Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
WAC > SEC Filings for WAC > Form 8-K on 5-Dec-2016All Recent SEC Filings

Show all filings for WALTER INVESTMENT MANAGEMENT CORP

Form 8-K for WALTER INVESTMENT MANAGEMENT CORP


5-Dec-2016

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.

As previously disclosed on a Current Report on Form 8-K filed by Walter Investment Management Corp. (the "Company") with the Securities and Exchange Commission on October 14, 2016, David C. Schneider, former Executive Vice President and Chief Operating Officer of the Company and President of Ditech Financial LLC, left the Company, effective October 12, 2016.

In connection with his departure, the Company and Mr. Schneider entered into a Separation Agreement and Release of Claims, dated December 2, 2016 (the "Schneider Separation Agreement"), which agreement remains revocable by Mr. Schneider until 11:59 p.m. on December 9, 2016. Pursuant to the Schneider Separation Agreement, subject to his not revoking the agreement, Mr. Schneider will receive the following payments: (i) an amount equal to $425,000, payable over a period of six months in accordance with the Company's normal payroll practices, with the first of such installments commencing with the first regularly scheduled payroll date immediately following December 10, 2016 (the "Release Effective Date"); (ii) an amount equal to $690,000, payable in three substantially equal installments within approximately six months following the Release Effective Date; and (iii) an amount equal to $98,000, payable in a lump sum on the first regularly scheduled payroll date immediately following the Release Effective Date, in each case, subject to the terms and conditions of the Schneider Separation Agreement. In addition, subject to Mr. Schneider's election of continuation coverage under COBRA, the Company will pay the Company portion of health, dental and/or vision benefits for a period of twelve months in the same amount as would be paid in respect of similarly situated active employees. Except for the non-competition provision, which the Company has waived, the post-termination restrictive covenants set forth in the employment agreement between the Company and Mr. Schneider, dated February 10, 2015, remain in effect.

Additionally, pursuant to the terms of the applicable equity award agreements, Mr. Schneider retains certain unvested stock options following his departure. Such stock options will continue to vest in accordance with the applicable vesting schedule, and except for the non-competition provision, which the Company has waived, the stock options will otherwise remain subject in all respects to the terms of the applicable equity award agreements and to the Company's Omnibus Incentive Plan (Amended and Restated June 9, 2016). All other equity awards granted to Mr. Schneider by the Company that were unvested as of his departure were cancelled.


  Add WAC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for WAC - All Recent SEC Filings
Copyright © 2017 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.