Kingstone Companies, Inc. (NASDAQ: KINS) today announced that it has concluded an agreement to amend and extend the employment contract with Barry Goldstein, its President and CEO.
Mr. Goldstein was first employed as President and CEO in April 2001. The amendment extends the term of his agreement through 2014. Mr. Goldstein was granted 50,000 shares of common stock along with options to purchase an additional 188,865 shares. His base salary, unchanged since 2004, was increased by $25,000 annually. There were no other material changes to the employment agreement.
“The company has undergone a complete transformation under Barry’s watch,” said Jack Seibald, a Kingstone director and Chairman of its Compensation Committee. “We are now a property and casualty insurance carrier. Barry inspired the acquisition of the Commercial Mutual Insurance Company surplus notes in 2006 and the successful conversion of CMIC to a stock company, now known as Kingstone Insurance Company, in July 2009. He also negotiated the sale of our premium finance portfolio and our insurance brokerage businesses. He has positioned us with a singular focus. Our Board is pleased that our company’s future growth, focused on building upon the core strengths of Kingstone’s insurance business, will be under Barry’s capable leadership,” concluded Mr. Seibald.
Forward Looking Statements
Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in Kingstone’s filings with the Securities and Exchange Commission, including its latest Annual Report filed with the Securities and Exchange Commission on Form 10-K. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.