Business Context and Reporting Period
This Form 8-K is a current report filed by New Residential Investment Corp. (NRZ) on November 1, 2021. The filing reports a corporate governance event: the appointment of a new independent director to the Board of Directors. Note: The request metadata referenced "Rithm Capital Corp.," but the filing text explicitly identifies the registrant as New Residential Investment Corp.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The material change reported is the expansion of the Board of Directors from seven to eight members. The Board appointed Patrice M. Le Melle as an independent director, effective November 8, 2021. She was assigned to the Nominating and Corporate Governance Committee and designated as a Class II Director with a term expiring at the 2024 annual meeting.
Guidance, Outlook, and Compensation
The filing details the compensatory arrangements for the new director:
- Annual Fees: Ms. Le Melle will receive the standard annual Board compensation for non-employee directors for 2021, prorated based on her appointment date.
- Equity Grant: She will receive a one-time grant of fully-vested options for 1,000 shares of Common Stock. The exercise price equals the fair market value on the grant date.
- Settlement Terms: Options will be settled in cash equal to the excess of the fair market value at exercise over the grant date value, unless share settlement is approved in advance.
No financial guidance, outlook, or risk factors specific to operations were disclosed in this report.
Investor Verification Checklist
- Verify the exact compensation structure for non-employee directors in the Company's Definitive Proxy Statement (Schedule 14A) filed on April 9, 2021.
- Confirm the effective date of the director's appointment (November 8, 2021) versus the filing date (November 1, 2021).
- Review the attached press release (Exhibit 99.1) for additional biographical details on the new director.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.