PennyMac Mortgage Investment Trust 8-K, filed May 25, 2021
PennyMac Mortgage Investment Trust (PMT)
About this 8-K
PennyMac Mortgage Investment Trust filed this 8-K on May 25, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(d) Election of Trustee. On May 25, 2021, the Board of Trustees (the “Board”) of PennyMac Mortgage Investment Trust (the “Company”) elected Renee R. Schultz as an independent Class I Trustee. Ms. Schultz will serve until the Company’s next annual meeting of shareholders in the year indicated for such trustee’s class and until her successor is duly elected and qualified or until her earlier death, resignation or removal. Ms. Schultz will also serve on the Compensation Committee and the Finance Committee of the Company’s Board.
In consideration for her services as a trustee, Ms. Schultz will be entitled to receive compensation on the same terms and in the same amounts as the other independent trustees. Accordingly, Ms. Schultz will receive an annual base retainer of $90,000, as well as additional annual committee retainers of $7,750 for serving on each of the Compensation and the Finance Committees.
In connection with her election to the Board, Ms. Schultz will receive a one-time equity grant of $102,000 in restricted share units under the Company’s 2019 Equity Incentive Plan (the “Plan”) with such amount to be prorated based on days of service on the Board during the annual equity award cycle. The restricted share units shall vest in three equal installments on the first, second and third anniversaries of the grant date, subject to continued service through such vesting date, and is entitled to dividend equivalents throughout the vesting period. In addition, Ms. Schultz will enter into an indemnification agreement with the Company in the same form that the Company has entered into with its other trustees. There are no other arrangements or understandings pursuant to which Ms. Schultz was elected as a trustee, and there are no related party transactions between the Company and Ms. Schultz.
| Item 8.01 | Other Events. |
On May 25, 2021, the Company also issued a press release announcing the election of Ms. Schultz as referenced in Item 5.02 above. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | Press Release, dated May 25, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PENNYMAC MORTGAGE INVESTMENT TRUST | ||||||
| Dated: May 25, 2021 | /s/ Daniel S. Perotti | |||||
| Daniel S. Perotti Senior Managing Director and Chief Financial Officer | ||||||
Exhibit 99.1
| Media | Investors | |||
| Janis Allen | Kevin Chamberlain | |||
| Kristyn Clark | Isaac Garden | |||
| (805) 330-4899 | (818) 224-7028 |
PennyMac Mortgage Investment Trust Announces
Renee R. Schultz Has Joined Its Board of Trustees
Westlake Village, CA, May 25, 2021 – PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that Renee R. Schultz, a Fannie Mae veteran and accomplished mortgage industry leader, has joined its Board of Trustees.
“We are excited to bring Renee’s broad range of expertise to PMT’s Board of Trustees,” said Chairman and CEO David A. Spector. “Her breadth of experience will undoubtedly add valuable perspective to our Board. On behalf of my fellow trustees, I welcome her arrival with great enthusiasm.”
Over her 22 years at Fannie Mae, Ms. Schultz held leadership roles involved in providing liquidity to Fannie Mae’s customers and the broader capital markets. As Senior Vice President of Capital Markets, she managed Fannie Mae’s capital markets pricing and sales desk, credit risk transfer programs, structured transactions, and the whole loan conduit. She also oversaw the securitization policy team, which ensures proper administration of matters related to the strategy and business value of Fannie Mae securities. Currently, Ms. Schultz is a Trustee at Saint Mary’s College in Notre Dame, Indiana.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage-related assets. PMT is externally managed by PNMAC Capital Management, LLC, a wholly-owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information about PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com.