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Aug. 2, 2013 /PRNewswire/ -- Erie Indemnity Company (NASDAQ:
ERIE) has named the Honorable Sean J. McLaughlin as executive vice president, secretary and general counsel for the company and the affiliated companies of the Erie Insurance Group effective
Aug. 26, 2013. In this role McLaughlin will be responsible for the in-house Law Division. Erie Indemnity Company is the attorney-in-fact for the subscribers at Erie Insurance Exchange and manages Erie Insurance Group's other companies. He succeeds
James T. Tanous who retired from the company on
June 30, 2013.
Erie native, McLaughlin most recently served as chief district judge for the U.S. District Court for the Western District of
Pennsylvania. He was first appointed by President
Bill Clinton in 1994 and was the only district judge assigned on a full-time basis to the Erie Division.
McLaughlin earned a Bachelor of Arts degree from
Georgetown University in 1977 and a Juris Doctor degree from Georgetown Law Center in 1980. Prior to joining the bench, he specialized in civil litigation at Knox McLaughlin Gornall & Sennett, P.C., in
Erie. He is active in the Northwest Pennsylvania Chapter of the American Inns of Court where he serves as a Master of a Pupilage Group. He is a member of the American Bar Association, the Pennsylvania Bar Association, and the Erie County Bar Association where he formerly served on the Executive Committee.
McLaughlin will receive a stock-based award as an inducement material to his acceptance of employment with the company, including up to 9,280 performance shares. They are designed to mirror the award he would have received under the company's Long Term Incentive Plan had he been eligible to participate in the 2013-2015 performance period under the LTIP, prorated for the number of days during the performance period that he was employed with the company. Performance shares represent the right to receive shares of the company's Class A common stock. Awards, if any, for the 2013-2015 performance period will vest on
Dec. 31, 2015.
This employment inducement award will be made outside of the company's stockholder approved equity plans. The company's independent compensation committee approved the equity award in reliance on an employment inducement exception to shareholder approval provided by Section 5635(c)(4) of the NASDAQ Marketplace Rules.