UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
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.
On June 21, 2024, the Compensation Committee (the “Committee”) of our Board of Directors approved the granting of restricted stock units (“RSUs”) under the Granite Point Mortgage Trust Inc. 2022 Omnibus Incentive Plan to our executive officers and certain other employees. The RSUs were granted on June 21, 2024, and will cliff vest on the third anniversary of the grant date, subject to the other terms and conditions approved by the Committee. The number of RSUs awarded to each of our named executive officers is as follows: John (“Jack”) A. Taylor, 256,410; Stephen Alpart, 160,256; Marcin Urbaszek, 160,256; Peter Morral, 80,128; and Steven Plust, 80,128. The Committee used the average closing share price of the Company’s common stock over the 20-trading day period ending on June 18, 2024, or $3.12, to determine the number of RSUs to grant. The aggregate number of RSUs approved by the Committee on June 21, 2024, for the named executive officers is 737,178, and for other employees is 588,141, totaling 1,325,319.
These RSUs were granted following the Committee’s review of our compensation program, with the assistance of its independent compensation consultant, which the Committee initiated because of the unprecedented challenges facing the commercial real estate sector. After exploring a range of options in the review process, the Committee determined that it was prudent to grant one-time awards to our executive officers and other key personnel to further align their interests with those of our stockholders and to bolster the Company’s ability to retain those individuals.
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.
| Date: June 21, 2024 | GRANITE POINT MORTGAGE TRUST INC. | |
| By: | /s/ MICHAEL J. KARBER | |
| Michael J. Karber | ||
| General Counsel and Secretary | ||