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 OfficersItem 5.02 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 the potential issuance of Restricted Stock Units (“RSUs”) to the Company’s Officers and Directors under the Company’s Amended and Restated 2014 Equity Incentive Plan (the “Plan”) such that each participating Officer and Director would receive two RSUs for each share of the Company’s common stock that each Officer and Director purchased in open market transactions, independently, and without assistance from the Company, during the period beginning May 31, 2017 and ending November 30, 2017, subject to certain limits. Accordingly, on December 15, 2017, the Committee granted 40,000, 32,000, and 3,000 RSUs to Officers Raucy, Hill and Stroud, respectively, as well as 6,666 RSUs to each of Directors Swets, Cerminara, Horowitz, Wong, and Johnson.
Each RSU will entitle the grantee to one share of the Company’s common stock upon the vesting date of the RSU, which shall vest 20% per year over a period of five years following the date granted, subject to each Officer’s continued employment with the Company and each Director’s continued service on the Board, 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 director’s RSUs shall vest in full as of his last date of service as a director with the Company. Participating Officers and Directors will be required to maintain ownership of the shares purchased through the full five-year vesting period, except as set forth above.
The descriptions of the RSUs are summaries only and are qualified in their entirely by reference to the respective agreements, forms of which are filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
1347 Property Insurance Holdings, Inc. ExhibitEX-10.1 2 ex10-1.htm FORM OF EXECUTIVE RESTRICTED STOCK UNIT AGREEMENT 1347 Property Insurance Holdings,…To view the full exhibit click
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.