Business Context and Reporting Period
Company: Redwood Trust, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 24, 2016
Event: Election of a new Director to the Board of Directors.
Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The report is limited to corporate governance updates.
Material Changes
- Board Expansion: The Board of Directors increased its size from nine to ten members.
- New Appointment: Debora D. Horvath was elected to fill the newly created vacancy.
- Committee Assignments: Ms. Horvath will serve on the Audit Committee and the Governance and Nominating Committee.
Management Commentary and Governance Details
Director Background: Ms. Horvath is the Principal of Horvath Consulting LLC (founded 2010). Her prior experience includes Executive Vice President roles at JP Morgan Chase & Co. (2008-2010) and Washington Mutual, Inc. (2004-2008), as well as a 25-year tenure at General Electric Company, including 12 years as Senior Vice President and Chief Information Officer for GE insurance businesses.
Compensation: Ms. Horvath will receive compensation consistent with the summary of arrangements for non-employee directors in the Company's 2015 Proxy Statement, including a pro-rated amount for the period from March 24, 2016, through the 2016 Annual Meeting of Stockholders.
Indemnification: The Company and Ms. Horvath entered into an indemnification agreement requiring the Company to indemnify and advance expenses to the maximum extent permitted by Maryland law.
Key Facts for Investor Verification
- Verify the total number of Board seats (now 10) and the specific committee assignments of the new director.
- Review the 2015 Proxy Statement to confirm the specific compensation structure applicable to Ms. Horvath.
- Confirm the effective date of the indemnification agreement and its alignment with Maryland law.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.