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AFSI > SEC Filings for AFSI > Form 8-K on 25-Mar-2013All Recent SEC Filings

Show all filings for AMTRUST FINANCIAL SERVICES, INC. | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers, Financial Statements

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 22, 2013, AmTrust Financial Services, Inc. (the "Company") entered into amendments approved by the Compensation Committee of its Board of Directors to its employment agreements with Barry D. Zyskind, the Company's President and Chief Executive Officer, Michael J. Saxon, the Company's Chief Operating Officer, and Christopher M. Longo, the Company's Chief Information Officer.

The amendment to Mr. Zyskind's employment agreement increases the cap for his annual profit bonus from three times to four times Mr. Zyskind's salary. The amendments to Mr. Saxon's and Mr. Longo's respective employment agreements redefine the term "Profit," as used in the calculation of each of their Profit Bonus, to exclude gains or losses on life settlement contracts (exclusive of non-controlling interest, net of tax). These amendments will be in effect for each of Mr. Zyskind's, Mr. Saxon's and Mr. Longo's 2013 annual profit bonus, but do not impact any bonuses from any prior years.

The description of the amendments is qualified in its entirety by reference to the full text of the amendments, which are filed as Exhibits 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.    Description

10.1           Second Amendment to Employment Agreement, dated March 22, 2013, by
               and between the Company and Barry D. Zyskind.
10.2           Amendment No. 3 to Employment Agreement, dated March 22, 2013, by
               and between the Company and Michael J. Saxon.
10.3           Amendment No. 3 to Employment Agreement, dated March 22, 2013, by
               and between the Company and Christopher M. Longo.

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