1
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
________
Date of Report (Date of earliest event reported): October 24, 1996
________
JOHN ADAMS LIFE CORPORATION
------------------------------------------------------
(Exact name of registrant as specified in its charter)
California 0-13969 95-4081667
- ---------- ------- ----------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
11845 W. Olympic Blvd., Suite 905, Los Angeles, California 90064
--------------------------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (310) 444-5252
________
1
2
Item 5. Other Events.
On October 24, 1996, the registrant and Unified Life Insurance
Company, a Texas corporation, entered into a Stock Purchase Agreement (the
"Agreement") for the sale by registrant of its capital stock of John Adams Life
Insurance Company of America ("JALIC"). The purchase price set forth in the
Agreement is $3,350,000, subject to adjustments as provided in the Agreement.
Registrant could also receive up to an additional $1,200,000 over a
three-year period as commissions from certain of the policies being transferred
to the purchaser. The commissions are dependent on the persistency of the
policies and other conditions set forth in an Amendment to the Supervising
General Agent's Commission Agreement between JALIC and registrant's wholly
owned subsidiary, Firingline Corporation, which serves as JALIC's general
agent.
The sale by registrant of its 99.6% ownership interest in JALIC is
subject to fulfillment of certain conditions, including, but not limited to,
approval of the transaction by the California and Texas Departments of
Insurance and by registrant's shareholders.
Item 7. Financial Statements and Exhibits
(b) Exhibits
(1) Stock Purchase Agreement by and between Unified Life Insurance
Company and John Adams Life Corporation for the capital stock
of John Adams Life Insurance Company of America.
(2) Amendment to Supervising General Agent's Commission Agreement.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
JOHN ADAMS LIFE CORPORATION
Date: October 31, 1996 Benjamin A. De Motto
------------------------------
Benjamin A. De Motto
President and
Chief Executive Officer
2
3
INDEX TO EXHIBITS
Exhibit
Number Exhibit Description
- ------ -------------------
1 Stock Purchase Agreement
by and between Unified
Life Insurance Company
and John Adams Life
Corporation for
the capital stock of
John Adams Life
Insurance Company of
America.
2 Amendment to Supervising
General Agent's Commission
Agreement.
3