Item 5.02 Departures of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August 4, 2021, the Board of Directors (the "Board") of Universal Insurance
Holdings, Inc. (the "Company") appointed Francis X. McCahill, III as a member of
the Company's Board, effective as of such date. There is no arrangement or
understanding between Mr. McCahill and any other person pursuant to which he was
appointed as a director of the Company. The Board has not yet appointed Mr.
McCahill to any Board committees.
The Board has made an affirmative determination that Mr. McCahill qualifies as
an independent director under the New York Stock Exchange listing standards and
the Company's standards for director independence. As a member of the Board, he
will be entitled to receive the compensation paid to the Company's independent
directors. In addition, Mr. McCahill will also enter into, and the Board
approved, an indemnification agreement with the Company in the form entered into
by the Company's other directors.
Mr. McCahill's son, Sean McCahill, is a Vice President at Clovered, Inc., a
subsidiary of the Company. In 2020, Sean McCahill received salary and benefits
of approximately $273,000, including a $50,000 bonus. Other than as described
herein, there have been no transactions directly or indirectly involving Mr.
McCahill that would be required to be disclosed pursuant to Item 404(a) of
Regulation S-K.
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