SEC Form 4 · accession 0001127602-18-011613
PennyMac Mortgage Investment Trust · PMT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David Spector
Officer — President and CEO · Director
Period of report
Mar 12, 2018
Accepted (ET)
Mar 14, 2018 · 6:13 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001464423
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Shares of Beneficial InterestF1,F2 | Mar 12, 2018 | A | 19,092 | $0.00 | A | 196,587 | D | |
| Common Shares of Beneficial InterestF3,F4 | Mar 12, 2018 | M | 5,470 | $0.00 | A | 202,057 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance-Based Restricted Share UnitsF3 | $0.00 | Mar 12, 2018 | A | 5,470 | A | — | — | Common Shares of Beneficial Interest | 5,470 | 5,470 | D |
| Performance-Based Restricted Share UnitsF3 | $0.00 | Mar 12, 2018 | M | 5,470 | D | — | — | Common Shares of Beneficial Interest | 5,470 | 0 | D |
Explanation of responses
- F1The Reporting Person was granted 19,092 restricted share units. The restricted share units, which vest in three equal annual installments beginning on the first anniversary of the grant date, are to be settled in an equal number of common shares of beneficial interest upon vesting.
- F2The reported amount consists of 70,814 restricted share units and 125,773 common shares of beneficial interest. The restricted share units are to be settled in an equal number of common shares of beneficial interest upon vesting.
- F3This performance-based restricted share unit (PSU) award was granted to the Reporting Person on February 23, 2017 and may vest in three equal installments subject to the satisfaction of certain performance based criteria for each of the fiscal years ending 2017, 2018 and 2019. The PSU vested as to one-third on March 12, 2018 and the payout of common shares of beneficial interest pursuant to the PSU award for the 2017 fiscal year was determined based on the Issuer's return on equity (ROE) of 7.72% for the period of January 1, 2017 through December 31, 2017 as measured against ROE targets established at the time of grant. The payout percentage for the award based on target achievement was 68%.
- F4The reported amount consists of 70,814 restricted share units and 131,243 common shares of beneficial interest. The restricted share units are to be settled in an equal number of common shares of beneficial interest upon vesting.