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 Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On January5, 2017, Patriot National, Inc. (the Company) issued a
press release to announce that on January4, 2017, the Board of
Directors (the Board) of the Company increased the size of the
Board from six to eight members and appointed Mr.MichaelJ.
Purcell and Mr.JeffreyP. Rohr as directors of the Company,
effective immediately. Mr.Purcell will serve as a Class III
director, and Mr.Rohr will serve as a Class II director. The
Board affirmatively determined that Messrs. Purcell and Rohr are
independent under the guidelines for director independence set
forth in the Companys Corporate Governance Guidelines and under
applicable New York Stock Exchange rules. Messrs. Purcell and
Rohr have not yet been appointed to serve on any committees of
the Board. The press release is furnished as Exhibit 99.1 and is
hereby incorporated by reference into this item 5.02
Messrs. Purcell and Rohr will each receive a pro rata portion of
the Companys standard compensation for service on the Board. In
2017, each of our non-employee directors shall be entitled to
annual director compensation of (i)a cash retainer of $85,000,
payable quarterly and (ii)an equity award of $115,000 under the
Companys 2014 Omnibus Incentive Plan. The Company may reimburse
directors for any reasonable expenses incurred by them in
connection with their service as directors.
The Company expects each of Messrs. Purcell and Rohr to enter
into the standard director indemnification agreement that the
Company has with its directors. A copy of a substantially similar
form of the indemnification agreement is filed as Exhibit 10.16
to the Companys Registration Statement on Form S-1 filed on
December15, 2014 (File No.333-200972).
Item9.01 Financial Statements and Exhibits.
(d) |
The following exhibits are attached to this Current Report on Form 8-K. |
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99.1 |
Press Release, dated January 5, 2017. |
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 up +0.01 at 4.86 with 35,722 shares trading hands.