InsPro Technologies Corporation (OTCMKTS:ITCC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
(b) On November 14, 2016, Brian Adamsky resigned effective immediately as a member of the Board of Directors (the “Board”) of InsPro Technologies Corporation (the “Company”) and as a member of all committees of the Board on which he served. The resignation was not the result of any disagreement between the Company and Mr. Adamsky on any matter relating to the Company’s operations, policies or practices.
(d) On November 14, 2016, the Board appointed Frederick C. Tecce (81) to serve as a member of the Board, effective immediately. Mr. Tecce fills the vacancy created on the Board as a result of Mr. Adamsky’s resignation. In connection with his appointment to the Board, Mr. Tecce has also been appointed to serve as a member of the Compensation Committee of the Board.
Mr. Tecce served as a member of the Board from August 2, 2007 through August 14, 2012. Mr. Tecce served as of counsel with Buchanan Ingersoll & Rooney. He was an attorney with Klett Rooney Lieber & Schorling when it joined Buchanan in 2006. Mr. Tecce also serves as counsel to Cross Atlantic Capital Partners, Inc. and has served on the investment committees of three of the funds managed by Cross Atlantic Capital Partners, Inc. Mr. Tecce previously served as Senior Vice President and General Counsel of Academy Life Insurance Company. Mr. Tecce served on the transition team for Pennsylvania Governor Tom Ridge and was appointed by Governor Ridge to serve as a member of the board of the $50 billion Public School Employees Retirement System (PSERS), where he served as chairman of the Finance Committee until his retirement in September, 2001. He was appointed by U.S. Senator Rick Santorum to the Federal Judicial Nominating Committee where he served for several terms and also served on Dr. Robert Gallo’s Board of Visitors at the University of Maryland Institute for Human Virology. Mr. Tecce’s qualifications to serve on the Board include his numerous legal, business and government experiences.
In connection with his appointment, Mr. Tecce is entitled to compensation under the Company’s non-employee director compensation plan.
There are no arrangements or understandings between Mr. Tecce and any other person to which he was appointed as a director, nor are there any transactions between Mr. Tecce and the Company that would be reportable under Item 404(a) of Regulation S-K promulgated by the SEC.
About InsPro Technologies Corporation (OTCMKTS:ITCC)
InsPro Technologies Corporation is a technology company. The Company provides, InsPro Enterprise, which is a software application used by insurance administrators in the insurance industry. InsPro Enterprise is a Web-based insurance administration software application. InsPro Enterprise clients include insurance carriers and third-party administrators. The Company markets InsPro Enterprise as a licensed software application. The Company offers InsPro Enterprise on both a licensed and an application service provider (ASP) basis. InsPro Enterprise is an insurance administration and marketing system that supports group and individual business lines, and processes agent, direct market, worksite and Website generated business. The Company conducts its operations through its subsidiary, InsPro Technologies, LLC (InsPro Technologies). InsPro Enterprise has a design, which enables the customer to purchase only the functionality needed. InsPro Technologies Corporation (OTCMKTS:ITCC) Recent Trading Information
InsPro Technologies Corporation (OTCMKTS:ITCC) closed its last trading session down -0.0072 at 0.0578 with 12,500 shares trading hands.