Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) filed a Current Report on Form 8-K on September 4, 2026, announcing an amendment to the employment agreement of its President and Chief Underwriting Officer, Chris Schenk. The filing details a restated agreement that extends the executive's tenure and adjusts his compensation package.
Under the terms of the amendment, Mr. Schenk’s employment term has been extended through December 31, 2028. The agreement includes a significant increase to his base salary, raising it from $550,000 to $750,000 annually. Additionally, the filing states that Mr. Schenk’s target annual bonus for the 2026 fiscal year is set at $1,250,000.
The compensation package also includes a monthly housing allowance of $4,500. Furthermore, Mr. Schenk was granted non-qualified stock options to purchase an aggregate of 125,658 shares of the Company's common stock. These options were granted under the Company's 2025 Incentive Award Plan at an exercise price of $27.40 per share, which represents the fair market value on the date of grant. The stock options are structured to vest 50% over five years starting on the first anniversary of the grant date and the remaining 50% over five years starting on the second anniversary.
The filing notes that in the event the Company elects not to renew the Amended Employment Agreement, Mr. Schenk will be eligible to receive severance benefits equivalent to those provided under the Amended Employment Agreement in the event of a termination without "cause." The full text of the Amended Employment Agreement is included as Exhibit 10.1 to the filing.
