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 Officers
Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.
“Company”) and Barry B. Goldstein, the Company’s President,
Chief Executive Officer and Chairman of the Board, entered into
an Employment Agreement. The Employment Agreement is effective as
of January 1, 2017 and expires on December 31, 2019.
an annual base salary of $630,000 (an increase from $575,000 per
annum in effect through December 31, 2016) and an annual bonus
equal to 6% of the Company’s consolidated income from operations
before taxes, exclusive of the Company’s consolidated net
investment income (loss) and net realized gains (losses) on
investments (consistent with the bonus payable to Mr. Goldstein
through December 31, 2016). In addition, to the Employment
Agreement, Mr. Goldstein is entitled to a long-term compensation
payment (“LTC”) of between $945,000 and $2,835,000 in the event
the Company’s adjusted book value per share (as defined in the
Employment Agreement) has increased by at least an average of 8%
per annum as of December 31, 2019 as compared to December 31,
2016 (with the maximum LTC payment being due if the average per
annum increase is at least 14%). Further, to the Employment
Agreement, in the event that Mr. Goldstein’s employment is
terminated by the Company without cause or he resigns for good
reason (each as defined in the Employment Agreement), Mr.
Goldstein would be entitled to receive his base salary, the 6%
bonus and the LTC payment for the remainder of the term. Mr.
Goldstein would be entitled, under certain circumstances, to a
payment equal to one and one-half times his then annual salary
and the target LTC payment of $1,890,000 in the event of the
termination of his employment following a change of control of
the Company. In consideration of certain accomplishments during
the three year period ended December 31, 2016, the Company also
paid Mr. Goldstein a bonus in the amount of $200,000.
purport to be complete and is qualified in its entirety by
reference to the full text of the Employment Agreement filed as
Exhibit 10.1 to this Current Report on Form 8-K, which is
incorporated by reference herein.
|
(d)
|
Exhibits:
|
|
|
10.1
|
Employment Agreement, dated as of January 20, 2017, by
and between Kingstone Companies, Inc. and Barry B. Goldstein |
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. KINGSTONE COMPANIES, INC. (NASDAQ:KINS) Recent Trading Information
KINGSTONE COMPANIES, INC. (NASDAQ:KINS) closed its last trading session down -0.37 at 12.13 with 16,124 shares trading hands.
