AmTrust Financial Services, Inc. (NASDAQ:AFSI) 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 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
entered into an amended and restated employment agreement (the
Amended Agreement) with Ronald E. Pipoly, Jr., its former Chief
Financial Officer and current Executive Vice President Finance.
The Company previously reported the transition of Mr. Pipolys
responsibilities in a Current Report on Form 8-K filed on June 5,
2017.
2017, Mr. Pipolys term of employment continues until June 4,
2019, at which time the Amended Agreement will continue to
automatically renew for successive one-year periods unless the
Company or Mr. Pipoly provide 90 days written notice of an
intention not to renew. Mr. Pipolys annual base salary remains
$700,000. Mr. Pipoly is eligible to receive bonus payments in the
amount of (a) $500,000 upon the earlier to occur of June 30, 2017
or five days after the Companys filing of its amended quarterly
reports on Form 10-Q for the quarters ended June 30, 2016 and
September 30, 2016, and (b) $500,000 within 30 calendar days of
the Companys filing of its quarterly reports on Form 10-Q for the
quarters ended June 30, 2017 and September 30, 2017. The bonus
payments described in (b) are contingent upon the Companys timely
filing of the quarterly reports, with no further errors requiring
restatement of the Companys consolidated financial statements,
and no identification of additional material weaknesses in the
Companys internal control over financial reporting. In addition,
Mr. Pipoly is eligible to receive other bonus payments in the
discretion of the Companys Board of Directors.
Pipolys existing employment agreement from March 2010 remain
materially unchanged. For a description of amounts payable to Mr.
Pipoly upon termination, see the descriptions in the Companys
2017 proxy statement under the headings Executive Compensation
Employment Agreement Ronald E. Pipoly, Jr. and Executive
Compensation Potential Payments upon Termination or
Change-in-Control.
entirety by reference to the full text of the Amended Agreement,
which is filed as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated herein by reference.
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(d)
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Exhibits.
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Exhibit No.
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Description
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10.1
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Amended and Restated Employment Agreement, dated June
13, 2017, by and between AmTrust Financial Services, Inc. and Ronald E. Pipoly, Jr. |
About AmTrust Financial Services, Inc. (NASDAQ:AFSI)
Amtrust Financial Services, Inc. (AmTrust) is an insurance holding company. The Company, through its subsidiaries, provides specialty property and casualty insurance focusing on workers’ compensation and commercial package coverage for small business, specialty risk and extended warranty coverage, and property and casualty coverage for middle market business. Its segments include Small Commercial Business, Specialty Risk and Extended Warranty, and Specialty Program. The Small Commercial Business segment is engaged in providing workers’ compensation, commercial package and other commercial insurance lines produced by wholesale agents, retail agents and brokers in the United States. The Specialty Risk and Extended Warranty segment is engaged in providing coverage for consumer and commercial goods and custom designed coverages. The Specialty Program segment is engaged in writing commercial insurance for defined classes of insureds through general and other wholesale agents.