Walter Investment Management Corp. (NYSE:WAC) 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 March 24, 2017, Jonathan F. Pedersen resigned from his positions as Chief Legal Officer, General Counsel and Secretary of Walter Investment Management Corp. (the “Company”), effective March 24, 2017. In order to assist with any necessary transition, Mr. Pedersen will remain an employee of the Company in a non-officer capacity through April 30, 2017, or until such earlier date as may be mutually agreed between the Company and Mr. Pedersen (the “Termination Date”). John J. Haas, Assistant General Counsel of the Company, has been elected Acting Chief Legal Officer and General Counsel of the Company, effective March 29, 2017.
In connection with Mr. Pedersen’s resignation, the Company and Mr. Pedersen executed a Resignation Letter Agreement, dated March 24, 2017 (the “Resignation Letter Agreement”), to which Mr. Pedersen is eligible to receive the following rights and benefits through the Termination Date, subject to his complying with the terms of his non-competition, non-solicitation and non-disparagement covenants (as modified by the Resignation Letter Agreement) and any other terms and conditions to which he is subject: (i) his current base salary and employee benefits through the Termination Date, to his employment letter agreement with the Company dated October 16, 2013; (ii) the retention bonus contemplated by the retention letter agreement between Mr. Pedersen and the Company, dated February 17, 2017, to be paid on March 31, 2017 provided that Mr. Pedersen remains an employee of the Company through March 31, 2017; and (iii) all cash and equity incentive awards outstanding as of March 24, 2017 (the “Incentive Awards”) will remain outstanding and will continue to vest through the Termination Date, which shall be Mr. Pedersen’s final date of employment for all purposes under the award agreements applicable to the Incentive Awards.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the text of the Resignation Letter Agreement between Mr. Pedersen and the Company, which is expected to be filed with the Company’s Form 10-Q for the quarter ended March 31, 2017.
About Walter Investment Management Corp. (NYSE:WAC)
Walter Investment Management Corp. is a diversified mortgage banking firm focused primarily on the servicing and origination of residential loans, including reverse loans. The Company operates through three segments: Servicing, Originations and Reverse Mortgage. The Servicing segment consists of operations that perform servicing for third-party credit owners of mortgage loans, as well as its own mortgage loan portfolio. The Servicing segment also includes Insurance, and Loans and Residuals businesses. The Originations segment consists of operations that originate and purchase mortgage loans that are intended for sale to third parties. The Reverse Mortgage segment consists of operations which purchases and originates home equity conversion mortgage that are securitized, but remain on the consolidated balance sheet as collateral for secured borrowings. Walter Investment Management Corp. (NYSE:WAC) Recent Trading Information
Walter Investment Management Corp. (NYSE:WAC) closed its last trading session down -0.057 at 0.934 with 1,147,162 shares trading hands.