FEDERATED NATIONAL HOLDING COMPANY (NASDAQ:FNHC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(d) Election of New Director
The Board of Directors (the “Board”) of Federated National Holding Company (the “Company”) has elected Roberta N. Young, CPA to serve as an independent director, effective September 29, 2017. Mrs. Young, who will be a Class III director filling the vacancy created by the retirement of Carl Dorf, will serve on the Company’s Audit, Investment and Nominating Committees.
With the addition of Mrs. Young, the Board will comprise seven directors, six of whom are independent.
Mrs. Young joins the Board with more than 40 years’ experience as a CPA and is licensed in both Florida and Texas. She has extensive experience in auditing many different types of companies, including SEC companies and insurance companies and in tax preparation and consulting. Most recently Mrs. Young was a director of tax at BDO USA, LLP (“BDO”) from August 2016 to May 2017. Mrs. Young currently provides tax and consulting services to individuals and companies in South Florida. She was a partner of Goldstein Schechter Koch, CPAs (“GSK”), from 2014 until BDO acquired GSK in August 2016. She started her career in Florida with De Meo, Young McGrath in 1988 becoming partner in 1992 and was managing partner for 4 years. The firm merged with GSK in 2014.
Mrs. Young does not have a family relationship with any of the Company's executive officers or directors, and has not engaged in any related party transactions with the Company requiring disclosure under Item 404(a) of Regulation S-K.
As a non-employee director, Mrs. Young will receive an annual retainer of $78,750, payable in quarterly installments beginning on October 1, 2017. The Board of Directors may grant equity awards in the future to Mrs. Young under the Company’s Amended and Restated 2012 Stock Incentive Plan as part of her directors’ compensation package. In addition, she will enter into an Indemnification Agreement with the Company.
On September 29, 2017, the Investment Committee of the Company’s Board appointed William G. Stewart to serve as its Chairman and the Nominating Committee appointed Richard W. Wilcox Jr. to serve as its Chairman. With these appointments, all of the Board’s committees are chaired by independent directors.
About FEDERATED NATIONAL HOLDING COMPANY (NASDAQ:FNHC)
Federated National Holding Company (FNHC) is an insurance holding company that controls all steps in the insurance underwriting, distribution and claims processes through its subsidiaries and its contractual relationships with its independent agents and general agents. The Company is authorized to underwrite homeowners’ multi-peril (homeowners), commercial general liability, federal flood, personal auto and various other lines of insurance in Florida and various other states. The Company markets, distributes and services its own and third-party insurers’ products and its other services through a network of independent agents. The Company’s insurance lines of business include Homeowners’ Property and Casualty Insurance, Commercial General Liability, Personal Automobile and Flood. FNIC and MNIC underwrite homeowners’ insurance in Florida, and FNIC underwrites insurance in Alabama, Louisiana and South Carolina. Alabama and Louisiana.
