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. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Effective June 30, 2017, Robert J. Oakes resigned as an executive of InsPro Technologies Corporation (the “Company”). The resignation was not the result of any disagreement between the Company and Mr. Oakes on any matter relating to the Company’s operations, policies or practices. Mr. Oakes remains Vice Chairman and a member of the board of directors of the Company (the “Board”).
to Mr. Oakes Amended and Restated Employment Agreement dated March 31, 2016, Mr. Oakes will be entitled to receive; (i) continuation of his $300,000 per year base salary for a period of 12 months in accordance with the Company’s normal payroll practices, less any applicable income tax withholding required under federal or state law, and subject to Section 409A of the Internal Revenue Code of 1986, as
amended, and applicable guidance issued there under, and (ii) continuation for a period of 18 months after the date of termination of the benefits under benefit plans extended from time to time by the Company to its senior executives.
Effective July 1, 2017, Mr. Oakes will be entitled to compensation under the Company’s non-employee director compensation plan.
In connection with Mr. Oakes resignation, the Company and RJO Management Consulting, a Pennsylvania limited liability company controlled by Mr. Oakes, entered into a consulting agreement (the “Consulting Agreement”) effective July 1, 2017, for a term commencing July 1, 2017 and ending September 30, 2017 (the “Term”). During the Term, to the Consulting Agreement Mr. Oakes will; (i) assist the Company in transitioning his former day-to-day executive responsibilities to the Company’s management, (ii) be an independent contractor, and (iii) receive $9,600 per month as consideration.
On June 28, 2017, the Company issued a press release announcing that Mr. Oakes will officially end his day-to-day involvement with the company however he will continue to serve as Vice Chairman of the Board. A copy of this press release is attached hereto as Exhibit99.1.
| Item 5.02. | Financial Statements and Exhibits. |
(c)Exhibits.
| ExhibitNumber | DescriptionofExhibit |
| 99.1 | Press Release, dated June 28, 2017 |
InsPro Technologies Corp ExhibitEX-99.1 2 t1700416_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Robert Oakes Departs His Day-to-Day Role at InsPro Technologies After three decades of leadership,…To view the full exhibit click here
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.