Form 4: NYMT CEO Jason T. Serrano Awarded 254,211 Restricted Stock Units

New York Mortgage Trust CEO Jason T. Serrano was granted 254,211 restricted stock units (RSUs) under the company's 2025 Long-Term Equity Plan.

Summary

• Jason T. Serrano, CEO of New York Mortgage Trust (NYMT), was granted 254,211 restricted stock units (RSUs) on January 23, 2025.
• These RSUs were issued under NYMT's 2017 Equity Incentive Plan, as amended, and are part of the 2025 Long-Term Equity Plan.
• The RSUs will vest in three equal installments: one-third on January 1, 2026, one-third on January 1, 2027, and the final third on January 1, 2028.
• Upon vesting, each RSU will convert into one share of NYMT common stock.
• The RSUs also include a dividend equivalent right, entitling Serrano to receive cash or stock equivalent to any dividends paid on the underlying common stock.

Sentiment

Score: 7

Explanation: The document reflects a standard executive compensation practice, which is generally viewed positively as it aligns management's interests with shareholders. The sentiment is neutral to slightly positive.

Positives

• The grant of RSUs aligns the CEO's interests with those of shareholders by linking his compensation to the company's long-term performance.
• The staggered vesting schedule encourages long-term commitment from the CEO.

Future Outlook

The document outlines the vesting schedule for the granted RSUs, indicating the future issuance of NYMT common stock to the CEO upon meeting the vesting conditions.

Industry Context

The granting of restricted stock units is a common practice in executive compensation, particularly in the real estate investment trust (REIT) sector, to align management's interests with those of shareholders and incentivize long-term performance.

Comparison to Industry Standards

• Many REITs use equity-based compensation, such as RSUs, to incentivize executives.
• The vesting schedule of one-third annually over three years is a fairly standard practice.
• Companies like Annaly Capital Management (NLY) and AGNC Investment Corp. (AGNC) also use similar equity compensation plans for their executives.

Stakeholder Impact

• Shareholders may view the RSU grant positively as it aligns the CEO's interests with the company's long-term performance.
• The grant of RSUs does not have a direct impact on employees, customers, suppliers, or creditors.

Next Steps

• The RSUs will vest according to the schedule outlined in the document.
• The CEO will receive shares of NYMT common stock upon vesting.
• The CEO will receive dividend equivalent payments in cash or stock upon vesting.

Key Dates

Keywords

Restricted Stock Units, RSUs, Equity Incentive Plan, Long-Term Equity Plan, Executive Compensation, NYMT, New York Mortgage Trust, Jason T. Serrano