Ubiquiti Inc.
08/02/2021 | Press release | Distributed by Public on 08/02/2021 14:39
Management Change/Compensation (Form 8-K)
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On July 30, 2021, the Board of Directors (the 'Board') of Ubiquiti Inc. (the 'Company') appointed Brandon Arrindell as a Class I director of the Company, effective as of August 3, 2021 (the 'Effective Date'). Mr. Arrindell will fill the vacancy that will be created following the previously disclosed resignation of Michael Hurlston on the Effective Date. Mr. Arrindell will serve as the chairman of the Compensation Committee and as a member of the Audit Committee and the Nominating and Corporate Governance Committee.
The Board has determined that Mr. Arrindell is an independent director under the applicable listing rules of the New York Stock Exchange and will be entitled to compensation as a non-employee director in accordance with the Company's non-employee director compensation practices described under the heading 'Directors' Compensation' in the Company's Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on October 26, 2020.
There is no understanding or arrangement between Mr. Arrindell and any other person or persons with respect to his election as a director. Mr. Arrindell will be a party to the Company's standard form Director Indemnification Agreement. Additionally, there are no transactions involving the Company and Mr. Arrindell that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.