NMI Holdings, Inc. (NASDAQ:NMIH) 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.
NMI Holdings, Inc. (the "Company") previously disclosed that Glenn Farrell, its former Chief Financial Officer, would retire on July 31, 2017 from his current role as Chief Accounting Officer. In connection with Mr. Farrell's retirement, the Company and Mr. Farrell entered into a Separation Agreement and general release dated July 31, 2017 (the "Separation Agreement"). to the Separation Agreement, the Company and Mr. Farrell agreed that the Company will (i) pay Mr. Farrell $193,125, an amount equal to six months' salary, on January 2, 2018; (ii) accelerate the vesting of certain restricted stock unit and option awards, as further described in the Separation Agreement; and (iii) pay medical, dental and vision COBRA insurance premiums through January 30, 2018, if Mr. Farrell elects to continue his coverage. Under the terms of the Separation Agreement, Mr. Farrell has agreed to a general release of claims with respect to the Company and is subject to non-disparagement and confidentiality provisions.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the document, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
10.1Separation Agreement by and between NMI Holdings, Inc. and Glenn Farrell, dated July 31, 2017.
NMI Holdings, Inc. ExhibitEX-10.1 2 ex101farrellseparationagre.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1July 31,…To view the full exhibit click here
About NMI Holdings, Inc. (NASDAQ:NMIH)
NMI Holdings, Inc. (NMIH) provides private mortgage guaranty insurance (MI) through its insurance subsidiaries. The Company’s insurance subsidiary, National Mortgage Insurance Corporation (NMIC), is an MI provider on loans purchased by Fannie Mae and Freddie Mac (collectively the Government-sponsored enterprises(GSEs)). The Company’s reinsurance subsidiary, National Mortgage Reinsurance Inc One, provides reinsurance to NMIC on certain loans insured by NMIC. MI protects mortgage lenders from default-related losses on residential mortgage loans made to home buyers making down payments of less than 20% of the home’s purchase price. The Company originates primary mortgage insurance coverage through its delegated and non-delegated underwriting programs. Its residential mortgage insurance products primarily provide first loss protection on loans originated by residential mortgage lenders and sold to the GSEs and on low down payment loans held by portfolio lenders.
