KINGSTONE COMPANIES, INC. (NASDAQ:KINS) 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.
(e)On June 18, 2018, Kingstone Companies, Inc. (the "Company") adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the "Plan"). The Plan is effective as of June 18, 2018. The Plan is a deferred compensation plan for a select group of management or highly compensated employees and certain independent contractors.
to the Plan, and subject to applicable tax laws, eligible participants generally may elect to defer up to 75% of their base compensation and up to 50% of bonuses, commissions and other compensation. In addition to elective deferrals, the Plan permits the Company to make discretionary (including matching) contributions to eligible participants. Participants may elect to receive payment of their vested account balances in a single cash payment or in annual installments for a period of up to ten years. A participant's account will become 50% vested if, while employed by the Company, he or she dies or becomes disabled or there is a Change in Control (as defined in the Plan) of the Company.
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Plan, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this Item 5.02 by reference.
Item 9.01.Financial Statements and Exhibits.
10.1Kingstone Companies, Inc. Deferred Compensation Plan
KINGSTONE COMPANIES, INC. Exhibit…To view the full exhibit click
About KINGSTONE COMPANIES, INC. (NASDAQ:KINS)
Kingstone Companies, Inc. offers property and casualty insurance products to small businesses and individuals in New York State. The Company offers these products through its subsidiary, Kingstone Insurance Company (KICO). KICO is a licensed property and casualty insurance company. The Company operates through property and casualty insurances segment, which offers a range of property and casualty policies to its producers. The Company underwrites its business utilizing the CLUE industry claims database, insurance scoring reports, physical inspection of risks and other individual risk underwriting tools. It writes homeowners and dwelling fire business in New York City and Long Island. The Company’s product lines include personal lines, commercial liability, commercial automobile, livery physical damage and other. Its personal lines consist of homeowners, dwelling fire, renters, equipment breakdown and service line endorsements and personal umbrella policies.