SEC Filing Summary: New Residential Investment Corp.
Business Context and Reporting Period
This Form 8-K was filed by New Residential Investment Corp. on April 15, 2019, reporting events occurring on April 12, 2019. The filing addresses corporate governance changes, specifically the expansion of the Board of Directors and the appointment of a new independent director.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel and governance matters.
Material Changes
- Board Expansion: The Board of Directors increased its size to eight (8) members.
- New Appointment: Pamela F. Lenehan was appointed as an independent director and Class I Director, with a term expiring at the 2020 annual meeting.
- Committee Assignment: Ms. Lenehan was appointed as a member of the Audit Committee.
Compensation and Governance Details
Ms. Lenehan will receive standard annual Board compensation for non-employee directors for 2019, prorated based on her appointment date. Additionally, she received a one-time grant of fully-vested options for 1,000 shares of Common Stock. These options have an exercise price equal to the fair market value on the grant date and are expected to be settled in cash based on the excess of the fair market value at exercise over the grant date value, unless share settlement is approved.
Investor Verification Checklist
- Verify the full text of the Definitive Proxy Statement on Schedule 14A (filed April 11, 2019) to confirm the specific fee structure for non-employee directors.
- Review the Company's Nonqualified Stock Option and Incentive Award Plan to understand the terms of the cash-settled option grant.
- Confirm Ms. Lenehan's background and independence status as disclosed in the proxy materials.