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Ategrity Specialty lifts president pay, grants options

ASIC extends its President and Chief Underwriting Officer’s contract to 2028 with higher salary, bonus targets, housing allowance and a new stock option grant.

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ategrity Specialty Insurance Company Holdings (ASIC) reported that on September 4, 2026 it entered into a third amended and restated employment agreement with Chris Schenk, who will continue as President and Chief Underwriting Officer. The agreement extends his term through December 31, 2028 and significantly revises his compensation.

Under the amendment, Mr. Schenk’s annual base salary increases from $550,000 to $750,000, and his target annual bonus for the 2026 fiscal year is set at $1,250,000. He will receive a monthly housing allowance of $4,500. He was also granted non-qualified stock options to purchase 125,658 shares of common stock at an exercise price of $27.40 per share, equal to the fair market value on the grant date. Half of these options vest over five years starting on the first anniversary of the grant, and the remaining half vest over five years starting on the second anniversary. If the company elects not to renew the agreement, he will be eligible for severance benefits equivalent to those provided for a termination without “cause” in the amended employment agreement.

Positive

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Negative

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Filing Explained

The September 4 filing reports a grant of options to buy 125,658 common shares, rather than an issuance of those shares. If the options ultimately vest and are exercised, the resulting additional shares would increase the share count and reduce existing holders’ percentage ownership.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
New annual base salary $750,000 Annual base salary for Chris Schenk under the amended agreement
Prior annual base salary $550,000 Base salary before the September 4, 2026 amendment
Target annual bonus for 2026 $1,250,000 Target bonus for Chris Schenk for the 2026 fiscal year
Monthly housing allowance $4,500 per month Housing allowance for Chris Schenk under the amended agreement
Stock options granted 125,658 shares Non-qualified stock options granted to Chris Schenk
Exercise price per share $27.40 Exercise price of the non-qualified stock options, equal to fair market value on grant date
Employment term end date December 31, 2028 End of the extended employment term for Chris Schenk
non-qualified stock options financial
"Mr. Schenk was granted non-qualified stock options to purchase an aggregate of 125,658 shares"
Non-qualified stock options are a type of employee benefit that gives individuals the right to buy company shares at a set price, usually lower than the market value, within a certain period. Unlike other options that may have special tax advantages, these options are taxed as income when exercised, which can affect how much money the employee or investor ultimately gains. They are important because they can influence company compensation strategies and impact the financial outcomes for employees and investors.
exercise price financial
"at an exercise price equal to $27.40 per share, the fair market value"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
fair market value financial
"at an exercise price equal to $27.40 per share, the fair market value"
The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.
severance benefits financial
"Mr. Schenk will be eligible to receive severance benefits equivalent to those provided"
termination without "cause" financial
"those provided under the Amended Employment Agreement on a termination without "cause.""

FAQ

What executive compensation changes did ASIC announce for Chris Schenk?
ASIC increased Chris Schenk’s annual base salary from $550,000 to $750,000, set his 2026 target annual bonus at $1,250,000, added a $4,500 monthly housing allowance, and granted non-qualified stock options for 125,658 shares at $27.40 per share.

How long does the new employment term for ASIC’s Chris Schenk run?
The amended employment agreement for ASIC executive Chris Schenk extends his employment term through December 31, 2028, under which he continues to serve as President and Chief Underwriting Officer.

What stock options did ASIC grant to Chris Schenk under the new agreement?
ASIC granted Chris Schenk non-qualified stock options to purchase 125,658 shares of common stock at an exercise price of $27.40 per share, equal to the fair market value on the grant date, with vesting in two five-year tranches starting on the first and second anniversaries.

How do the stock options for ASIC executive Chris Schenk vest?
For ASIC’s Chris Schenk, 50% of the 125,658 stock options vest over five years starting on the first anniversary of the grant date, and the remaining 50% vest over five years starting on the second anniversary of the grant date.

What severance protection does ASIC’s amended agreement provide to Chris Schenk?
If ASIC elects not to renew Chris Schenk’s amended employment agreement, he is eligible to receive severance benefits equivalent to those provided under the agreement for a termination without “cause.”

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0002040491FALSE00020404912026-09-042026-09-04

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): September 4, 2026
Ategrity Specialty Insurance Company Holdings 
(Exact name of registrant as specified in its charter)
Nevada001-4269582-4925734
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification Number)
9 West 57th Street, 33rd Floor 
New York, NY 10019 
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (212) 509-1600
 
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:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, $0.001 par value per shareASICNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 4, 2026, Ategrity Specialty Insurance Company Holdings (the “Company”) entered into a third amendment and restatement (the “Amendment”) of the Company’s Employment Agreement, dated August 11, 2021, as amended (the “Amended Employment Agreement”), with Chris Schenk, pursuant to which Mr. Schenk will continue to serve as the Company’s President and Chief Underwriting Officer.

Pursuant to the Amendment, (a) the term was extended through December 31, 2028, (b) Mr. Schenk’s annual base salary increased from $550,000 to $750,000, (c) Mr. Schenk’s target annual bonus for the 2026 fiscal year was set at $1,250,000, (d) Mr. Schenk will receive a monthly housing allowance of $4,500, (e) Mr. Schenk was granted non-qualified stock options to purchase an aggregate of 125,658 shares of common stock of the Company under the Company’s 2025 Incentive Award Plan at an exercise price equal to $27.40 per share, the fair market value of a share of the Company's common stock on the date of grant, 50% of which will vest over five years commencing on the first anniversary of the date of grant, and the remaining 50% of which will vest over five years commencing on the second anniversary of the date of grant, and (f) in the event that 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 on a termination without “cause.”

The foregoing description of the Amended Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Employment Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this “Current Report”) and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No.Description
10.1
Third Amended and Restated Employment Agreement between the Company and Chris Schenk, dated September 4, 2026
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ATEGRITY SPECIALTY INSURANCE COMPANY HOLDINGS
Date: September 4, 2026By:/s/ Justin Cohen
Justin Cohen
Chief Executive Officer

Source: View Original Filing on SEC EDGAR

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