Conifer Holdings updates executive employment terms

EditorLina Guerrero
Published 12/19/2024, 03:09 PM
CNFR
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In a recent Securities and Exchange Commission (SEC) filing, Conifer Holdings (NASDAQ:CNFR), Inc., a Michigan-based insurance company with a market capitalization of approximately $13 million, disclosed amended and restated employment agreements with key executives. According to InvestingPro data, the company currently faces challenging conditions with negative EBITDA of -$24.3 million. The agreements, effective as of last Thursday, involve President and CEO Brian Roney and CFO Harold Meloche.

The revised contracts extend the employment period for both executives to June 30, 2027. Additionally, they outline significant Transaction (JO:TCPJ) Bonuses, with Roney set to receive $1,275,000 and Meloche $960,000, to be paid in four equal installments over the next three years. These compensation arrangements come as InvestingPro analysis shows the company trading at a notably low Price/Book multiple of 0.26, with weak gross profit margins of -15.9%.

In the event of termination due to death or disability, the executive or their beneficiaries will receive the remaining Transaction Bonus installments. Furthermore, if Conifer Holdings ceases to exist during the term, the unpaid Transaction Bonus installments will be paid out to the executives.

Notably, the agreements eliminate the separate severance payments previously associated with a change in control of the company.

The new arrangements reflect Conifer Holdings' commitment to its leadership team and provide a structured compensation framework for the coming years. The company is listed on The Nasdaq Stock Market LLC under the ticker symbols NASDAQ:CNFR for its common stock and NASDAQ:CNFRZ for its 9.75% Senior Notes due 2028.

While currently trading below its InvestingPro calculated Fair Value, the company faces significant challenges with revenue declining by 27% in the last twelve months. Investors seeking deeper insights can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, which covers detailed analysis of Conifer Holdings among 1,400+ US stocks.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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