UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2013
PennyMac Financial Services, Inc.
(Exact name of registrant as specified in its charter)
001-35916
(Commission File Number)
Delaware |
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80-0882793 |
(State or other jurisdiction of |
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(I.R.S. Employer Identification No.) |
incorporation) |
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6101 Condor Drive
Moorpark, CA 93021
(Address of principal executive offices, with zip code)
(818) 224-7442
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On May 14, 2013, the Board of Directors of PennyMac Financial Services, Inc., a Delaware corporation (the Company), approved the following annual retainer fees for non-employee directors of the Company:
Base Annual Retainer, all board members |
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$ |
65,000 |
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Base Annual Retainer, all committee members: |
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Audit Committee |
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$ |
7,750 |
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Compensation Committee |
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$ |
7,750 |
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Governance and Nominating Committee |
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$ |
5,750 |
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Related Party Matters Committee |
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$ |
5,750 |
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Finance Committee |
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$ |
7,750 |
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Additional Annual Retainer, all committee chairs: |
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Audit Committee |
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$ |
10,750 |
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Compensation Committee |
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$ |
10,750 |
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Governance and Nominating Committee |
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$ |
7,750 |
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Related Party Matters Committee |
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$ |
7,750 |
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Finance Committee |
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$ |
10,750 |
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On May 14, 2013, the Board of Directors of the Company also granted 4,459 restricted stock units (Restricted Stock Units) under the Companys 2013 Equity Incentive Plan (the Plan) to each of the non-employee directors of the Company, with each such Restricted Stock Unit representing a contingent right to receive 1 share of the Companys Class A Common Stock upon settlement. One-third (1/3) of the Restricted Stock Units vest on each of the first, second and third anniversaries of the grant date, subject to continued service through each vesting date. Each Restricted Stock Unit is otherwise subject to the provisions of the Plan.
The form of Restricted Stock Unit Award Agreement to be entered into by the Company and each non-employee director in connection with the grants described above is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
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Description |
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10.1 |
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Form of Restricted Stock Unit Award Agreement for Non-Employee Directors |
SIGNATURES
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.
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PENNYMAC FINANCIAL SERVICES, INC. | |
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Date: May 16, 2013 |
By: |
/s/ Jeffrey Grogin |
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Jeffrey Grogin |
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Chief Administrative and Legal Officer and Secretary |
Exhibit 10.1
PENNYMAC FINANCIAL SERVICES, INC.
2013 EQUITY INCENTIVE PLAN
RESTRICTED STOCK UNIT
AWARD AGREEMENT
THIS AGREEMENT is dated as of [ ], 2013, between PennyMac Financial Services, Inc., a corporation organized under the laws of the State of Delaware (the Company), and the individual identified in the table below (the Recipient).
Recipient |
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Number of RSUs |
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Grant Date |
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Vesting Commencement Date |
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1. Grant of Restricted Stock Units. Subject to the terms and conditions of this Award Agreement and the Companys 2013 Equity Incentive Plan, as the same may be amended, modified, supplemented or interpreted from time to time (the Plan), including without limitation the vesting provisions set forth in Section 2, the Company hereby grants to the Recipient the above indicated number of restricted stock units (the RSUs) to obtain, for each RSU, a fully paid and nonassessable share of Class A Common Stock, par value $0.0001 per share, in the Company (the Stock), with effect as of the Grant Date specified above.
2. Vesting and Settlement.
2.1 Subject to Section 3, one-third (1/3) of the RSUs shall vest on each of the first, second, and third anniversaries of the Vesting Commencement Date specified above, with any fractions rounded down except on the final installment.
2.2 Until the RSUs vest and are issued pursuant to the terms of this Award Agreement, the Recipient shall have no rights as a stockholder, such as the right to vote or to receive dividends in respect of the Stock covered by this Award. The shares of Stock earned as the RSUs vest will be transferred or issued to the Recipient (or his or her estate, in the event of his or her death) promptly after the date they vest but in any event not later than the 15th day of the third month following the end of the calendar year in which such RSUs become vested.
2.3 The Recipients name shall be entered as the stockholder of record on the books and records of the transfer agent for the Company with respect to the Stock issuable pursuant to Section 2.2 only upon compliance to the satisfaction of the Committee with all requirements under applicable laws or regulations in connection with such issuance and with the requirements of this Agreement and of the Plan. The determination of the Committee as to such compliance shall be final and binding on the Recipient. Notwithstanding anything to the contrary in this Agreement, no Stock shall be issued in settlement of vested RSUs if the issuance of such shares would constitute a violation of any applicable federal or state securities law or
other law or regulation. As a condition to the issuance of Stock to the Recipient pursuant to Section 2.2, the Company may require the Recipient to make any representation or warranty to the Company at the time vested Stock becomes issuable to the Recipient as in the opinion of legal counsel for the Company may be required by any applicable law or regulation, including the execution and delivery of an appropriate representation statement. Accordingly, the stock certificates for the Stock issued pursuant to this Award may bear appropriate legends restricting the transfer of the Stock.
3. Effect of Termination. Unless otherwise expressly provided herein, no RSUs shall vest following the date (the Recipients Termination Date), reasonably fixed and determined by the Committee, of the voluntary or involuntary termination of the Recipients service as a director of the Company, for any or no reason whatsoever, including death or disability and an entity ceasing to be an Affiliate of the Company; provided, however, that military or sick leave shall not be deemed a termination of employment or other association, if it does not exceed the longer of 90 days or the period during which the Recipients reemployment rights, if any, are guaranteed by statute or by contract. As of the Recipients Termination Date, all of the then unvested RSUs shall be forfeited by the Recipient or any transferee.
4. Restrictions on Transfer. The RSUs may not be assigned or transferred (by operation of law or otherwise) except by will or the laws of descent and distribution.
5. Miscellaneous.
5.1 No Special Service Rights. Nothing contained in this Award Agreement shall confer upon the Recipient any right with respect to the continuation of his or her employment or other association with the Company (or any Affiliate), or interfere in any way with the right of the Company (or any Affiliate), subject to the terms of any separate employment or consulting agreement or provision of law or corporate articles or by-laws to the contrary, at any time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the other terms and conditions of the Recipients employment or other association with the Company and its Affiliates.
5.2 Entire Agreement; Counterparts. This Award Agreement, including the Plan, constitute the entire agreement of the parties with respect to the subject matter hereof. This Award Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, taken together, shall constitute one and the same instrument. In making proof of this Award Agreement it shall not be necessary to produce or account for more than one such counterpart.
5.3 Tax Consequences. The Company makes no representation or warranty as to the tax treatment to the Recipient of receipt of these RSUs, and does not warrant to the Recipient that all compensation paid or delivered to him or her for his or her services will be exempt from, or paid in compliance with, Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder. The Recipient should rely on his or her own tax advisors for all such advice.
5.4 Community Property. To the extent the Recipient resides in a jurisdiction in which community property rules apply, without prejudice to the actual rights of the spouses as between each other, for all purposes of this Award Agreement, the Recipient shall be treated as agent and attorney-in-fact for that interest held or claimed by the Recipients spouse with respect to these RSUs and the parties hereto shall act in all matters as if the Recipient was the sole owner of these RSUs. This appointment is coupled with an interest and is irrevocable.
6. Receipt of Plan. The RSUs were awarded under the Plan, to which this Award Agreement is subject in all respects, including without limitation the adjustment and tax withholding provisions therein. All capitalized terms used in this Award Agreement and not otherwise defined shall have the meanings ascribed thereto in the Plan. The Recipient has reviewed and understands the Plan and this Award Agreement in their entirety, and has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement. The Recipient hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or this Award Agreement.
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IN WITNESS WHEREOF, the Recipient and the Company have entered into this Award Agreement as of the date first set forth above.
PENNYMAC FINANCIAL SERVICES, INC.
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Signature of Recipient |
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Title: |
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