Appian secures $500M insurance floor for $2.1B Pegasystems judgment

APPIAN CORP

Policy covers $500M of $2.1B award; if final judgment is less, Appian receives difference.
Premium $57.3M (9.8% of limit) paid from cash; no further payments required.
Oversubscribed syndicate of highly rated insurers; Appian bears risk if Pegasystems cannot pay above $500M.
CEO says policy secures significant floor for shareholders; GC expresses confidence in appeal.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

APPIAN CORP entered into the Policy with a large syndicate of highly rated insurers valued at $500.0 million (effective 2023-09-01).

Action: entry
Counterparty: a large syndicate of highly rated insurers
Value: $500.0 million
Effective: 2023-09-01

Exact text from the filing

On September 1, 2023, Appian Corporation (“Appian”) bound a $500.0 million judgment preservation insurance policy (“the Policy”) in connection with its $2.1 billion judgment against Pegasystems Inc.

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APPIAN CORP filing history →

Source: SEC EDGAR

accession 0001441683-23-000076

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