Business Context and Reporting Period
Company: Redwood Trust, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: November 2, 2023
Reporting Period: Single event date (November 2, 2023)
This filing reports a corporate governance event: the election of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on board composition changes and does not contain financial performance data.
Material Changes
- Board Expansion: The Board of Directors increased its size from eight to nine directors.
- New Appointment: Doneene K. Damon was appointed to fill the newly created vacancy.
- Committee Assignments: Ms. Damon was appointed to the Compensation Committee and the Governance and Nominating Committee.
Management Commentary and Governance Details
Director Background: Ms. Damon is a practicing attorney and Director at Richards, Layton & Finger, P.A. She previously served as President of the firm (2019–2022) and currently chairs its Corporate Trust and Agency Services Group. She holds a B.S. in Accounting and a J.D.
Compensation: Ms. Damon will receive compensation consistent with the summary of arrangements for non-employee directors in the 2023 Proxy Statement, including a pro-rated amount for the period from November 2, 2023, through the 2024 Annual Meeting.
Indemnification: The Company entered into an indemnification agreement with Ms. Damon, requiring the Company to indemnify and advance expenses to the maximum extent permitted by Maryland law.
Investor Verification Checklist
- Verify the updated Board composition and committee assignments in the company's latest proxy materials.
- Review the 2023 Proxy Statement (filed March 31, 2023) for specific non-employee director compensation rates.
- Confirm the effective date of the indemnification agreement (referenced as Exhibit 99.3 from a 2009 filing).