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OCN > SEC Filings for OCN > Form 8-K on 22-Apr-2014All Recent SEC Filings

Show all filings for OCWEN FINANCIAL CORP



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Item 5.02(e)

On April 22, 2014, the Executive Chairman of Ocwen Financial Corporation (the "Company"), William C. Erbey, surrendered 1,000,0000 of the 2,000,000 stock options previously granted to him on August 21, 2012 (such grant, the "Award") pursuant to a Surrender of Stock Options (the "Surrender Agreement"). The options, which had an exercise price of $24.38, had been granted to Mr. Erbey under the Company's 2007 Equity Incentive Plan (the "Plan"). The Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") had undertaken a review of the Award following the Company's receipt of a letter (the "Shareholder Letter") in which certain claims were made by one of the Company's shareholders, including that the Award was inconsistent with the terms of the Plan. Following a review of the concerns raised in the Shareholder Letter, the Compensation Committee and the Board (with Mr. Erbey and Mr. Ronald M. Faris recusing themselves) determined that the Award was valid under the Plan. Notwithstanding the foregoing, the Board (with Messrs. Erbey and Faris recusing themselves) approved the Company's settlement with the shareholder identified in the Shareholder Letter, and, as part of such settlement, Mr. Erbey agreed to surrender the 1,000,000 stock options for no consideration pursuant to the terms of the Surrender Agreement, which options consisted of 500,000 performance-based options and 500,000 extraordinary performance-based options.

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