Impac Mortgage Holdings,Inc. (OTCMKTS:IMPHO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January14, 2019, Ron Morrison, resigned as Executive Vice President and General Counsel of Impac Mortgage Holdings,Inc. (the “Company”). In connection with his departure, Mr.Morrison and the Company entered into a Separation and Release Agreement whereby the Company agreed to pay Mr.Morrison a severance payment of $300,000, permit the exercise of vested and outstanding options aggregating 132,700 with exercise prices ranging from $2.73 to $20.50 until the earlier of December31, 2019 or the expiration date, and provide health benefits until December31, 2019. Mr.Morrison and family members were also removed as beneficiaries to a life insurance policy for which the Company provides collateral.
About Impac Mortgage Holdings,Inc. (OTCMKTS:IMPHO)
Impac Mortgage Holdings, Inc. is an independent residential mortgage lender. The Company operates through three segments: Mortgage Lending, Real Estate Services and Long-Term Mortgage Portfolio. It originates, sells and services conventional, conforming agency and Government insured residential mortgage loans. Its Real Estate Services segment provides various real estate related services and loss mitigation services, including managing distressed mortgage portfolios and foreclosed real estate assets; surveillance services for residential and multifamily mortgage portfolios; loan modification services, and the master servicing on various residential mortgage and multifamily loan pools for loans. It manages its long-term mortgage portfolio, which consists of residual interests in the securitization trusts reflected as trust assets and liabilities. Its Corporate segment includes corporate services groups, such as information technology, human resources, legal, facilities and accounting.