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

(e) On January 20, 2017, Kingstone Companies, Inc. (the
“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.

to the Employment Agreement, Mr. Goldstein is entitled to receive
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.

The foregoing description of the Employment Agreement does not
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.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits:
	10.1	Employment Agreement, dated as of January 20, 2017, by and between Kingstone Companies, Inc. and Barry B. Goldstein