- Current report filing (8-K)
26 Oktober 2012 - 5:31PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of
1934
Date of report (Date of earliest event reported): October 23, 2012
PRESIDENTIAL LIFE CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Delaware
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000-05486
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13-2652144
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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69 Lydecker Street
Nyack, New York 10960
(Address of Principal executive offices, including
Zip Code)
(845) 358-2300
(Registrants telephone number, including area code)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
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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.
The Presidential Life Insurance Company 2012 Discretionary Bonus Plan
On October 23, 2012 the Compensation Committee of the Board of Directors (the Committee) of PLIC adopted the Presidential
Life Insurance Company 2012 Discretionary Bonus Plan (the 2012 Bonus Plan). Certain employees of PLIC, including its Senior Vice President, Mitchell R. Anderson, and Vice President, Duncan Szeto, are eligible to earn cash bonuses.
Bonuses under the 2012 Bonus Plan for Mr. Anderson and Mr. Szeto will be paid following the one year anniversary of the
consummation of the acquisition of the Company by Athene Annuity & Life Assurance Company (the Merger), or if the Merger is not consummated, following the one year anniversary of the date of the participation letter notifying
Mr. Anderson and Mr. Szeto of their eligibility to receive a bonus (the Notification Date). Bonuses are conditioned on the execution and non-revocation by Mr. Anderson and Mr. Szeto of a general release and their
continued employment through the one year anniversary of the Merger or the Notification Date, whichever is applicable. If, prior to the one year anniversary of the Merger (or if the Merger is not consummated, the Notification Date) the executive
officers resign for good reason, or if their employment with PLIC is terminated without cause (each as defined in their retention letters), or if they die or become disabled, the executive officers also will be entitled to
receive the bonus. Bonus payments will be made on a fixed date following the relevant anniversary or termination date, in a lump sum cash payment, net of applicable taxes and withholding (and conditioned on receipt of a general release). The amount
of each executive officers bonus as determined by the Committee for Messrs. Anderson and Szeto is $39,347 and $45,202, respectively.
Item 9.01.
Financial Statements and Exhibits
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The following
Exhibits are filed as part of this Report.
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Exhibit 10.1
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Presidential Life Insurance Company 2012 Discretionary Bonus Plan, dated October 23, 2012
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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 hereunto duly authorized.
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PRESIDENTIAL LIFE CORPORATION
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Date: October 26, 2012
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By:
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/s/ Donald L. Barnes
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Name:
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Donald L. Barnes
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Title:
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Chief Executive Officer
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EXHIBIT INDEX
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Exhibit 10.1
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Presidential Life Insurance Company 2012 Discretionary Bonus Plan, dated October 23, 2012
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