SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Grogin Jeffrey
(Last) (First) (Middle)
C/O PENNYMAC FINANCIAL SERVICES, INC.
3043 TOWNSGATE ROAD
(Street)
WESTLAKE VILLAGE CA 91361
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
PennyMac Financial Services, Inc. [ PFSI ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Enterprise Ops Officer
3. Date of Earliest Transaction (Month/Day/Year)
03/16/2020
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/16/2020 F 833(1) D $29.13 16,914(2) D
Common Stock 03/17/2020 M 18,110(3) A $0 35,024(4) D
Common Stock 03/17/2020 F 6,263(5) D $21.76 28,761(6) D
Common Stock 33,193 I JBG Children's Trust utd 12/31/2000
Common Stock 22,129 I MJG Children's Trust utd 12/31/2000
Common Stock 453,655 I The Grogin Living Trust dtd 12-19-01
Common Stock 9,025 I Grogin Giving Fund
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Performance-Based Restricted Stock Units (3) 03/17/2020 A 18,110 (3) (3) Common Stock 18,110 $0 18,110 D
Performance-Based Restricted Stock Units (3) 03/17/2020 M 18,110 (3) (3) Common Stock 18,110(3) $0 0 D
Nonstatutory Stock Option (Right to Buy) $24.4 03/09/2019 03/08/2028 Common Stock 17,204(7) 17,204 D
Nonstatutory Stock Option (Right to Buy) $22.92 03/15/2020 03/14/2029 Common Stock 18,057(8) 18,057 D
Nonstatutory Stock Option (Right to Buy) $21.03 06/13/2014 06/12/2023 Common Stock 15,882(9) 15,882 D
Nonstatutory Stock Option (Right to Buy) $17.26 02/26/2015 02/25/2024 Common Stock 28,216(10) 28,216 D
Nonstatutory Stock Option (Right to Buy) $17.52 03/03/2016 03/02/2025 Common Stock 23,829(11) 23,829 D
Nonstatutory Stock Option (Right to Buy) $11.28 03/07/2017 03/06/2026 Common Stock 27,771(12) 27,771 D
Nonstatutory Stock Option (Right to Buy) $18.05 03/06/2018 03/05/2027 Common Stock 22,506(13) 22,506 D
Nonstatutory Stock Option (Right to Buy) $35.03 02/26/2021 02/25/2030 Common Stock 17,824(14) 17,824 D
Explanation of Responses:
1. Represents shares withheld for taxes upon vesting of restricted stock units.
2. The reported amount consists of 12,286 restricted stock units and 4,628 shares of Common Stock. The restricted stock units are to be settled in an equal number of shares of Common Stock upon vesting.
3. This performance-based restricted stock unit (PSU) award was granted to the Reporting Person on March 6, 2017 and vested on March 17, 2020, as determined by the Compensation Committee of the Board of Directors. The payout of shares of Common Stock pursuant to the PSU award was determined based on PNMAC pre-tax return on equity (ROE) of 18.6% for the period of January 1, 2017 through December 31, 2019 as measured against the ROE target established at the time of grant. The payout percentage for the award based on ROE achievement was 94.3%.
4. The reported amount consists of 12,286 restricted stock units and 22,738 shares of Common Stock. The restricted stock units are to be settled in an equal number of shares of Common Stock upon vesting.
5. Represents shares withheld for taxes upon vesting of performance-based restricted stock units.
6. The reported amount consists of 12,286 restricted stock units and 16,475 shares of Common Stock. The restricted stock units are to be settled in an equal number of shares of Common Stock upon vesting.
7. This nonstatutory stock option to purchase 17,204 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each March 9, 2019, 2020 and 2021, subject to the Reporting Person's continued service through each date.
8. This nonstatutory stock option to purchase 18,057 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of March 15, 2020, 2021 and 2022, subject to the Reporting Person's continued service through each date.
9. This nonstatutory stock option to purchase 15,882 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of June 13, 2014, 2015 and 2016, subject to the Reporting Person's continued service through each date.
10. This nonstatutory stock option to purchase 28,216 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of February 26, 2015, 2016 and 2017, subject to the Reporting Person's continued service through each date.
11. This nonstatutory stock option to purchase 23,829 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of March 3, 2016, 2017 and 2018, subject to the Reporting Person's committed service through each date.
12. This nonstatutory stock option to purchase 27,771 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of March 7, 2017, 2018 and 2019, subject to the Reporting Person's committed service through each date.
13. This nonstatutory stock option to purchase 22,506 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of March 6, 2018, 2019 and 2020, subject to the Reporting Person's committed service through each date.
14. This nonstatutory stock option to purchase 17,824 shares of Common Stock of the Issuer will vest as to one-third of the optioned shares on each of February 26, 2021, 2022 and 2023, subject to the Reporting Person's continued service through each date.
/s/ Kisha Parker, attorney-in-fact for Mr. Grogin 03/18/2020
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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