Director Katherine Verner resigns; TOBI designee Omar Maasarani elected to board

Velocity Financial, Inc.

Katherine Verner resigned as director effective April 6, 2023, no disagreements cited.
TOBI, which beneficially owns ~37% of VEL common stock, requested election of Omar Maasarani as replacement.
Board elected Maasarani on April 7, 2023; he is a PIMCO portfolio manager with 16 years investment experience.
Maasarani will replace Verner as nominee at the May 19, 2023 annual meeting; proxies cast for Verner will be voted for Maasarani.

item 5.02

Executive movements

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Appointed

Omar Maasarani

Director

VEL · Velocity Financial, Inc.

Effective: 2023-04-07
Filed: April 7, 2023, 7:59 PM ET

On April 7, 2023, our Board of Directors elected Mr. Maasarani as a new independent member of our Board.

Departed

Katherine Verner

Director

VEL · Velocity Financial, Inc.

Effective: 2023-04-06
Successor: Omar Maasarani
Filed: April 7, 2023, 7:59 PM ET

On April 4, 2023, Katherine Verner informed us of her decision to resign as a director effective April 6, 2023.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Omar Maasarani was elected as Director at Velocity Financial, Inc..

Action: elected
Role: Director

Exact text from the filing

On April 7, 2023, our Board of Directors elected Mr. Maasarani as a new independent member of our Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Katherine Verner resigned as Director at Velocity Financial, Inc..

Action: resigned
Role: Director

Exact text from the filing

On April 4, 2023, Katherine Verner informed us of her decision to resign as a director effective April 6, 2023.

View on SEC.gov

Velocity Financial, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-012181

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