SEC Form 4 · accession 0000905148-18-000093
UNIVERSAL INSURANCE HOLDINGS, INC. · UVE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jon Springer
Officer — President and CRO · Director
Period of report
Jan 22, 2018
Accepted (ET)
Jan 24, 2018 · 1:43 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000891166
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Jan 22, 2018 | M | 24,510 | — | A | 482,921 | D | |
| Common StockF3 | Jan 22, 2018 | F | 7,500 | $30.00 | D | 475,421 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance Share UnitsF1 | — | Jan 22, 2018 | A | 36,765 | A | — | — | Common Stock | 36,765 | 36,765 | D |
| Performance Share UnitsF1,F2 | — | Jan 22, 2018 | M | 24,510 | D | — | — | Common Stock | 24,510 | 12,255 | D |
Explanation of responses
- F1These performance share units ("PSUs") were granted on January 20, 2017, but were conditional upon the Issuer meeting certain growth performance goals for the 2017 calendar year. On January 17, 2018, the Compensation Committee of the Issuer's Board of Directors confirmed that the Issuer met the performance goals for the 2017 calendar year. Each PSU represents the right to receive one share of Common Stock upon vesting. The PSUs are scheduled to as follows, subject to continued employment by the reporting person through the applicable vesting date: (a) two-thirds vest on January 20, 2018 (because this vesting date fell on a weekend, these PSUs vested on the next business day, January 22, 2018), (b) one-sixth vest on January 20, 2019, and (c) one-sixth vest on January 20, 2020.
- F2On January 22, 2018, the two-thirds of the PSUs that were scheduled to vest on January 20, 2018 were settled in shares of Common Stock using the January 22, 2018 closing price of the Common Stock.
- F3These shares of Common Stock were withheld to satisfy the tax withholding obligation in connection with the settlement of vested PSUs into shares of Common Stock on January 22, 2018.