Patriot National, Inc. (NYSE:PN) 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.
(b)
On March 10, 2017, Christopher A. Pesch, the former Executive Vice President, General Counsel, Chief Legal Officer and Secretary of Patriot National, Inc. (the “Company”) left the Company to pursue other career opportunities.
In connection with his separation from the Company, the Company and Mr. Pesch entered into a Confidential Separation Agreement and General Release (the “Separation Agreement”) on March 10, 2017, effective as of March 9, 2017, that specifies the terms of, and the benefits he is eligible to receive in connection with, his departure from the Company. Subject to his compliance with the terms and conditions of the Separation Agreement, Mr. Pesch will receive (i) a severance payment of $795,000, less applicable withholdings, and (ii) continuation of group health plan coverage until the earlier of March 1, 2019 or the time he obtains group health plan coverage with a new employer. In addition, under the Separation Agreement, Mr. Pesch provided a general waiver and release of claims against the Company and is subject to certain cooperation and restrictive covenants, including confidentiality, non-disparagement, non-solicitation and non-competition.
About Patriot National, Inc. (NYSE:PN)
Patriot National, Inc. is an independent national provider of technology-enabled outsourcing solutions that help insurance carriers, employers and other clients mitigate risk and comply with complex regulations. It offers a range of end-to-end insurance related and specialty services. The Company principally offers approximately two types of services: front-end services, such as brokerage, underwriting and policyholder services, and back-end services, such as claims adjudication and administration. It also offers specialty services, including technology outsourcing and other information technology (IT) services, as well as employment pre-screening and background checks. The Company’s brokerage and policyholder services include general agency services and specialty underwriting and policyholder services provided to its insurance carrier clients. The Company’s claims administration services relate to the administration and resolution of workers’ compensation claims. Patriot National, Inc. (NYSE:PN) Recent Trading Information
Patriot National, Inc. (NYSE:PN) closed its last trading session down -0.02 at 2.53 with 987,229 shares trading hands.