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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Employee Benefit Plans |
Employee Benefit Plans | Employee Benefit Plans Bonus Plans Employee Bonus Plan For the year ended December 31, 2024, the Company accrued approximately $2,091,000 ("Cash Payments") related to an employee bonus plan (the "Bonus Plan"), of which $477,000 is allocated and recorded in loss and LAE, and $1,614,000 is recorded in other underwriting expenses on the accompanying consolidated statements of operations and comprehensive income (loss). In addition to the Cash Payments, the Bonus Plan also calls for a restricted stock award to the Company's senior leadership team ("SLT") in an amount equal to their Cash Payments if certain performance metrics have been met. The performance metrics for the year ended December 31, 2024 have been met, and accordingly, the SLT received in March 2025 an RSA for an aggregate of 58,755 shares of the Company's Common Stock valued at approximately $892,000. For the year ended December 31, 2024, the Company accrued approximately $278,000 of stock-based compensation recorded in other operating expenses on the accompanying consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2023 the Company did not accrue for, or pay, bonuses related to the Bonus Plan. Executive Bonus Plan For the year ended December 31, 2024, the Company accrued approximately $496,000 for a bonus pursuant to the Second Amended Golden Employment Agreement, of which $446,000 is recorded in other underwriting expenses, and $50,000 is recorded in other operating expenses on the accompanying consolidated statements of operations and comprehensive income (loss). 401 (k) Plan The Company maintains a salary reduction plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) for its qualified employees. The Company matches 100% of each participant’s contribution up to 4% of the participant’s eligible contribution. The Company incurred approximately $270,000 and $292,000, respectively, of expense for the years ended December 31, 2024 and 2023, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying consolidated statements of operations and comprehensive income (loss). Deferred Compensation Plan On June 18, 2018, the Company adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan"). Effective December 22, 2022, the Company terminated the Deferred Compensation Plan. The assets of the Deferred Compensation Plan were liquidated in September 2024, by making payments to participants in full satisfaction of their interest in the Deferred Compensation Plan. The deferred compensation liability as of December 31, 2024 and 2023 amounted to $0 and $937,025, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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