UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Effective December 6, 2019, John Magness no longer serves as Group President of Stewart Information Services Corporation (the “Company”).
Mr. Magness and the Company entered into a Voluntary Separation Agreement and Release dated December 9, 2019 (the “Separation Agreement”). The Separation Agreement provides for a customary mutual general release of claims, as well as certain other standard terms. Subsequent to standard applicable revocation periods, the Company will pay Mr. Magness a sum of $2,750,000.00, less (i) $708,333.33 in attorneys’ fees and (ii) applicable payroll taxes, payable no later than December 31, 2019. In addition, Mr. Magness is entitled to (i) all accrued but unpaid annual salary though his last active date of employment, payable in a lump sum within six days of his termination of employment, (ii) any amounts payable under the terms of any employee benefit plans in which he was a participant, and (iii) reimbursement of any business expenses not previously reimbursed.
SIGNATURE
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 thereunto duly authorized.
STEWART INFORMATION SERVICES CORPORATION | |||
| By: | /s/ David C. Hisey | ||
| David C. Hisey, Chief Financial Officer, Secretary and Treasurer | |||
Date: December 13, 2019