secwatch.observer — SEC 8-K summary
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Issuer:     OLD REPUBLIC INTERNATIONAL CORP (ORI)
CIK:        0000074260
Form:       8-K
Filed at:   2023-03-21T23:59:59+00:00
Accession:  0000074260-23-000027
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Old Republic adopts 2023 PRP, sets target awards for CEO and other NEOs
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- New 2023 Performance Recognition Plan replaces prior Key Employee Performance Recognition Plans.
- CEO Craig R. Smiddy target award = 165% of base salary; max payout = 200% of target.
- Performance metrics: Net Earned Premiums & Fees change (35%), Underwriting Margin/Combined Ratio (35%), Discretionary (30%).
- CFO Frank J. Sodaro target 90% of base; EVP/Trsr Gray and EVP Oberst each target 130%.
- Awards are cash, payable in 2024; vesting requires employment through payment date (except death/disability/change-in-control).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/74260/000007426023000027/0000074260-23-000027-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/74260/000007426023000027/ori-20230316.htm
  HTML page:      https://secwatch.observer/filing/0000074260-23-000027

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer