UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 |
On July 30, 2020, Citizens, Inc. (the “Company”) announced that Gerald W. Shields, Vice Chairman of the Board of Directors of the Company, has been appointed Interim Chief Executive Officer and President of the Company. Such appointment became effective on August 5, 2020 following the resignation and separation from employment of Geoffrey M. Kolander, former Chief Executive Officer and President of the Company.
On August 5, 2020, the Company entered into a Consulting Agreement with Mr. Shields (the “Interim CEO Agreement”), pursuant to which Mr. Shields shall provide consulting services to function as Interim Chief Executive Officer and President of the Company until a permanent Chief Executive Officer is hired by the Company. During the term of the Interim CEO Agreement, Mr. Shields will be paid $14,500 per week. He will not be eligible to earn an annual incentive bonus or receive long-term equity compensation for these services and will not receive standard employee benefits. Mr. Shields will also not receive any compensation for service on the Board of Directors of the Company during the period he serves as Interim Chief Executive Officer and President of the Company.
The above summary of the Interim CEO Agreement is qualified by reference in its entity to the Interim CEO Agreement, which is attached hereto as Exhibit 10.1, and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
| 10.1 | Consulting Agreement by and between the Company and Gerald W. Shields dated August 5, 2020 | |
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K | |
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.
| CITIZENS, INC. | ||
| By: | /s/ James A. Eliasberg | |
| Vice President, Chief Legal Officer and Secretary | ||
Date: August 11, 2020