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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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The Compensation Committee (the “Committee”) of the Board of Directors of Employers Holdings, Inc. (the “Company”) reviews the employment agreements with the Company's executives to ensure that they continue to comply with applicable law, and accomplish their intended purposes. The Compensation Committee also decides whether to renew these agreements or let them expire pursuant to their terms.
The Company is a party to employment agreements (the “Employment Agreements”) with, among others, Douglas D. Dirks, the Company’s President and Chief Executive Officer and Michael S. Paquette, the Company’s Executive Vice President and Chief Financial Officer (each, an “Executive” and collectively, the “Executives”). Mr. Dirks’ employment agreement became effective as of May 10, 2012, and was most recently renewed effective January 1, 2017, and Mr. Paquette’s employment agreement became effective as of January 1, 2017, and was subsequently amended effective January 1, 2018. Each of the Employment Agreements provides that the term of the agreement would automatically expire on December 31, 2018, unless the Company gave written notice to the applicable Executive of its intent to renew the agreement for an additional two-year term, no later than six months prior to the expiration of the agreement's current term.
In this regard, on May 24, 2018, the Committee agreed to have each of the Executives notified, in writing, that the Company would be renewing their respective Employment Agreements for an additional term (expiring on December 31, 2020). The renewed employment agreements will be subject to such amendments to which the applicable parties agree.
Mr. Dirks’ Employment Agreement is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K that was filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2012, and Mr. Paquette’s Employment Agreement is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K that was filed with the SEC on December 16, 2016, and Amendment No. 1 thereto, dated October 30, 2017, is filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K that was filed with the SEC on October 31, 2017. The material terms of the Employment Agreements are described in the applicable Current Reports on Form 8-K.