8-K 1 form8-k.htm





Washington, D.C. 20549






Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): February 9, 2018



(Exact name of registrant as specified in its charter)


Florida   1-13219   65-0039856
(State or other jurisdiction
of incorporation)
File Number)
  (IRS Employer
Identification No.)


1661 Worthington Road, Suite 100

West Palm Beach, Florida 33409

(Address of principal executive offices)


Registrant’s telephone number, including area code: (561) 682-8000


Not applicable.

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


  [  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company [  ]


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]







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


Otto J. Kumbar, Executive Vice President, Lending of Ocwen Financial Corporation (collectively with its subsidiaries, Ocwen), ceased his employment with Ocwen effective February 9, 2018. Ocwen eliminated the role of Executive Vice President, Lending in connection with the Company’s previously disclosed strategic assessment of its lending business. Mr. Kumbar and the Company entered into a separation agreement pursuant to which Mr. Kumbar will receive a payment of $1,250,000. Mr. Kumber provided the Company with a release of claims and agreed to comply with certain non-competition, non-solicitation and other covenants under the separation agreement.


The foregoing description of the separation agreement is a summary only and is qualified in its entirety by the full text of the agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.


Item 9.01Financial Statements and Exhibits.


Exhibit No.   Description


10.1* Separation Agreement dated as of February 9, 2018



*Management contract or compensatory plan or agreement.







Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.





Date: February 12, 2018 By: /s/ Michael R. Bourque, Jr.
    Michael R. Bourque, Jr.
    Chief Financial Officer

(On behalf of the Registrant and as its principal financial officer)