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| | | | | A-1 | | |
|
Compensation, Retirement and Income Protection
|
| |
•
Competitive base salary and bonus potential
•
Equity compensation plan
•
401(k) plan with company matching contribution
•
Company-paid short-term and long-term disability insurance
•
Company-paid group term life and accidental death & dismemberment insurance
•
Student loan repayment assistance program
•
Child care reimbursement program
|
|
|
Health, Wellness and Community
|
| |
•
Company-subsidized medical insurance
•
Company-paid dental and vision insurance
•
Flexible spending accounts for health, dependent care, commuting and parking expenses
•
Paid parental leave
•
Paid vacation, personal and sick days and Federal holidays
•
Gym reimbursement program
•
Employee assistance program
•
Charitable contribution matching program
•
W@M — Women at MFA employee network
•
Paid time off for participation in volunteer activities
|
|
|
Professional Education and Development
|
| |
•
Tuition reimbursement for career-related college and continuing education courses
•
Reimbursement of costs for pursuing and maintaining job-related professional licenses, including prep course and exam fees
•
Reimbursement for membership in career-related professional organizations and associations
|
|
|
Business Continuity and Disaster Recovery
|
| |
•
Active business continuity and disaster recovery program to identify and remediate threats to our operations and employees
•
Company maintains two dedicated and fully functional co-location facilities usable in the event our principal office is unusable
•
Annual company-wide disaster recovery drill
|
|
|
Laurie S. Goodman, Chair
|
| | Francis J. Oelerich III | |
| Stephen R. Blank | | | Lisa Polsky | |
| Robin Josephs | | |
Name
|
| |
Fees Earned or
Paid in Cash ($)(1) |
| |
Stock/RSU
Awards ($)(2) |
| |
Total
($)(3) |
| |||||||||
Stephen R. Blank
|
| | | | 130,000 | | | | | | 150,000 | | | | | | 280,000 | | |
James A. Brodsky
|
| | | | 120,000 | | | | | | 150,000 | | | | | | 270,000 | | |
Richard J. Byrne(4)
|
| | | | 120,000 | | | | | | 150,000 | | | | | | 270,000 | | |
Laurie S. Goodman
|
| | | | 140,000 | | | | | | 150,000 | | | | | | 290,000 | | |
Alan L. Gosule(4)
|
| | | | 47,143 | | | | | | -0- | | | | | | 47,143 | | |
Robin Josephs
|
| | | | 150,000 | | | | | | 150,000 | | | | | | 300,000 | | |
George H. Krauss
|
| | | | 115,000 | | | | | | 265,000 | | | | | | 380,000 | | |
Francis J. Oelerich III(4)
|
| | | | 79,286 | | | | | | 150,000 | | | | | | 229,286 | | |
Lisa Polsky(4)
|
| | | | -0- | | | | | | -0- | | | | | | -0- | | |
Name
|
| |
Fair Market
Value of Deferred Amounts at Jan. 1, 2019(1) ($) |
| |
Cash
Distribution Jan. 15, 2019 ($) |
| |
Remaining
Deferred Amount after Jan. 15, 2019 Distribution(2) ($) |
| |
Fair Market
Value of Deferred Amounts at Dec. 31, 2019(3) ($) |
| ||||||||||||
James A. Brodsky
|
| | | | 632,353 | | | | | | 159,645 | | | | | | 472,708 | | | | | | 749,888 | | |
Richard J. Byrne
|
| | | | 485,836 | | | | | | — | | | | | | 485,836 | | | | | | 749,888 | | |
Laurie S. Goodman
|
| | | | 362,394 | | | | | | — | | | | | | 362,394 | | | | | | 614,355 | | |
Robin Josephs
|
| | | | 607,296 | | | | | | — | | | | | | 607,295 | | | | | | 937,360 | | |
Name
|
| |
Shares of Common
Stock Beneficially Owned (#) |
| |
Restricted Stock
Units Owned (#) |
| |
Total Number of
Equivalent Shares Owned (#) |
| |||||||||
Stephen R. Blank
|
| | | | 62,987 | | | | | | 84,636 | | | | | | 147,623 | | |
James A. Brodsky
|
| | | | 94,832 | | | | | | 84,636 | | | | | | 179,468 | | |
Laurie S. Goodman
|
| | | | 11,419 | | | | | | 84,636 | | | | | | 96,055 | | |
Robin Josephs
|
| | | | 83,186 | | | | | | 84,636 | | | | | | 167,822 | | |
George H. Krauss
|
| | | | 104,747 | | | | | | 155,897 | | | | | | 260,644 | | |
Francis J. Oelerich III
|
| | | | -0- | | | | | | 20,604 | | | | | | 20,604 | | |
Lisa Polsky
|
| | | | -0- | | | | | | -0- | | | | | | -0- | | |
| | |
Fiscal Year Ended December 31,
|
| |||||||||
| | |
2019
|
| |
2018
|
| ||||||
Audit Fees(1)
|
| | | $ | 1,729,875 | | | | | $ | 1,574,300 | | |
Audit-Related Fees(2)
|
| | | | — | | | | | | — | | |
Tax Fees(3)
|
| | | | — | | | | | | — | | |
All Other Fees(4)
|
| | | | 88,539 | | | | | | 271,769 | | |
Total
|
| | | $ | 1,818,414 | | | | | $ | 1,846,069 | | |
Officer
|
| |
Age
|
| |
Position Held
|
|
Craig L. Knutson | | |
60
|
| | Chief Executive Officer and President | |
Gudmundur Kristjansson
|
| |
40
|
| | Co-Chief Investment Officer | |
Bryan Wulfsohn | | |
37
|
| | Co-Chief Investment Officer | |
Ronald A. Freydberg | | |
59
|
| | Executive Vice President | |
Stephen D. Yarad | | |
50
|
| | Chief Financial Officer | |
Kathleen A. Hanrahan | | |
54
|
| | Senior Vice President and Chief Accounting Officer | |
Terence B. Meyers | | |
65
|
| | Senior Vice President — Tax | |
Harold E. Schwartz | | |
55
|
| | Senior Vice President, General Counsel and Secretary | |
Sunil Yadav | | |
50
|
| | Senior Vice President | |
| AGNC Investment Corp. (AGNC) | | | Mr. Cooper Group, Inc. (COOP) | |
| Arbor Realty Trust, Inc. (ABR) | | | New York Mortgage Trust, Inc. (NYMT) | |
| Capstead Mortgage Corporation (CMO) | | | PennyMac Financial Services, Inc. (PFSI) | |
| Chimera Investment Corporation (CIM) | | | Radian Group, Inc. (RDN) | |
| Essent Group, Ltd. (ESNT) | | | Redwood Trust, Inc. (RWT) | |
| iStar Financial, Inc (STAR) | | | | |
| MGIC Investment Corporation (MTG) | | | | |
Element
|
| |
Key Features
|
| |
Purpose
|
|
Base Salary | | |
-
Levels set periodically based on scope of the executive’s role, responsibilities of the position, individual performance and competitive market practices
|
| |
-
Provides a base level of guaranteed compensation
|
|
| | |
-
Discretionary increases may be considered based on performance and other factors
|
| | | |
Annual Incentives
|
| |
-
For 2019, for Messrs. Knutson, Kristjansson and Wulfsohn, per terms of their respective employment agreement, (a) portion of annual bonus based on the achievement of specified adjusted return on common equity targets and (b) portion based on the Compensation Committee’s discretionary assessment of Company and individual performance
|
| |
-
Provides an incentive to achieve annual financial and individual performance goals
|
|
| | |
-
Portion delivered in shares of Common Stock (with mandatory holding periods) to ensure that annual performance is sustained over time and further aligns executive’s interests with stockholders
|
| |||
| | |
-
For 2019, for Messrs. Yadav and Yarad, based on a discretionary determination of performance
|
| |||
| | |
◦
For Mr. Yadav, the Compensation Committee was guided by similar methodology as used for Messrs. Knutson, Kristjansson and Wulfsohn
|
| |||
| | |
-
For 2019, delivered in a mix of cash and Common Stock that is restricted from transfer for three-year period
|
| | | |
Long-Term Incentive Awards
|
| |
-
Grants of stock-based awards with
multi-year vesting requirements
|
| |
-
Performance-based awards provide long-term incentives tied to TSR on both an absolute basis and relative to a group of internally- and externally-managed mortgage REITs selected by the Compensation Committee at the time of grant
|
|
| | |
-
Available types of awards include restricted stock units, stock options, shares of Common Stock and other stock-based awards
|
| |||
| | |
-
Vesting may be time-based or
performance-based
|
| |
-
Further aligns executive’s interests with stockholders and encourages retention of key executives
|
|
Executive
|
| |
2019 Base Salary
|
| |||
Craig L. Knutson
|
| | | $ | 700,000 | | |
Gudmundur Kristjansson
|
| | | $ | 350,000 | | |
Bryan Wulfsohn
|
| | | $ | 350,000 | | |
Sunil Yadav
|
| | | $ | 300,000 | | |
Stephen D. Yarad
|
| | | $ | 475,000 | | |
| | |
Target
ROAE Bonus ($) |
| |
% of ROAE
Bonus Earned |
| |
2019 ROAE
Bonus Earned ($)(1) |
| |||||||||
Mr. Knutson
|
| | | $ | 1,500,000 | | | | | | 153.49% | | | | | $ | 2,302,350 | | |
Mr. Kristjansson
|
| | | $ | 600,000 | | | | | | 153.49% | | | | | $ | 920,940 | | |
Mr. Wulfsohn
|
| | | $ | 600,000 | | | | | | 153.49% | | | | | $ | 920,940 | | |
| | |
Target IRM Bonus
($) |
| |
% of IRM
Bonus Earned |
| |
2019 IRM
Bonus Earned ($)(1) |
| |||||||||
Mr. Knutson
|
| | | $ | 500,000 | | | | | | 175% | | | | | $ | 875,000 | | |
Mr. Kristjansson
|
| | | $ | 200,000 | | | | | | 185% | | | | | $ | 370,000 | | |
Mr. Wulfsohn
|
| | | $ | 200,000 | | | | | | 185% | | | | | $ | 370,000 | | |
| | |
Total 2019
Bonus Earned ($) |
| |
Portion of 2019
Bonus Paid in Cash ($/%) |
| |
Portion of 2019
Bonus Paid in Common Stock ($/%)(1) |
| |||||||||
Mr. Knutson
|
| | | $ | 3,177,350 | | | | | $ | 1,938,675/61.0% | | | | | $ | 1,238,675/39.0% | | |
Mr. Kristjansson
|
| | | $ | 1,290,940 | | | | | $ | 820,470/63.6% | | | | | $ | 470,470/36.4% | | |
Mr. Wulfsohn
|
| | | $ | 1,290,940 | | | | | $ | 820,470/63.6% | | | | | $ | 470,470/36.4% | | |
| AG Mortgage Investment Trust, Inc. (MITT) | | | Dynex Capital, Inc. (DX) | |
| AGNC Investment Corp. (AGNC) | | | Invesco Mortgage Capital Inc. (IVR) | |
| Annaly Capital Management, Inc. (NLY) | | | New York Mortgage Trust Inc. (NYMT) | |
|
Anworth Mortgage Asset Corporation (ANH)
|
| | PennyMac Mortgage Investment Trust (PMT) | |
| Arlington Asset Investment Corp. (AI) | | | Redwood Trust, Inc. (RWT) | |
| Armour Residential REIT, Inc. (ARR) | | | Two Harbors Investment Corp. (TWO) | |
| Capstead Mortgage Corporation (CMO) | | |
Western Asset Mortgage Capital Corp. (WMC)
|
|
| Chimera Investment Corporation (CIM) | | | | |
| | |
TRSUs
|
| |
PRSUs
|
| ||||||||||||||||||
Executive
|
| |
#
|
| |
Aggregate Grant
Date Fair Value(1) $ |
| |
#
|
| |
Aggregate Grant
Date Fair Value(1) $ |
| ||||||||||||
Mr. Knutson | | | | | 82,500 | | | | | $ | 609,675 | | | | | | 122,500 | | | | | $ | 853,212 | | |
Mr. Kristjansson
|
| | | | 30,000 | | | | | $ | 221,700 | | | | | | 45,000 | | | | | $ | 313,425 | | |
Mr. Wulfsohn
|
| | | | 30,000 | | | | | $ | 221,700 | | | | | | 45,000 | | | | | $ | 313,425 | | |
Mr. Yadav
|
| | | | 16,000 | | | | | $ | 118,240 | | | | | | 24,000 | | | | | $ | 167,160 | | |
Mr. Yarad
|
| | | | 12,000 | | | | | $ | 88,680 | | | | | | 18,000 | | | | | $ | 125,370 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(2) |
| |
Stock
Awards ($)(3)(4) |
| |
Non-equity
Incentive Plan Compensation ($)(5) |
| |
All Other
Compensation ($)(6) |
| |
Total
($) |
| ||||||||||||||||||
C. L. Knutson(1)
Chief Executive Officer and President |
| |
2019
|
| | | | 700,000 | | | | | | 533,911 | | | | | | 2,701,570 | | | | | | 1,404,764 | | | | | | 11,200 | | | | | | 5,351,445 | | |
|
2018
|
| | | | 700,000 | | | | | | 461,430 | | | | | | 2,644,987 | | | | | | 1,408,220 | | | | | | 11,000 | | | | | | 5,225,637 | | | ||
|
2017
|
| | | | 700,000 | | | | | | 458,581 | | | | | | 1,804,860 | | | | | | 1,415,472 | | | | | | 10,800 | | | | | | 4,389,713 | | | ||
G. Kristjansson
Co-Chief Investment Officer and Senior Vice President |
| |
2019
|
| | | | 350,000 | | | | | | 235,155 | | | | | | 1,005,598 | | | | | | 585,315 | | | | | | 11,200 | | | | | | 2,187,268 | | |
|
2018
|
| | | | 350,000 | | | | | | 193,210 | | | | | | 972,485 | | | | | | 589,650 | | | | | | 11,000 | | | | | | 2,116,345 | | | ||
|
2017
|
| | | | 300,000 | | | | | | 659,885 | | | | | | 475,303 | | | | | | — | | | | | | 10,800 | | | | | | 1,445,988 | | | ||
B. Wulfsohn
Co-Chief Investment Officer and Senior Vice President |
| |
2019
|
| | | | 350,000 | | | | | | 235,155 | | | | | | 1,005,598 | | | | | | 585,315 | | | | | | 11,200 | | | | | | 2,187,268 | | |
|
2018
|
| | | | 350,000 | | | | | | 193,210 | | | | | | 972,485 | | | | | | 589,650 | | | | | | 11,000 | | | | | | 2,116,345 | | | ||
|
2017
|
| | | | 300,000 | | | | | | 659,885 | | | | | | 475,303 | | | | | | — | | | | | | 10,800 | | | | | | 1,445,988 | | | ||
S. Yadav
Senior Vice President |
| |
2019
|
| | | | 300,000 | | | | | | 462,329 | | | | | | 483,546 | | | | | | — | | | | | | 11,200 | | | | | | 1,257,075 | | |
|
2018
|
| | | | 300,000 | | | | | | 531,376 | | | | | | 515,533 | | | | | | — | | | | | | 11,000 | | | | | | 1,357,909 | | | ||
|
2017
|
| | | | 300,000 | | | | | | 602,184 | | | | | | 432,896 | | | | | | — | | | | | | 10,800 | | | | | | 1,345,880 | | | ||
S. D. Yarad
Chief Financial Officer |
| |
2019
|
| | | | 475,000 | | | | | | 292,000 | | | | | | 287,057 | | | | | | — | | | | | | 11,200 | | | | | | 1,065,257 | | |
|
2018
|
| | | | 475,000 | | | | | | 252,000 | | | | | | 278,850 | | | | | | — | | | | | | 11,000 | | | | | | 1,016,850 | | | ||
|
2017
|
| | | | 475,000 | | | | | | 252,000 | | | | | | 238,229 | | | | | | — | | | | | | 10,800 | | | | | | 976,029 | | |
Name
|
| |
Cash
Dividend Equivalents ($) |
| |||
C. L. Knutson
|
| | | | 188,000 | | |
G. Kristjansson
|
| | | | 62,000 | | |
B. Wulfsohn
|
| | | | 62,000 | | |
S. Yadav
|
| | | | 39,600 | | |
S. D. Yarad
|
| | | | 27,200 | | |
| | |
Type of
Award(1) |
| |
Grant Date
|
| |
Estimated Possible Payouts Under
Non-Equity Incentive Plan Awards ($) |
| |
Estimated
Future Payouts Under Equity Incentive Plan Awards Target(2) (#) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#) |
| |
Grant Date
Fair Value of Stock and Option Awards(3) ($) |
| |||||||||||||||||||||||||||
| | |
Threshold
|
| |
Target
|
| |
Maximum
|
| ||||||||||||||||||||||||||||||||||||
C.L. Knutson
|
| | ROAE Bonus | | | | | — | | | | | | -0- | | | | | | 1,500,000 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | | TRSU | | | 02/01/2019(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 82,500 | | | | | | 609,675 | | | |||
| | | PRSU | | | 02/01/2019(5) | | | | | — | | | | | | — | | | | | | — | | | | | | 122,500 | | | | | | — | | | | | | 853,212 | | | |||
| | | RS | | | 12/18/2019(6) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 158,197 | | | | | | 1,238,683 | | | |||
G. Kristjansson
|
| |
ROAE Bonus
|
| | | | — | | | | | | -0- | | | | | | 600,000 | | | | | | 1,200,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | | TRSU | | | 02/01/2019(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 221,700 | | | |||
| | | PRSU | | | 02/01/2019(5) | | | | | — | | | | | | — | | | | | | — | | | | | | 45,000 | | | | | | — | | | | | | 313,425 | | | |||
| | | RS | | | 12/18/2019(6) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,086 | | | | | | 470,473 | | | |||
B. Wulfsohn
|
| |
ROAE Bonus
|
| | | | — | | | | | | -0- | | | | | | 600,000 | | | | | | 1,200,000 | | | | | | — | | | | | | — | | | | | | — | | |
| | | TRSU | | | 02/01/2019(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,000 | | | | | | 221,700 | | | |||
| | | PRSU | | | 02/01/2019(5) | | | | | — | | | | | | — | | | | | | — | | | | | | 45,000 | | | | | | — | | | | | | 313,425 | | | |||
| | | RS | | | 12/18/2019(6) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,086 | | | | | | 470,473 | | | |||
S. Yadav
|
| | TRSU | | | 02/01/2019(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,000 | | | | | | 118,240 | | | |||
| | | PRSU | | | 02/01/2019(5) | | | | | — | | | | | | — | | | | | | — | | | | | | 24,000 | | | | | | — | | | | | | 167,160 | | | |||
| | | RS | | | 12/18/2019(6) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,306 | | | | | | 198,146 | | | |||
S. D. Yarad
|
| | TRSU | | | 02/01/2019(4) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,000 | | | | | | 88,680 | | | |||
| | | PRSU | | | 02/01/2019(5) | | | | | — | | | | | | — | | | | | | — | | | | | | 18,000 | | | | | | — | | | | | | 125,370 | | | |||
| | | RS | | | 12/18/2019(6) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,324 | | | | | | 73,007 | | |
Outstanding Equity Awards at Fiscal 2019 Year End
|
| ||||||||||||||||||||||||
| | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of Shares
or Units of Stock That Have Not Vested (#) |
| |
Market Value of Shares
or Units of Stock That Have Not Vested ($)(1) |
| |
Equity Incentive
Plan Awards: Number of Shares or Units of Stock That Have Not Vested (#) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) |
| ||||||||||||
C. L. Knutson
|
| | | | 82,500(2) | | | | | | 631,125 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 122,500(4) | | | | | | 937,125 | | |
| | | | | 82,500(3) | | | | | | 631,125 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 122,500(5) | | | | | | 937,125 | | |
G. Kristjansson
|
| | | | 30,000(2) | | | | | | 229,500 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 45,000(4) | | | | | | 344,250 | | |
| | | | | 30,000(3) | | | | | | 229,500 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 45,000(5) | | | | | | 344,250 | | |
B. Wulfsohn
|
| | | | 30,000(2) | | | | | | 229,500 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 45,000(4) | | | | | | 344,250 | | |
| | | | | 30,000(3) | | | | | | 229,500 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 45,000(5) | | | | | | 344,250 | | |
S. Yadav
|
| | | | 16,000(2) | | | | | | 122,400 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 24,000(4) | | | | | | 183,600 | | |
| | | | | 16,000(3) | | | | | | 122,400 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 24,000(5) | | | | | | 183,600 | | |
S. D. Yarad
|
| | | | 12,000(2) | | | | | | 91,800 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 18,000(4) | | | | | | 137,700 | | |
| | | | | 12,000(3) | | | | | | 91,800 | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | 18,000(5) | | | | | | 137,700 | | |
| | |
Option Exercises and Stock Vested in 2019
|
| |||||||||||||||||||||
| | |
Option Awards
|
| |
Stock Awards(1)
|
| ||||||||||||||||||
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value
Realized Upon Exercise ($) |
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value
Realized on Vesting ($)(2) |
| ||||||||||||
C. L. Knutson
|
| | | | — | | | | | | — | | | | | | 395,888 | | | | | | 3,057,019 | | |
G. Kristjansson
|
| | | | — | | | | | | — | | | | | | 121,507 | | | | | | 940,344 | | |
B. Wulfsohn
|
| | | | — | | | | | | — | | | | | | 121,507 | | | | | | 940,344 | | |
S. Yadav
|
| | | | — | | | | | | — | | | | | | 78,741 | | | | | | 606,924 | | |
S. D. Yarad
|
| | | | — | | | | | | — | | | | | | 43,282 | | | | | | 332,786 | | |
| | |
Death
(a) |
| |
Disability
(a) |
| |
Termination
Without Cause/ Resignation for Good Reason (b) |
| |
Termination
for Cause/ Voluntary Resignation (c) |
| |
Change in
Control (d) |
| |||||||||||||||
Incremental Benefits Due to Termination Event | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance/Payment to Representative or
Estate |
| | | $ | 3,589,657 | | | | | $ | 3,589,657 | | | | | $ | 7,179,315 | | | | | $ | 175,000 | | | | | $ | 7,179,315 | | |
Value of Accelerated Equity Awards(1)
|
| | | | 3,463,500 | | | | | | 3,463,500 | | | | | | 1,893,694 | | | | | | — | | | | | | 3,463,500 | | |
Deferred Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Benefits
|
| | | | — | | | | | | 70,893 | | | | | | — | | | | | | 11,816 | | | | | | 70,893 | | |
Total Value of Incremental Benefits
|
| | | $ | 7,053,157 | | | | | $ | 7,124,050 | | | | | $ | 9,073,009 | | | | | $ | 186,816 | | | | | $ | 10,713,708 | | |
| | |
Death
(a) |
| |
Disability
(a) |
| |
Termination
Without Cause/ Resignation for Good Reason (b) |
| |
Termination
for Cause/ Voluntary Resignation (c) |
| |
Change in
Control (d) |
| |||||||||||||||
Incremental Benefits Due to Termination Event | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance/Payment to Representative or
Estate |
| | | $ | 1,459,033 | | | | | $ | 1,459,033 | | | | | $ | 1,459,033 | | | | | $ | 87,500 | | | | | $ | 2,188,549 | | |
Value of Accelerated Equity Awards(1)
|
| | | | 1,267,500 | | | | | | 1,267,500 | | | | | | 693,240 | | | | | | — | | | | | | 1,276,500 | | |
Deferred Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Benefits
|
| | | | — | | | | | | 70,893 | | | | | | — | | | | | | 11,816 | | | | | | 70,893 | | |
Total Value of Incremental Benefits
|
| | | $ | 2,726,533 | | | | | $ | 2,797,426 | | | | | $ | 2,152,273 | | | | | $ | 99,316 | | | | | $ | 3,526,942 | | |
| | |
Death
(a) |
| |
Disability
(a) |
| |
Termination
Without Cause/ Resignation for Good Reason (b) |
| |
Termination
for Cause/ Voluntary Resignation (c) |
| |
Change in
Control (d) |
| |||||||||||||||
Incremental Benefits Due to Termination Event | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance/Payment to Representative or
Estate |
| | | $ | 1,459,033 | | | | | $ | 1,459,033 | | | | | $ | 1,459,033 | | | | | $ | 87,500 | | | | | $ | 2,188,549 | | |
Value of Accelerated Equity Awards(1)
|
| | | | 1,267,500 | | | | | | 1,267,500 | | | | | | 693,240 | | | | | | — | | | | | | 1,276,500 | | |
Deferred Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Benefits
|
| | | | — | | | | | | 70,893 | | | | | | — | | | | | | 11,816 | | | | | | 70,893 | | |
Total Value of Incremental Benefits
|
| | | $ | 2,726,533 | | | | | $ | 2,797,426 | | | | | $ | 2,152,273 | | | | | $ | 99,316 | | | | | $ | 3,526,942 | | |
| | |
Death
(a) |
| |
Disability
(a) |
| |
Termination
Without Cause/ Resignation for Good Reason (b) |
| |
Termination
for Cause/ Voluntary Resignation (c) |
| |
Change in
Control (d) |
| |||||||||||||||
Incremental Benefits Due to Termination Event | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance/Payment to Representative or
Estate |
| | | $ | 1,024,106 | | | | | $ | 1,024,106 | | | | | $ | 1,024,106 | | | | | $ | 75,000 | | | | | $ | 1,024,106 | | |
Value of Accelerated Equity Awards(1)
|
| | | | 676,000 | | | | | | 676,000 | | | | | | 495,328 | | | | | | — | | | | | | 676,000 | | |
Deferred Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | 11,816 | | | | | | — | | |
Total Value of Incremental Benefits
|
| | | $ | 1,700,106 | | | | | $ | 1,700,106 | | | | | $ | 1,519,434 | | | | | $ | 86,816 | | | | | $ | 1,700,106 | | |
| | |
Death
(a) |
| |
Disability
(a) |
| |
Termination
Without Cause/ Resignation for Good Reason (b) |
| |
Termination
for Cause/ Voluntary Resignation (c) |
| |
Change in
Control (d) |
| |||||||||||||||
Incremental Benefits Due to Termination Event | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance/Payment to Representative or
Estate |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Value of Accelerated Equity Awards(1)
|
| | | $ | 507,000 | | | | | $ | 507,000 | | | | | | — | | | | | | — | | | | | $ | 507,000 | | |
Deferred Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total Value of Incremental Benefits
|
| | | $ | 507,000 | | | | | $ | 507,000 | | | | | | — | | | | | | — | | | | | $ | 507,000 | | |
Award(1)
|
| |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column of this table) |
| |||||||||
Stock Options
|
| | | | -0- | | | | | | N/A | | | | | | | | |
Restricted Stock Units (RSUs)
|
| | | | 2,680,931 | | | | | | N/A(2) | | | | | | | | |
Total
|
| | | | 2,680,931 | | | | | | N/A(2) | | | | | | 3,440,471(3) | | |
|
Options Outstanding as of March 27, 2020
|
| | | | -0- | | |
|
Weighted Average Exercise Price of Options Outstanding as of March 27, 2020
|
| | | | -0- | | |
|
Weighted Average Remaining Term of Options Outstanding as of March 27, 2020
|
| | | | -0- | | |
|
Outstanding Full Value Grants as of March 27, 2020(1)
|
| | | | 3,149,758 | | |
|
Total Equity Grants Outstanding as of March 27, 2020
|
| | | | 3,149,758 | | |
|
Shares Available for Grant under the Existing Plan as of March 27, 2020(2)
|
| | | | 1,972,259 | | |
|
Additional Shares Requested
|
| | | | 12,877,983 | | |
|
Total Potential Overhang under the Amended Plan(3)
|
| | | | 18,000,000 | | |
|
Common Stock Outstanding as of March 27, 2020
|
| | | | 453,115,673 | | |
|
Fully Diluted Shares of Common Stock
|
| | | | 456,265,431 | | |
|
Potential Dilution of 12,877,983 Additional Shares as a Percentage of Fully Diluted Shares of Common Stock Outstanding
|
| | | | 2.8% | | |
Name and Position
|
| |
Stock
Awards(1) (#) |
| |
Grant Date
Fair Value ($) |
| ||||||
Craig L. Knutson
|
| | |
|
363,197
|
| | | |
|
2,701,570
|
| |
Gudmundur Kristjansson
|
| | | | 135,086 | | | | | | 1,005,598 | | |
Bryan Wulfsohn
|
| | | | 135,086 | | | | | | 1,005,598 | | |
Sunil Yadav
|
| | | | 65,306 | | | | | | 483,546 | | |
Stephen D. Yarad
|
| | | | 39,324 | | | | | | 287,057 | | |
All current executive officers as a group (9 persons)
|
| | | | 857,704 | | | | | | 6,356,372 | | |
All current directors who are not executive officers as a group (8 persons)
|
| | | | 160,025 | | | | | | 1,164,982 | | |
All employees, including current officers who are not executive officers, as a group
(38 persons) |
| | | | 1,164,685 | | | | | | 8,596,705 | | |
| | |
Common Stock
Beneficially Owned |
| |
Percent of
Class |
| ||||||
Name and Business Address(1)
|
| |
Shares(2)
|
| |||||||||
Directors and Officers | | | | | | | | | | | | | |
Craig L. Knutson
|
| | | | 1,245,034 | | | | | | * | | |
Gudmundur Kristjansson
|
| | | | 324,212 | | | | | | * | | |
Bryan Wulfsohn
|
| | | | 151,352 | | | | | | * | | |
Sunil Yadav
|
| | | | 350,719 | | | | | | * | | |
Stephen D. Yarad
|
| | | | 133,535 | | | | | | * | | |
Stephen R. Blank
|
| | | | 62,987 | | | | | | * | | |
James A. Brodsky
|
| | | | 94,832 | | | | | | * | | |
Laurie S. Goodman
|
| | | | 11,419 | | | | | | * | | |
Robin Josephs
|
| | | | 83,186 | | | | | | * | | |
George H. Krauss
|
| | | | 104,747 | | | | | | * | | |
Francis J. Oelerich III
|
| | | | -0- | | | | | | * | | |
Lisa Polsky
|
| | | | -0- | | | | | | * | | |
All directors and executive officers as a group
(16 persons) |
| | | | 3,548,651 | | | | | | * | | |
5% Beneficial Owners | | | | | | | | | | | | | |
The Vanguard Group(3)
100 Vanguard Boulevard Malvern, PA 19355 |
| | | | 43,379,687 | | | | | | 9.60% | | |
FMR LLC(4)
245 Summer Street Boston, MA 02210 |
| | | | 40,978,762 | | | | | | 9.0% | | |
Thornburg Investment Management Inc.(5)
2300 North Ridgetop Road Santa Fe, NM 87506 |
| | | | 32,760,132 | | | | | | 7.25% | | |
BlackRock, Inc.(6)
55 East 52nd Street New York, NY 10055 |
| | | | 29,867,600 | | | | | | 6.6% | | |
(iii)
|
(1)
|
Each Phantom Share shall be settled on the date specified in the applicable Agreement (such date, the “Settlement Date”); provided, however, that, subject to the requirements of Section 409A of the Code, to the extent permitted by the Committee, a Grantee may elect, in accordance with procedures to be adopted by the Committee, that such Settlement Date will be deferred as elected by the Grantee to a time permitted by the Committee. Notwithstanding the prior sentence, all initial elections to defer the Settlement Date shall be made in accordance with the requirements of Section 409A of the Code. In addition, unless otherwise determined by the Committee, any subsequent elections under this Section 10(d)(iii)(1) must, except as may otherwise be permitted under the rules applicable under Section 409A of the Code, (A) not be effective for at least one year after they are made, or, in the case of payments to commence at a specific time, be made at least one year before the first scheduled payment and (B) defer the commencement of distributions (and each affected distribution) for at least five years. |
| | | |
MFA FINANCIAL, INC.,
a Maryland corporation |
|
| | | |
By:
Name:
Title: |
|