OCWEN FINANCIAL CORP
For the period ended Dec 31, 2023. Filed Apr 23, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Dec 31, 2023 · Filed Apr 23, 2024
Contents
Variable Pay and Incentive Programs
To create a strong link between our incentive compensation opportunities and our short-term and long-term objectives, we use two specific programs: our Annual Incentive Plan (AIP) and the grant of long-term incentive awards (LTIP awards) under our 2021 Equity Incentive Plan.
The chart below illustrates the portions of our NEOs’ annual target executive compensation that are delivered through our incentive programs. The Committee determines target compensation amounts after consideration of multiple factors, including comparative data from our peer group and general survey data provided by its independent compensation consultant (described below).
| Element of Annual Target Compensation(a) | Description | Percent of CEO Total Annual Target Compensation(b) | Average Percent of non-CEO NEO Total Annual Target Compensation(b) |
|---|---|---|---|
| Salary | Salaries are the only element of total target compensation that is not at risk based on short- or long-term performance. | 15% | 31.3% |
| AIP | Funding for our annual short-term incentive program is linked to performance against key priorities of the Company, which is adjusted according to customer satisfaction and quality scores. Individual awards are further modified by the executive’s overall performance. | 23% | 31.3% |
| LTIP Awards | Half of the award is in the form of Restricted Stock Units (RSUs) that vest annually over three years in equal tranches. The other half is in the form of Performance-Restricted Stock Units (PRSUs) that cliff vest at the end of three years provided minimum total shareholder return (TSR) level has been achieved relative to a performance peer group. | 62% | 37.4% |
| (a) | Other compensation that is available to all of our U.S. employees includes medical, dental and life insurance benefit programs. 401(k) matching contributions account for less than 0.1% of our NEOs’ compensation. |
| (b) | Total Annual Target Compensation percentages do not include special awards. |
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