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Diamond Hill Investment Group, Inc. (NASDAQ:DHIL), a $389 million market cap investment management firm currently trading below its InvestingPro Fair Value, announced Friday that it has entered into a five-year executive employment agreement with Jo Ann Quinif, President and Chief Client Officer of its wholly-owned subsidiary, Diamond Hill Capital Management, Inc. The agreement, effective upon signing, will expire on September 19, 2030, and will automatically renew for one-year periods unless either party provides at least 120 days’ notice of nonrenewal.
Under the terms of the agreement, Ms. Quinif will receive an annual base salary of $350,000, with potential increases at the discretion of the company’s Compensation Committee. She is also eligible for a target annual cash incentive award of $1,250,000, with a minimum of $400,000 for any completed calendar year during the agreement’s term, subject to performance factors determined by the committee.
The agreement includes a target annual long-term incentive equity award of $500,000, vesting on a pro rata basis over three years, and a one-time restricted stock award valued at $3,000,000, which will vest after five years, contingent on continued employment. The company demonstrates strong financial health with a current ratio of 3.34 and has maintained dividend payments for 18 consecutive years, according to InvestingPro data. Ms. Quinif is also entitled to participate in standard company benefits and receive up to $5,000 per occurrence for legal fees related to the agreement.
In the event of termination due to death, permanent disability, or for cause, the agreement specifies the compensation and benefits Ms. Quinif or her beneficiaries would receive, including unpaid salary, awarded but unpaid incentive awards, and certain vested equity awards. If her employment is terminated without cause or she resigns for good reason, she will be entitled to additional severance payments, including a lump sum equal to one year of base salary, a prorated incentive award, and certain equity awards.
The agreement also outlines provisions for compensation in the event of a change in control, as well as customary non-competition, non-solicitation, confidentiality, and non-disparagement covenants.
This information is based on a press release statement and a filing with the U.S. Securities and Exchange Commission. InvestingPro analysis reveals additional insights about Diamond Hill’s performance, including its attractive P/E ratio of 8.12 and strong profitability metrics. Subscribers can access more than 30 additional financial metrics and key investment insights about DHIL.
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