NEW YORK MORTGAGE TRUST, INC. (NASDAQ:NYMT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 19, 2018, New York Mortgage Trust, Inc. (the “Company”) entered into a Third Amended and Restated Employment Agreement with Steven R. Mumma (the “Executive”), the Company’s Chief Executive Officer (the “Employment Agreement”). The Employment Agreement amends, restates and supersedes the Second Amended and Restated Employment Agreement between the Company and the Executive dated November 3, 2014 (the “Prior Employment Agreement”). The Employment Agreement will expire on December 31, 2019, unless further extended or sooner terminated in accordance with the terms thereof (the “Term”).
The Employment Agreement modifies certain terms of the Prior Employment Agreement, including, without limitation, as follows:
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eliminates the “single trigger” acceleration of the Executive’s outstanding restricted stock solely due to a change in control; |
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eliminates the Company’s obligation to reimburse the Executive for premiums paid by the Executive on his term life insurance policy; |
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with respect to the Executive’s termination of the Employment Agreement for Good Reason (as defined in the Employment Agreement), introduces a 90-day window in which the Executive may notify the Company of the existence of a condition giving rise to Good Reason; |
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extends the Company’s period to pay to the Executive (or the Executive’s designated beneficiary(ies), as applicable,) compensation upon termination, death or during disability from ten days to 30 days; and |
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narrows the geographic scope of the non-compete provision from a prohibition from engaging or participating in any Competing Business (as defined in the Employment Agreement) in any state or country or other jurisdiction in which the Company conducts its Business (as defined in the Employment Agreement) to any state or comparable jurisdiction in which the Company conducts its Business. |
All other terms contained in the Prior Employment Agreement remain substantially unchanged in the Employment Agreement, a description of which is set forth in the Company’s definitive proxy statement filed on the date hereof. The foregoing summary of the material changes to the Prior Employment Agreement is qualified in its entirety by reference to the Employment Agreement, which is being filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is being filed herewith this Current Report on Form 8-K.
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Exhibit |
Description |
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Third Amended and Restated Employment Agreement, dated as of April 19, 2018, by and between New York Mortgage Trust, Inc. and Steven R. Mumma. |
NEW YORK MORTGAGE TRUST INC ExhibitEX-10.1 2 nymt-thirdamendedandrestat.htm EXHIBIT 10.1 Exhibit Exhibit 10.1THIRD AMENDED AND RESTATEDEMPLOYMENT AGREEMENT OFSTEVEN R. MUMMAThis THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into this day of April 19,…To view the full exhibit click here
About NEW YORK MORTGAGE TRUST, INC. (NASDAQ:NYMT)
New York Mortgage Trust, Inc. is a real estate investment trust. The Company is engaged in the business of acquiring, investing in, financing and managing primarily mortgage-related assets and financial assets. Its investment portfolio includes residential mortgage loans, including second mortgages and loans sourced from distressed markets, multi-family commercial mortgage-backed securities (CMBS), mezzanine loans to and preferred equity investments in owners of multi-family properties, equity and debt securities issued by entities that invest in residential and commercial real estate and commercial real estate-related debt investments, and Agency residential mortgage-backed securities (RMBS). It may also acquire and manage various other types of mortgage-related and financial assets, including non-Agency RMBS, collateralized mortgage obligations and securities issued by newly originated residential securitizations, including credit sensitive securities from these securitizations.
