Unico American Corporation announced that on December 6, 2021, the company received a notice from Nasdaq notifying the Company of its failure to comply with Nasdaq's audit committee requirements set out in Rule 5605 of the Nasdaq listing standards following the appointment of Steven Shea as President and Chief Operations Officer of the Company and Shea's resignation from the Company's Audit Committee, Compensation Committee and Nominating & Corporate Governance Committee on October 25, 2021. On December 9, 2021, the Board of the Company appointed Kathryn A. Johnson to the Board. Johnson's term as director will expire at the next Annual Meeting of Stockholders and thereafter until either her successor has been duly elected and qualified, or until her earlier death, resignation or removal.

Johnson is a forensic accountant and expert witness, with over 30 years of accounting and finance experience. Currently, Johnson is a Vice President of Forensic Accounting & Economics with J.S. Held LLC. In addition, Johnson is currently an adjunct university professor at California State University, San Bernardino, the University of Redlands, University of California, Riverside, Cal Poly Pomona and California State University Long Beach.

Johnson also serves as an expert witness and provides litigation support services for law firms. From October 2017 to, December 2021, Johnson was the President and CEO for CPA Forensics Plus Inc. Prior to being appointed as President and CEO of Forensics Plus, Johnson was a Partner at Forensics Plus from April 2013 to September 2017. On December 9, 2021, Johnson was appointed as a member of the Company's Audit Committee.