KINGSWAY FINANCIAL SERVICES INC. (TSE:KFS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Named Executive Officer. On January 31, 2019, Hassan R. Baqar, Vice President of Finance and a named executive officer of Kingsway Financial Services Inc. (the “Company”), terminated employment with the Company.
Employment Separation Agreement and Release. The Company entered into an Employment Separation Agreement and Release (the “Separation Agreement”), dated January 31, 2019, with Mr. Baqar. to the Separation Agreement, Mr. Baqar received a lump sum payment of $240,000, less applicable taxes and deductions, and became fully vested in 115,500 restricted shares of the Company’s common stock.
Advisor Agreement. Mr. Baqar will provide consulting and transition support as an advisor to the terms of an Advisor Agreement (the “Advisor Agreement”), dated January 31, 2019, through the twelve (12) month anniversary of the Advisor Agreement. In accordance with the Advisor Agreement, Mr. Baqar will receive a monthly payment of $3,333.33.
The foregoing descriptions of the Separation Agreement and Advisor Agreement are qualified in their entirety by reference to the full text of such agreements, which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
|
Exhibit Number |
Exhibit Description |
|
Employment Separation Agreement and Release, dated January 31, 2019, between Kingsway America Inc. and Hassan R. Baqar |
|
|
Advisor Agreement, dated January 31, 2019, between Kingsway America Inc. and Sequoia Financial LLC |
KINGSWAY FINANCIAL SERVICES INC Exhibit
EX-10.1 2 ex101separationagreementan.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EMPLOYMENT SEPARATION AGREEMENTAND RELEASEKingsway America Inc. (“Employer”) and Hassan R. Baqar (“Employee”) hereby agree as follows:1. Separate and apart from the payments made pursuant to this Agreement,…
To view the full exhibit click here
About KINGSWAY FINANCIAL SERVICES INC. (TSE:KFS)
Kingsway Financial Services Inc. is a holding company. The Company operates as a merchant bank primarily engaged, through its subsidiaries, in the property and casualty insurance business. The Company operates through Insurance Underwriting segment. Its Insurance Underwriting segment provides non-standard automobile insurance to individuals who do not meet the criteria for coverage by standard automobile insurers. The Insurance Underwriting segment markets automobile insurance products that provide coverage in three areas: liability, accident benefits and physical damage. The Insurance Underwriting’s products and services are marketed through over 3,700 independent agencies. The Company’s property and casualty insurance business operations are conducted through its subsidiaries, such as Mendota Insurance Company (Mendota), Mendakota Insurance Company (Mendakota), Mendakota Casualty Company (MCC), Kingsway Amigo Insurance Company (Amigo) and Kingsway Reinsurance Corporation.