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Get filing alertsUMH appoints Kevin Miller as CFO with $430K salary, 60% target bonus, and equity awards
Filed June 23, 2026 · Period ending June 18, 2026 · ~1 min read
Key Changes
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Kevin Miller hired as CFO effective June 1, 2026, with $430,000 annual base salary (pro-rated for 2026) and initial term through January 1, 2027 that auto-renews annually thereafter.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Miller eligible for 60% target annual bonus based on corporate metrics and individual goals, plus annual long-term equity awards under the 2023 Equity Incentive Award Plan.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Severance provisions include three times base salary plus average bonus if terminated without cause or for good reason; one times for death or disability. Unvested time-based equity vests ratably over 36 months (12 months for death/disability).
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
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Change-of-control provisions accelerate severance to lump-sum payment within 60 days if Miller is terminated within 24 months following an acquisition, maintaining same severance multiples with faster payout timing.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
UMH Properties formalized the appointment of Kevin Miller as Executive Vice President, Chief Financial Officer and Treasurer effective June 1, 2026. The employment agreement establishes a $430,000 annual base salary with a 60% target bonus tied to corporate financial metrics and individual performance goals set by the Compensation Committee. Miller will also receive annual long-term equity awards under the company's 2023 Equity Incentive Award Plan, with vesting tied to performance metrics including FFO per share growth, total shareholder return, occupancy, NOI growth, and ESG factors.
The agreement includes standard executive protections: three times base salary plus average bonus as severance for involuntary termination without cause or for good reason, and accelerated lump-sum payment if termination occurs within 24 months of a change of control. The initial term runs through January 1, 2027, with automatic annual renewals unless either party provides notice. For a manufactured housing REIT of UMH's size, the compensation package appears market-standard for a CFO role, balancing fixed compensation with performance-based incentives aligned to shareholder value creation metrics.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Miller Agreement also provides that in the event Mr. Miller’s employment is terminated at or within twenty-four (24) months following the consummation of a change of control of the Company, either without cause by the Company or its successor (including as a result of the Company’s or its successor’s decision not to renew the Miller Agreement at the end of the applicable term), or due to Mr. Miller’s death or disability, or by Mr. Miller for good reason, and Mr. Miller would otherwise be entitled to receive the Miller Termination Benefit described above as a result of such termination of his employment, then Mr. Miller shall be entitled to receive a single lump sum payment of the Miller Termination Benefit not later than sixty (60) days following the termination, provided that such a lump-sum payment would be permitted by applicable provisions of the Internal Revenue Code.
If Miller is terminated within 24 months after a change of control (without cause, for good reason, or due to death/disability), his severance is paid as a lump sum within 60 days rather than in monthly installments. This double-trigger provision accelerates payment timing in acquisition scenarios while maintaining the same severance multiples.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 23, 2026 · How we verify