UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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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. |
On October 1, 2019, David A. Fauth’s employment as Group Senior Vice President of Stewart Title Guaranty Company and Stewart Title Company, each wholly-owned subsidiaries of Stewart Information Services Corporation (the “Company”), was terminated.
Pursuant to a Voluntary Separation Agreement and Release dated October 1, 2019 (the “Separation Agreement”) by and between Mr. Fauth and Stewart Title Company, Mr. Fauth has agreed to protect the Company’s confidential information and to comply with certain non-competition, non-solicitation and cooperation provisions. The Separation Agreement also provides for a customary general release of claims, as well as certain other standard terms. Pursuant to the Separation Agreement and applicable law, Mr. Fauth has up to twenty-one (21) days to execute the Separation Agreement and up to fifteen (15) days thereafter to revoke the Separation Agreement. If Mr. Fauth does not revoke the Separation Agreement and complies with his obligations thereunder, he will be entitled to a severance payment of $400,000, less applicable payroll taxes, payable in semi-monthly installments, beginning no later than the pay period following thirty (30) days after the date all applicable revocation periods under the Separation Agreement have expired.
The foregoing summary description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, which the Company expects to file as an exhibit to its Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
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, Treasurer | |||
Date: October 2, 2019