On June 7, 2018, the Board of Directors of Health Insurance Innovations, Inc. terminated the employment agreement of Michael W. Kosloske, the company's Founder and Chief of Product Innovation. The Employment Agreement was originally entered into on February 13, 2013, and amended on November 9, 2015. The Employment Agreement was terminated without cause. Under the terms of the Employment Agreement, so long as Mr. Kosloske executes a general release in favor of the company, he will be entitled to severance compensation in an amount equal to two times the sum of his annual base salary and his most recently earned annual bonus (or, if greater, his average annual bonus earned in the three most recently completed calendar years), payable in 24 equal monthly installments. In addition, his unvested stock appreciation rights and restricted stock grants will automatically vest on an accelerated basis as of the termination date. Mr. Kosloske will continue to serve as a director of the company.