Business Context and Reporting Period
This Form 8-K filing by UWM Holdings Corp (UWMC) was submitted on February 6, 2023, reporting events occurring on that date. The company is incorporated in Delaware and trades on the New York Stock Exchange.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive personnel changes and compensation.
Material Changes
The primary material change reported is the appointment of Andrew Hubacker as Executive Vice President, Chief Financial Officer, and Chief Accounting Officer, effective immediately. Mr. Hubacker previously served as Senior Vice President, Chief Accounting Officer, and Interim Principal Financial Officer since June 2022.
Management Commentary and Compensation
In connection with the promotion, the Compensation Committee approved the following adjustments to Mr. Hubacker's compensation:
- Base Salary: Increased to $370,000 annually.
- Annual Bonus Target: Increased to $330,000 under the Captains Annual Bonus Plan.
- Long-Term Incentives: Eligibility to participate in the Company's Long-Term Incentive Plan.
- Promotion Award: A one-time award consisting of a $125,000 cash bonus and a $125,000 grant of restricted stock units.
The filing states there are no other arrangements or related party transactions requiring disclosure.
Investor Verification Checklist
- Verify the effective date of Andrew Hubacker's new role as CFO.
- Confirm the total value of the one-time promotion award ($250,000 combined cash and RSUs).
- Review the company's Long-Term Incentive Plan terms to understand the vesting schedule for the new RSU grant.
- Check subsequent filings for any changes to the interim financial officer status.