Attached files
| file | filename |
|---|---|
| EX-10.3 - COMPENSATORY AGREEMENT - PRESIDENTIAL LIFE CORP | letteragreementscher032508.htm |
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) September 9, 2010 | ||
PRESIDENTIAL LIFE CORPORATION | ||
Delaware | 0-5486 | 13-2652144 |
(State or Other Jurisdiction | (Commission | (IRS Employer Identification No.) |
69 Lydecker Street, Nyack, New York | 10960 |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (845) 358-2300 | |
| |
N/A | |
(Former Name or Former Address, if Changed Since Last Report) | |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements for Certain Officers
On April 14, 2008, Presidential Life Insurance Company (“PLIC”) signed an employment agreement with Jerrold Scher (“Scher”) the Senior Vice President and Chief Actuary of PLIC. This employment agreement has an effective date of January 1, 2008.
The Scher employment agreement provides that Scher is to receive a salary of $330,000 per annum, the term of the agreement expires on December 31, 2010
The above descriptions are qualified in their entirety by reference to the terms of the employment agreement attached as Exhibit 10.3.
ITEM 9.01. Financial Statements and Exhibits
(d) Exhibits
Exhibit Number
Description
10.3
Employment Agreement dated April 14, 2008 with effective date of January 1, 2008, by and between Presidential Life Insurance Company, and Jerrold Scher.
SIGNATURES
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.
PRESIDENTIAL LIFE CORPORATION
Date: September 9, 2010
By: /s/ Donald L. Barnes
Donald L. Barnes, President and Duly Authorized Officer of the Registrant
Date: September 9, 2010
By: /s/ P. B (Pete) Pheffer
P. B. (Pete) Pheffer
Chief Financial Officer of the Registrant