OCWEN FINANCIAL CORPORATION (NYSE:OCN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Otto J. Kumbar, Executive Vice President, Lending of Ocwen Financial Corporation (collectively with its subsidiaries, Ocwen), ceased his employment with Ocwen effective February 9, 2018. Ocwen eliminated the role of Executive Vice President, Lending in connection with the Company’s previously disclosed strategic assessment of its lending business. Mr. Kumbar and the Company entered into a separation agreement to which Mr. Kumbar will receive a payment of $1,250,000. Mr. Kumber provided the Company with a release of claims and agreed to comply with certain non-competition, non-solicitation and other covenants under the separation agreement.
The foregoing description of the separation agreement is a summary only and is qualified in its entirety by the full text of the agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| 10.1* | Separation Agreement dated as of February 9, 2018 |
| * | Management contract or compensatory plan or agreement. |
OCWEN FINANCIAL CORP ExhibitEX-10.1 2 ex10-1.htm Exhibit 10.1 SEPARATION AGREEMENT AND FULL RELEASE This Agreement and Full Release (the “Agreement”),…To view the full exhibit click here
About OCWEN FINANCIAL CORPORATION (NYSE:OCN)
Ocwen Financial Corporation is a financial services holding company. The Company, through its subsidiaries, operates as a mortgage company. The Company’s segments include Servicing, Lending, and Corporate Items and Other. The Company’s Servicing segment consists of its core residential servicing business. The Company’s Lending segment is focused on originating and purchasing conventional and government-insured residential forward and reverse mortgage loans. The Company’s Corporate Items and Other segment includes business activities that include providing secured floor plan lending to used car dealerships through its Automotive Capital Services (ACS) venture and providing financing to investors to purchase single-family homes and apartments for lease through its Liberty Rental Finance venture. The Corporate Items and Other segment also includes the diversified fee-based businesses, which provide property valuation, real estate owned (REO) management, title and closing services.
