STEWART INFORMATION SERVICES CORPORATION (NYSE:STC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
Acceleration of Short Term Incentive Payments
On December 31, 2018, the board of directors of Stewart Information Services Corporation, a Delaware corporation (the “Company”), accelerated the vesting and payment at target of the 2018 short term incentive awards to Matthew W. Morris, David Hisey, John L. Killea, and David Fauth, resulting in payment to such officers of $600,000, $450,000, $450,000 and $165,150, respectively.
The amount of short term incentive payments paid in excess of the amount earned using the plan metrics is subject to claw back requiring the repayment to the Company of such amount in the event any recipient is terminated for cause or voluntarily terminates his or her employment prior to the earlier of (i) December 31, 2019 or (ii) 30 days after the closing of the previously announced merger with Fidelity National Financial, Inc.
About STEWART INFORMATION SERVICES CORPORATION (NYSE:STC)
Stewart Information Services Corporation is a global real estate services company. The Company is engaged in offering products and services through its direct operations, network of Stewart Trusted Providers and family of companies. The Company operates through three segments: title insurance and related services, mortgage services and corporate. Title insurance and related services (title) segment includes the functions of searching, examining, closing and insuring the condition of the title to real property. The Company’s mortgage services segment includes a diverse set of products and services provided to enhance the mortgage and real estate markets. Its services ranges from residential and commercial title insurance, and closing and settlement services to specialized offerings for the mortgage industry. The Company provides its services to homebuyers and sellers, residential and commercial real estate professionals, and mortgage lenders and servicers, among others.
