As originally appeared in Troubled Company Reporter, by Geoffrey J. Bailey
PICO Holdings, Inc., on December 3, 2015, eliminated the position of Vice President, Investments as part of its Revised Business Plan. PICO Holdings notified W. Raymond Webb, the current Vice President, Investments, that his employment with the Company is terminated, effective December 30, 2015.
According to the 2014 PICO Proxy Statement, Mr. Webb received a salary of $251,700 and total compensation of $286,529. He had a Non-qualified Deferred Compensation of balance of $1,927,133. Mr. Webb owned two tranches of Stock Appreciation Rights: 48,000 SARs with an Exercise Price of $33.76 per share and 20,000 SARs with an Exercise Price of $42.71. Both tranches were out of the money, as the current PICO stock price (as of 12/18/15) is $9.80 per share.
According to the Proxy Statement, Mr. R. Webb was not a party to an employment agreement or severance agreement and is only entitled to severance payments and benefits under a severance benefit plan, which includes two weeks of base salary for each full year of employment.
As of the latest proxy date, Mr. Webb owned 120 PICO shares.
Bailey, Geoff J., PICO HOLDINGS: Fires VP Investments W. Raymond Webb, 19 Troubled Company Reporter 355 (Dec. 21, 2015)