penntreaty8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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 9,
2009
Penn Treaty American
Corporation
(Exact
name of registrant as specified in its charter)
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Pennsylvania
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001-14681
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23-1664166
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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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2500 Legacy Drive, Suite 130 Frisco, TX
75034
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(Address
of Principal Executive Offices) (Zip
Code)
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Registrant’s
telephone number, including area code: (469)
287-7044
Not
Applicable
(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 the filing obligation of the registrant under any of the following
provisions:
[ ]
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 of Certain Officers.
On October 9, 2009, Penn Treaty
American Corporation (the “Company”), Penn Treaty Network America Insurance
Company (“PTNA”) and
William Hunt, Jr., the
former President and Chief Executive Officer of PTNA and the Company, entered
into a Separation
Agreement and General Release (the “Agreement
and Release”). Mr. Hunt, a director of the Company,
was party to an Employment Agreement (the “Employment
Agreement”) with PTNA,
pursuant to which he also served for the benefit of the Company. The
Employment Agreement provided for the payment of 12 months of severance to Mr.
Hunt upon the termination of his employment without cause. Mr. Hunt
was also party to a Change of Control Agreement (the “Change of
Control Agreement”) with
the Company. The Agreement and Release was entered into in
satisfaction of any obligations due to Mr. Hunt from PTNA and the Company
related to the Employment Agreement and the Change of Control
Agreement.
Mr.
Hunt’s employment with PTNA was terminated on March 27, 2009, and he resigned
from his positions with the Company as of the same date. The
Agreement and Release provides that Mr. Hunt will receive severance pay in an
amount equal to 12 months of salary at the rate in effect prior to the date his
employment terminated. Pursuant to the terms of the Agreement, the
Company shall pay to Mr. Hunt an amount equal to one month of salary and PTNA
shall pay to Mr. Hunt an amount equal to the remaining 11 months.
Item
9.01 Financial
Statements and Exhibits.
(d) Exhibits.
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.
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PENN
TREATY AMERICAN CORPORATION
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October
16, 2009
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By: /s/ Eugene
Woznicki
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Name:
Eugene Woznicki
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Title:Chief
Executive Officer
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EXHIBIT
INDEX
Exhibit Description
4