Amendment to Offer Letter Between Ocwen Financial Corporation and Glen A. Messina (2019)

Contract Categories: Human Resources › Compensation Agreements
Summary

Ocwen Financial Corporation and Glen A. Messina have agreed to amend Messina's compensation terms. For the 2019 calendar year and beyond, Messina's annual cash target incentive is set at $1,125,000, with the actual payout determined by the Compensation Committee based on performance. Additionally, his annual long-term incentive equity grant will have a grant date fair value of $2,250,000. All other employment terms remain unchanged.

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EX-10.2 3 a20190331ex102.htm EXHIBIT 10.2 Exhibit
Exhibit 10.2
    

Ocwen Financial Corporation
1661 Worthington Road, Suite 100
West Palm Beach, FL  33409

February 22, 2019

Re: Amendment to April 17, 2018 Offer Letter

Dear Glen:
    
On behalf of Ocwen Financial Corporation (“the Company” or “Ocwen”), I am writing to confirm our agreement regarding a change in your compensation in connection with the Company’s ongoing cost re-engineering efforts.

You and the Company hereby agree to modify your compensation as follows:

1.
Your annual cash target incentive shall be $1,125,000 (with actual payout to be determined by the Compensation Committee in its discretion based on your performance and the Company’s performance for the relevant year); and

2.
Your annual long-term incentive equity grant shall be an equity grant with a grant date fair value of $2,250,000.

These changes will apply for the 2019 calendar year going forward. All other terms of your employment remain unchanged.

Ocwen thanks you for your commitment to the Company.

Sincerely,

/s/ Edward G. Moran
Edward G. Moran
Senior Vice President, Human Resources


Acknowledged and Agreed:

/s/ Glen A. Messina
Glen A. Messina