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AI > SEC Filings for AI > Form 8-K on 11-Jun-2014All Recent SEC Filings




Change in Directors or Principal Officers, Regulation FD Disclos

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

Arlington Asset Investment Corp. (the "Company") today announced that its Board of Directors appointed J. Rock Tonkel, Jr. as the Company's Chief Executive Officer effective immediately. Mr. Tonkel, age 51, has served as President and Chief Operating Officer, a member of the Company's Board of Directors and a member of the Company's Investment Committee since 2007. Mr. Tonkel will also continue to serve as President of the Company, as a director for the remainder of his term and as a member of the Investment Committee.

Mr. Tonkel succeeds Eric F. Billings as Chief Executive Officer, who is retiring from this position effective immediately in order to focus on his other business activities. Mr. Billings will continue to serve as Executive Chairman of the Board as well as the Chairman of the Company's Investment Committee.

Effective immediately, Mr. Tonkel's annual base salary will be increased from $750,000 to $800,000, Mr. Tonkel's annual cash incentive bonus for the year ending December 31, 2014 will be paid on a prorated basis based on the base salaries paid to Mr. Tonkel during the year, and Mr. Tonkel will receive a stock award consisting of restricted shares of Class A common stock of the Company (the "Restricted Shares"), with a value equal to $1,000,000 based on the last sale price of the Class A common stock on the New York Stock Exchange of $27.70 on June 11, 2014. The vesting schedule provides that the Restricted Shares will vest and become nonforfeitable, subject to Mr. Tonkel's continued employment, as follows: (a) with respect to one-half of the Restricted Shares, on June 11, 2017; and (b) with respect to the other one-half of the Restricted Shares, on June 11, 2018. All of the aspects of Mr. Tonkel's compensation and benefits will remain the same. In addition, all aspects of Mr. Billings' compensation and benefits will remain the same while he serves as Executive Chairman as when he served as Chief Executive Officer.

Item 7.01. Regulation FD Disclosure.

On June 11, 2014, the Company issued a press release relating to the appointment of Mr. Tonkel as Chief Executive Officer of the Company. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, Exhibit 99.1 furnished pursuant to Item 9.01 shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.

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