ATLANTIC AMERICAN CORPORATION (NASDAQ:AAME) 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.
ATLANTIC AMERICAN CORPORATION (NASDAQ:AAME) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Atlantic American Corporation (the “Company”) has announced that John G. Sample, Jr., will retire as the Company’s Senior Vice President, Chief Financial Officer and Secretary, as of July 31, 2017. In connection with his retirement, Mr. Sample will step down from all other officer and director positions with the Company but will remain an employee of the Company and will provide certain transition-related and other services to the Company through June 30, 2021, in exchange for which he will be entitled to receive $275,000 annually from the Company, and continuation of health, welfare and other benefits for such period. In connection therewith, the Company has also agreed to repurchase from Mr. Sample 78,300 shares of the Company’s common stock at a per share price equal to the average closing price for such stock during a specified period preceding the date of his retirement.
The Company is commencing a search for a new Chief Financial Officer.
About ATLANTIC AMERICAN CORPORATION (NASDAQ:AAME)
Atlantic American Corporation is a holding company that operates through its subsidiaries in specialty markets within the life and health, and property and casualty insurance industries. The Company’s principal operating subsidiaries are American Southern Insurance Company and American Safety Insurance Company (together known as American Southern) within the property and casualty insurance industry, and Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company (together known as Bankers Fidelity) within the life and health insurance industry. Each of American Southern and Bankers Fidelity is managed separately based upon the type of products it offers. American Southern’s product lines include business automobile insurance policies, General Liability Insurance policies, Property Insurance policies and Surety Bonds. Products offered by Bankers Fidelity include ordinary and term life insurance, Medicare supplement and other accident and health insurance products.
Atlantic American Corporation is a holding company that operates through its subsidiaries in specialty markets within the life and health, and property and casualty insurance industries. The Company’s principal operating subsidiaries are American Southern Insurance Company and American Safety Insurance Company (together known as American Southern) within the property and casualty insurance industry, and Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company (together known as Bankers Fidelity) within the life and health insurance industry. Each of American Southern and Bankers Fidelity is managed separately based upon the type of products it offers. American Southern’s product lines include business automobile insurance policies, General Liability Insurance policies, Property Insurance policies and Surety Bonds. Products offered by Bankers Fidelity include ordinary and term life insurance, Medicare supplement and other accident and health insurance products.
