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GTS > SEC Filings for GTS > Form 8-K on 5-Nov-2012All Recent SEC Filings

Show all filings for TRIPLE-S MANAGEMENT CORP



Change in Directors or Principal Officers, Financial Statements and Exhi

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

On November 5, 2012, Triple-S Management Corporation (the "Company") and Ramón M. Ruiz-Comas, Director, President and Chief Executive Officer, entered into a First Amendment (the "Amendment") to Mr. Ruiz-Comas' Employment Contract, extending the term of the agreement until December 31, 2015 subject to earlier termination as provided in the Employment Contract. The Amendment is effective January 1, 2013 upon the expiration of the term of Mr. Ruiz-Comas' current agreement.

Additionally, under the terms of the Amendment:

(i) Mr. Ruiz-Comas will receive a base annual salary of $740,000;

(ii) in the event of a termination of his employment Without Cause, the Amendment provides for accelerated vesting of equity grants; and

(iii) Mr. Ruiz-Comas and the Company will be subject to a mutual non-disparagement covenant following the termination of his employment.

The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the text of that agreement which is filed with this Current Report on Form 8-K as Exhibit 10.1, and incorporated into this Item 5.02 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

10.1 First Amendment to the Employment Contract between the Company and Mr. Ramón Ruiz-Comas dated November 5, 2012, and effective January 1, 2013.

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