Business Context and Reporting Period
Company: Redwood Trust, Inc. (RWT)
Filing Type: Form 8-K (Current Report)
Date of Report: March 30, 2021
Event: Election of Directors and Board Expansion
Key Financial Metrics
This filing is a current report regarding corporate governance changes and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
- Board Expansion: The Board of Directors increased its size from eight to ten directors.
- New Appointments: Faith A. Schwartz and Armando Falcon were elected to fill the new vacancies.
- Committee Assignments:
- Faith A. Schwartz: Expected to serve on the Audit Committee and Governance and Nominating Committee.
- Armando Falcon: Expected to serve on the Compensation Committee and Governance and Nominating Committee.
Management Commentary and Compensation
Director Backgrounds:
- Faith A. Schwartz: President of Housing Finance Strategies, LLC; former Senior Vice President at CoreLogic, Inc.; founder of HOPE NOW Alliance and HOPE LoanPort.
- Armando Falcon: CEO of Falcon Capital Advisors LLC; former Director of the Office of Federal Housing Enterprise Oversight; former General Counsel for the U.S. House Committee on Banking and Financial Services.
Compensation and Agreements:
- Directors will receive compensation as described in the 2020 Proxy Statement, including a pro-rated amount for service from March 30, 2021, through the 2021 Annual Meeting.
- The Company will enter into indemnification agreements with both directors to the maximum extent permitted by Maryland law.
Investor Verification Checklist
- Verify the specific committee assignments for Ms. Schwartz and Mr. Falcon once formally confirmed by the Board.
- Review the 2020 Proxy Statement (filed April 27, 2020) for details on the non-employee director compensation structure.
- Confirm the effective date of the indemnification agreements referenced in Exhibit 99.3.