UNITED STATES
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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
As previously reported in the Current Report on Form 8-K filed on October 26, 2022, former Chief Operations Officer of Global Indemnity Group, LLC (“GBLI”), Reiner R. Mauer, departed from GBLI effective as of October 21, 2022 (the “Separation Date”). On November 21, 2022, GBLI and Mr. Mauer entered into a Separation Agreement and General Release (the “Separation Agreement”). Among other provisions, the Separation Agreement provides, subject to the terms and conditions set forth therein, for severance payments of $200,000 paid within ten days after the Separation Agreement’s effective date, $100,000 on the three-month anniversary of the effective date, $100,000 on the one year anniversary of the effective date, and $175,000 on the eighteen month anniversary of the effective date and eligibility for COBRA coverage for up to 18 months after the Separation Date. The Separation Agreement modifies Mr. Mauer’s existing covenants not to (i) solicit or hire GBLI’s employees or business and (ii) compete with GBLI, such that, among other things, such covenants run for a period of 18 months and are eliminated after the Separation Date, respectively. Additionally, Mr. Mauer will remain subject to perpetual confidentiality obligations, and Mr. Mauer and GBLI will remain subject to perpetual non-disparagement provisions.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1, which is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| Exhibit |
Description | |
| 10.1 | Separation Agreement and General Release dated November 21, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
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.
| Global Indemnity Group, LLC | ||||||
| November 28, 2022 | By: | /s/ Stephen W. Ries | ||||
| Name: | Stephen W. Ries | |||||
| Title: | Secretary | |||||