INVESTORS TITLE COMPANY (NASDAQ:ITIC) 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.
INVESTORS TITLE COMPANY (NASDAQ:ITIC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On February 27, 2020, the Board of Directors (the “Board”) of Investors Title Company (the “Company”) appointed Tammy F. Coley and Elton C. Parker, Jr. as members of the Board to fill the vacancies created by the passing of former Board members R. Horace Johnson on October 7, 2019 and H. Joe King, Jr. on October 28, 2019, respectively. Ms. Coley will serve in the class of directors whose terms expire at the 2020 Annual Meeting of Shareholders (the “2020 Annual Meeting”) and Mr. Parker will serve in the class of directors whose terms expire at the 2021 Annual Meeting, provided that he will stand for re-election at the 2020 Annual Meeting to complete the remaining portion of his term following the meeting. Ms. Coley and Mr. Parker have not been appointed to any committees of the Board.
Ms. Coley currently serves as Chief Transformation Officer at BlackLine, a provider of cloud software that automates and controls the entire financial close process, where she has been employed since 2017. Prior to BlackLine, Ms. Coley spent 14 years at Cox Communications where she led the accounting and internal controls governance functions. After retiring as an Audit Partner at Deloittee & Touche LLC, Mr. Parker serves as the Managing Member of Elpark Financial LLC, a financial advisory and consulting firm and, since 1982, has served as President of Elpark Inc. and subsidiaries, a family owned real estate, farming, and investment company.
The Company will compensate Ms. Coley and Mr. Parker for their services as directors in accordance with the Summary of Non-Employee Director Compensation filed as Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2018 and incorporated by reference herein. In connection with their appointment to the Board, the Company granted to each of Ms. Coley and Mr. Parker an award of stock appreciation rights (“SARs”) under the Company’s 2019 Stock Appreciation Rights Plan exercisable for 750 shares of the Company’s common stock at a grant price of $162.29. The SARs will be fully vested as of the date of grant and shall expire on May 15, 2026.
About INVESTORS TITLE COMPANY (NASDAQ:ITIC)
Investors Title Company is an insurance holding company. The Company, through its subsidiaries, Investors Title Insurance Company (ITIC) and National Investors Title Insurance Company (NITIC), is engaged in issuance of residential and commercial title insurance, Investors Title Insurance Company (ITIC) and National Investors Title Insurance Company (NITIC). The Company also provides tax-deferred real property exchange services through its subsidiaries, Investors Title Exchange Corporation (ITEC) and Investors Title Accommodation Corporation (ITAC); investment management and trust services to individuals, trusts and other entities through its subsidiary, Investors Trust Company (Investors Trust), and management services to title insurance agencies through its subsidiary, Investors Title Management Services (ITMS). In addition, the Company operates in the issuance of residential and commercial title insurance through ITIC and NITIC segment.