance. It writes both full peril property policies, as well as wind/hail only exposures and it distributes policies through independent insurance agents. Maison Managers, Inc. (MMI) serves as the Company’s management services subsidiary. Its other subsidiaries include Maison Insurance Company (Maison), a property and casualty insurance company, and ClaimCor, LLC (ClaimCor), a claims adjusting company. Its homeowners’ insurance policy is written on an owner occupied dwelling, which protects from all perils, except for those specifically excluded from coverage by the policy. Its wind/hail insurance policy is written on an owner or non-owner occupied dwelling, which protects from the perils of wind and/or hail-only weather events. 1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH) Recent Trading Information
1347 PROPERTY INSURANCE HOLDINGS, INC. (NASDAQ:PIH) closed its last trading session up +0.40 at 7.80 with 14,882 shares trading hands.
