ROBERT M. ZAK - Corporate Board Profile

RAND CAPITAL CORP

Filing Date

Source Excerpt

2006-03-28

Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company. ... The following Committees of the Board of Directors as of December 31, 2005 consisted of: Robert M. Zak (Governance and Compensation Committee).

2007-03-27

Robert M. Zak (49) 250 Main Street Buffalo, NY 14202 Director 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company and of Merchants Insurance Company of New Hampshire, Inc., which operate under the trade name Merchants Insurance Group. Mr. Zak is also Senior Vice President and Chief Operating Officer of Merchants Group, Inc., the parent company of Merchants Insurance Company of New Hampshire, Inc. Mr. Zak joined Merchants in 1985. Prior to that, his career was in public accounting.

2008-03-27

Robert M. Zak (50) 250 Main Street Buffalo, NY 14202 Director 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company, which operates under the trade name Merchants Insurance Group. Mr. Zak joined Merchants in 1985. Prior to that, his career was in public accounting.

2009-04-01

Robert M. Zak (51) 250 Main Street Buffalo, NY 14202 Director 2005 President and CEO of Merchants Mutual Insurance Company since 1995. Director Compensation: $13,750 in 2008. Committees: Governance and Compensation Committee (Chair), Audit Committee.

2011-03-17

Robert M. Zak (53), Director since 2005, Chair of Governance and Compensation Committee, member of Audit Committee. Fees earned or paid in cash in 2010: $15,750.

2012-03-15

Robert M. Zak (54) 250 Main Street Buffalo, NY 14202 Director 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company, which operates under the trade name Merchants Insurance Group. Mr. Zak joined Merchants in 1985. Prior to that, his career was in public accounting. Mr. Zak's executive leadership and public accounting experience provide necessary attributes as a Director of Rand. He is Chair of the Compensation Committee and a member of the Audit Committee. Director compensation for 2011 was $15,750.

2013-03-22

Robert M. Zak (55) 250 Main Street Buffalo, NY 14202 Director 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company, which operates under the trade name Merchants Insurance Group. Mr. Zak joined Merchants in 1985. Prior to that, his career was in public accounting. Mr. Zak's executive leadership and public accounting experience provide necessary attributes as a Director of Rand. Compensation Committee Chair. Fees Earned or Paid in Cash: $20,000.

2014-03-18

Robert M. Zak (56) 250 Main Street Buffalo, NY 14202 Director 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company, which operates under the trade name Merchants Insurance Group. Mr. Zak joined Merchants in 1985. Prior to that, his career was in public accounting. Mr. Zak’s executive leadership and public accounting experience provide desirable attributes as a Director of Rand.

2015-03-16

Robert M. Zak (57) 250 Main Street Buffalo, NY 14202 Director and Vice Chair of the Board 2005 ... The Committees of the Board of Directors have the following members: Compensation Committee: Robert M. Zak (Chair), Erland E. Kailbourne, Jayne K. Rand; Governance and Nominating Committee: Erland E. Kailbourne (Chair), Ross B. Kenzie, Jayne K. Rand; Audit Committee: Ross B. Kenzie (Chair), Erland E. Kailbourne, Robert M. Zak. ... During 2014, under Rand's standard compensation arrangements with Directors, the Chairman of the Board received an annual Chairman retainer of $7,500 and each non-employee Director received an annual fee of $7,500 plus $1,500 for attendance at each meeting of the Board of Directors. Audit Committee and Compensation Committee members received $1,000 for each meeting attended and Governance and Nominating Committee members received $750 for each meeting attended. Rand reimburses Directors for reasonable out of pocket expenses incurred in attending Board and Committee meetings. ... Robert M. Zak Fees Earned or Paid in Cash $23,000.

2016-03-11

Robert M. Zak (58) 250 Main Street Buffalo, NY 14202 Director and Vice Chair of the Board 2005 ... The Committees of the Board of Directors have the following members: Compensation Committee: Robert M. Zak (Chair), Erland E. Kailbourne, Jayne K. Rand ... The following table sets forth information with respect to the compensation paid or earned by each non-employee Director for the 2015 fiscal year. Robert M. Zak $21,500.

2017-03-08

Robert M. Zak (59) 250 Main Street Buffalo, NY 14202 Director and Vice Chair of the Board 2005 ... The Committees of the Board of Directors have the following members: Compensation Committee: Robert M. Zak (Chair), Erland E. Kailbourne, Jayne K. Rand. ... The following table sets forth information with respect to the compensation paid to or earned by each non-employee Director for the 2016 fiscal year. Robert M. Zak $26,000.

2018-03-08

Robert M. Zak (60) 250 Main Street Buffalo, NY 14202 Director and Vice Chair of the Board ... The Committees of the Board of Directors have the following members: Compensation Committee: Robert M. Zak (Chair), Erland E. Kailbourne, Jayne K. Rand; Audit Committee: Ross B. Kenzie (Chair), Erland E. Kailbourne, Robert M. Zak; The following table sets forth information with respect to the compensation paid to or earned by each non-employee Director for 2017. Robert M. Zak $26,000

2019-04-18

Robert M. Zak	85,000	1.3	%
Directors who are not Interested Persons:
Robert M. Zak	Over $100,000

2019-12-02

Robert M. Zak (61) Director and Vice Chair of the Board 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company. Governance and Compensation Committee Chair $26,000

2020-03-17

Robert M. Zak (62) 250 Main Street Buffalo, NY 14202 Director and Vice Chair of the Board 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company. ... The Committees of the Board of Directors had the following members from January 1, 2019 through December 30, 2019: Governance and Compensation Committee Robert M. Zak (Chair), Audit Committee Robert M. Zak. ... Effective January 1, 2016, Board compensation was changed so that each Board member receives a $25,000 per annum stipend for Board and Committee service, and per meeting fees were eliminated. Committee Chairs receive an additional stipend of $2,500 (Audit), $1,000 (Compensation) or $1,000 (Governance and Nominating). The Board Chair receives an additional $10,000 retainer. ... Robert M. Zak $26,000.

2020-11-13

Directors and named executive officers: Robert M. Zak 16,399 shares beneficially owned Dollar Range of Equity Securities Beneficially Owned: Over $100,000

2021-03-09

Robert M. Zak (63) 250 Main Street Buffalo, NY 14202 Director and Vice Chair of the Board 2005 Since 1995, Mr. Zak has been President and Chief Executive Officer of Merchants Mutual Insurance Company, which operates under the trade name Merchants Insurance Group. Mr. Zak has announced his intention to retire as President and Chief Executive Officer of Merchants Mutual Insurance Company effective as of March 31, 2021. After his retirement, Mr. Zak will become the non-executive Chair of the Board of Merchants Mutual Insurance Company. Mr. Zak joined Merchants in 1985. Prior to that, his career was in public accounting. Mr. Zak served as a director of Manning & Napier, Inc. from November 2011 until June 2016. Mr. Zaks executive leadership and public accounting experience provide desirable attributes as a Director of Rand.

2022-03-17

Robert M. Zak (64) c/o 14 Lafayette Square, Suite 1405, Buffalo NY 14203 Director and Chair of the Board 2005 Mr. Zak has been the non-executive Chair of the Board of Merchants Mutual Insurance Company since May 2021. ... The following table sets forth information with respect to the compensation paid to or earned by each non-employee Director for 2021. ... Robert M. Zak $37,500

2023-03-17

Robert M. Zak (65) c/o 14 Lafayette Square, Suite 1405, Buffalo NY 14203 Director and Chair of the Board 2005 Mr. Zak has been the non-executive Chair of the Board of Merchants Mutual Insurance Company (“Merchants”) since April 2021. From 1995 to March 2021, Mr. Zak served as President and Chief Executive Officer of Merchants, which operates under the trade name Merchants Insurance Group. Mr. Zak joined Merchants in 1985 and served in a number of finance roles until 1995. Prior to that, his career was in public accounting. Mr. Zak’s executive leadership and public accounting experience provide desirable attributes as a Director of Rand. During 2022, each Board member received a $35,000 per annum fee for Board and committee service. Committee Chairs received an additional fee of $2,500 (Audit) or $1,000 (Governance and Nominating). The Board Chair received an additional $10,000 fee. The following table sets forth information with respect to the compensation paid to or earned by each Director for 2022... Robert M. Zak $45,000

2024-04-01

Robert M. Zak (66) c/o 14 Lafayette Square, Suite 1405, Buffalo NY 14203 Director and Chair of the Board 2005 Mr. Zak has served as the non-executive Board Chair of Merchants Mutual Insurance Company... During 2023, each Board member received a $50,000 per annum fee for Board and committee service. Committee Chairs received an additional fee of $2,500 (Audit) or $1,000 (Governance and Nominating). The Board Chair received an additional $10,000 fee... Robert M. Zak $60,000

2025-03-14

Mr. Zak has served as the non-executive Board Chair of Merchants Mutual Insurance Company since April 2021.