AMERICAN COASTAL INSURANCE Corp 8-K, filed Dec 27, 2022
AMERICAN COASTAL INSURANCE Corp (ACIC)
8-K
2022-12-27
For: 2022-12-27
View Original
Added on
April 12, 2026
About this 8-K
AMERICAN COASTAL INSURANCE Corp filed this 8-K on December 27, 2022.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): December 27, 2022
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 21, 2022, United Insurance Holdings Corp. ("UIHC" or "the Company") entered into Retention Agreements with B. Bradford Martz, Chris Griffith and Brooke Adler (each, an "Officer" and collectively, the "Officers"). The term of these Retention Agreements is through December 31, 2023 (the "Target Date"). In exchange for each Officer's agreement to remain employed with the Company through the Target date, the Company will pay a retention payment to the Officers on December 30, 2022. This retention payment will not be fully earned until the end of the Target Date.
In the event the Officer resigns from employment with the Company, with Good Reason, as defined in his or her employment agreement with the Company, the Officer shall re-pay 100% of his or her retention payment if such resignation is prior to May 31, 2023 and 50% if such resignation is between June 1, 2023 and December 31, 2023. This repayment shall take place within 15 days after the termination of employment. Additionally, in the event the Officer resigns without Good Reason, is terminated by the Company for Cause, or is terminated due to death or disability, as defined in his or her employment agreement with the Company, before the Target Date, the Officer or his or her estate shall re-pay 100% of his or her retention payment.
The table below outlines the amount of each Officer's retention payment.
| NEO | Retention Payment | |||||||
| B. Bradford Martz | $ | 283,500 | ||||||
| Chris Griffith | $ | 207,900 | ||||||
| Brooke Adler | $ | 170,100 | ||||||
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED INSURANCE HOLDINGS CORP. | ||||||||
| December 27, 2022 | By: | /s/ B. Bradford Martz | ||||||
| B. Bradford Martz, Chief Financial Officer and President (principal financial officer and principal accounting officer) | ||||||||