Western Asset Mortgage Capital Corporation (NYSE:WMC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Western Asset Mortgage Capital Corporation (NYSE:WMC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.

On May 15, 2017, Western Asset Management Company, the external
manager (the Manager) of Western Asset Mortgage Capital Corporation
(the Company), finalized the bonus payable to Lisa Meyer, the
Companys chief financial officer and treasurer, with respect to the
twelve months ended December 31, 2016. For such period, the Manager
paid Ms. Meyer a bonus totaling $450,000, which consisted of
$360,000 in cash, $50,040 in deferred cash under the Manager’s
deferred compensation plan and restricted shares of the Company’s
common stock with a grant date fair value of $39,960, which such
restricted shares will vest in one-quarter increments on April 30
of each of 2018, 2019, 2020 and 2021. The cash portion of the bonus
is included in the “Bonus” column of the Summary Compensation
Table below, and the portion of the bonus that was payable in
restricted shares will be included in the “Stock Awards” column
of the Summary Compensation Table included in the Company’s
definitive proxy statement for the twelve months ended December 31,
2017. As disclosed in the Companys definitive proxy statement on
Schedule 14A filed with the Securities and Exchange Commission on
April 18, 2017 (the Proxy), the Company will reimburse the Manager
for the payment of this bonus.
Ms. Meyers bonus amount for 2016 was not included in the Summary
Compensation Table included in the Proxy because it had not been
determined at the time of filing the Proxy. to Item 5.02(f) of Form
8-K, below is a revised Summary Compensation Table, which includes
(i) the cash portion of the 2016 bonus amount paid by the Manager
to Ms. Meyer and reimbursed by the Company and (ii) the revised
total compensation figure for 2016. No other amounts have changed.
Summary Compensation Table
The following table sets forth Ms. Meyer’s annual summary
compensation (paid by the Manager and reimbursed by the Company)
for the fiscal year ended December 31, 2016.
Name and Principal Position
Year
Salary
Bonus
Stock Awards
All Other Compensation
Total
Lisa Meyer (Chief Financial Officer and Treasurer)
$
167,308
$410,040
(1)
(2)
$
47,119
(3)
$
624,467
(1)>Represents a bonus consisting of $360,000 in cash and
$50,040 in deferred cash under the Manager’s deferred
compensation plan.
(2) No shares were awarded to Ms. Meyer to the Company’s or the
Manager’s equity plans in 2016.
(3)>Includes (i) $6,472 in matching contributions to our
Manager’s 401(k) plan, (ii) $1,080 in life insurance premiums
paid on behalf of Ms. Meyer, (iii) $10,812 in medical benefits
paid on behalf of Ms. Meyer and (iv) $28,755 in relocation
expenses.


About Western Asset Mortgage Capital Corporation (NYSE:WMC)

Western Asset Mortgage Capital Corporation is a real estate investment trust focused on investing in, financing and managing a portfolio of real estate related securities, whole-loans and other financial assets. The Company’s portfolio consists of Agency residential mortgage-backed securities (RMBS) (including To-Be-Announced securities (TBAs)), Non-Agency RMBS, Agency and Non-Agency commercial mortgage-backed securities (CMBS), and Whole-Loans. In addition, the Company also invests in other securities, including certain Agency obligations that are not technically mortgage-backed securities (MBS), as well as in certain Non-United States CMBS and asset-backed securities (ABS) investments secured by a portfolio private student loans. The Company is externally managed and advised by Western Asset Management Company.

Western Asset Mortgage Capital Corporation (NYSE:WMC) Recent Trading Information

Western Asset Mortgage Capital Corporation (NYSE:WMC) closed its last trading session up +0.02 at 10.01 with 139,615 shares trading hands.

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