PICO HOLDINGS, INC. (NASDAQ:PICO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On November27, 2018 PICO Holdings, Inc. (the “Company”) and John T. Perri, the Company’s Chief Financial Officer, entered into an amendment (the “Amendment”) to their Transition Agreement dated August 6, 2018 (the “Transition Agreement”).

The Amendment revised the definition of “Transition Period” (as used in the Transition Agreement) to be the earliest of (a) the date that the Company files its Quarterly Report on Form 10-Q for the three months ending March 31, 2019 and (b) the date Mr. Perri’s employment with the Company is terminated by the Company without cause or Mr. Perri resigns for good reason. In addition, the Amendment increased the one-time cash bonus payable to Mr. Perri upon completion of the Transition Period from $250,000 to $275,000, provided Mr. Perri remains employed by the Company through the Transition Period.

The foregoing description of the terms of the Amendment is qualified in its entirety by reference to the Amendment, which will be filed by the Company as an exhibit to its Annual Report on Form 10-K for the fiscal year ending December 31, 2018.

About PICO HOLDINGS, INC. (NASDAQ:PICO)
PICO Holdings, Inc. (PICO) is a holding company. The Company’s segments include Water Resource and Water Storage Operations; Real Estate Operations, and Corporate. PICO’s subsidiary, Vidler Water Company, Inc. (Vidler), acquires and develops water resources and water storage operations in the southwestern United States, with assets and operations in Nevada, Arizona, Colorado and New Mexico. PICO develops new sources of water for municipal and industrial use, either from existing supplies of water, such as water used for agricultural purposes, acquiring unappropriated water, or discovering new water sources. The Real Estate Operations are conducted through UCP, Inc., which is a homebuilder and land developer in markets located in California, Washington State, North Carolina, South Carolina and Tennessee. The Corporate segment includes its investments in small businesses, typically venture capital-type situations and also includes the results from a portfolio of equity securities.