Kingstone Companies CEO Employment Agreement Amended
Ticker: KINS · Form: 8-K · Filed: Apr 17, 2024 · CIK: 33992
Sentiment: neutral
Topics: employment-agreement, executive-compensation
Related Tickers: KINS
TL;DR
Kingstone Companies just updated its CEO's employment contract, effective April 15th.
AI Summary
Kingstone Companies, Inc. announced an amended and restated employment agreement for its CEO, Barry Z. Zysman, effective April 15, 2024. The agreement details his compensation and terms of employment.
Why It Matters
This filing clarifies the terms of the CEO's employment, which is crucial for understanding executive compensation and company leadership stability.
Risk Assessment
Risk Level: low — The filing is a standard update to an employment agreement and does not indicate immediate financial distress or significant operational changes.
Key Players & Entities
- Kingstone Companies, Inc. (company) — Registrant
- Barry Z. Zysman (person) — CEO
- April 15, 2024 (date) — Effective date of agreement
FAQ
What is the effective date of the amended and restated employment agreement?
The amended and restated employment agreement is effective as of April 15, 2024.
Who is the subject of the amended employment agreement?
The amended and restated employment agreement is for Barry Z. Zysman, the CEO of Kingstone Companies, Inc.
What type of filing is this regarding the employment agreement?
This is a Form 8-K filing reporting an amended and restated employment agreement.
What is the principal business address of Kingstone Companies, Inc.?
The principal business address is 15 Joys Lane, Kingston, New York 12401.
In which state is Kingstone Companies, Inc. incorporated?
Kingstone Companies, Inc. is incorporated in Delaware.
Filing Stats: 1,048 words · 4 min read · ~3 pages · Grade level 11.1 · Accepted 2024-04-17 16:26:10
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share KINS NASDAQ Cap
- $550,000 — led to receive an annual base salary of $550,000 (increased from $500,000 currently in e
- $500,000 — base salary of $550,000 (increased from $500,000 currently in effect) and an annual bonu
- $136,500 — instead be entitled to a cash bonus of $136,500 for such year. The foregoing descripti
Filing Documents
- kins8k.htm (8-K) — 28KB
- ex10_1.htm (EX-10.1) — 118KB
- ex99_1.htm (EX-99.1) — 1KB
- kinspr.jpg (GRAPHIC) — 634KB
- 0001021771-24-000101.txt ( ) — 1153KB
- kins-20240415.xsd (EX-101.SCH) — 4KB
- kins-20240415_lab.xml (EX-101.LAB) — 22KB
- kins-20240415_pre.xml (EX-101.PRE) — 16KB
- kins8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers . (e) On April 15, 2024, Kingstone Companies, Inc. (the "Company") and Meryl Golden, the Company's President and Chief Executive Officer, entered into a Third Amended and Restated Employment Agreement (the "Amended Employment Agreement"). The Amended Employment Agreement is effective as of January 1, 2025 and expires on December 31, 2026. The Amended Employment Agreement extends the expiration date of the employment agreement currently in effect for Ms. Golden (the "Current Employment Agreement") from December 31, 2024 to December 31, 2026. Pursuant to the Amended Employment Agreement, Ms. Golden is entitled to receive an annual base salary of $550,000 (increased from $500,000 currently in effect) and an annual bonus equal to 3% of the Company's, consolidated income from operations before taxes, exclusive of the Company's consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 1.25 times her base annual salary (the same as currently in effect). P ursuant to the Amended Employment Agreement (and as provided for in the Current Employment Agreement), in the event that Ms. Golden's employment is terminated by the Company without cause or she resigns for good reason (each as defined in the Amended Employment Agreement), Ms. Golden would be entitled to receive her base salary and the 3% bonus for the remainder of the term. Ms. Golden would be entitled, under certain circumstances, to a payment equal to 1.5 times her then annual salary and her accrued 3% bonus in the event of the termination of her employment following a change of control of the Company (also as is provided for in the Current Employment Agreement). Pursuant to the Amended Employment Agreement, Ms. Golden will be entitled to receive, under certai
01
Item 7.01 Regulation FD Disclosure . On April 17, 2024, the Company issued a press release (the "Press Release") announcing that the Company and Meryl Golden, the Company's President and Chief Executive Officer, entered into the Amended Employment Agreement. A copy of the Press Release is furnished as Exhibit 99.1 hereto. The information in the Press Release is being furnished, not filed, pursuant to this Item 7.01. Accordingly, the information in the Press Release will not be incorporated by reference into any registration statement filed by the Company under the Securities Act unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this Current Report on Form 8-K with respect to the Press Release is not intended to, and does not, constitute a determination or admission by the Company that the information in this Report with respect to the Press Release is material or complete, or that investors should consider this information before making an investment decision with respect to any security of the Company.
Financial Statements and Exhibits
Financial Statements and Exhibits . (d) Exhibits: 10.1 Third Amended and Restated Employment Agreement, dated as of April 15, 2024, by and between Kingstone Companies, Inc. and Meryl S. Golden. 99.1 Press release, dated April 17, 2024, issued by Kingstone Companies, Inc. 104 Cover Page Interactive Data File (embedded within the inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. KINGSTONE COMPANIES, INC. Dated: April 17, 2024 By: /s/ Barry B. Goldstein Barry B. Goldstein Chairman of the Board