Miyun Sung
About Miyun Sung
Miyun Sung is Chief Legal Officer and Corporate Secretary at Chimera Investment Corporation (NYSE: CIM). She joined CIM on November 9, 2023, and was 49 years old as of June 5, 2024 . She holds a BA in Government from Cornell University (1997) and a JD from Harvard Law School (2000) . Company performance metrics used for executive pay calibration show CIM delivered ROE of 13.2% and Relative TSR of 21.3% in 2023, and in 2024 achieved ROE of 23.6% (97th percentile) and Economic Return of 15.46% (87th percentile) versus iShares Mortgage Real Estate ETF constituents .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Urstadt Biddle Properties Inc. (NYSE) | Senior Vice President, Chief Legal Officer & Secretary | May 2016 – Aug 2023 | Led legal function at retail REIT; supported merger with Regency Centers and advised on transition matters Aug–Sep 2023 . |
| Regency Centers Corporation (Nasdaq) | Advisor (post-merger transition) | Aug–Sep 2023 | Advised on integration and transition following stock-for-stock merger with Urstadt Biddle . |
| Finjan Holdings Inc. (Nasdaq) | Vice President, Corporate Counsel & Secretary | Not disclosed | Legal leadership at cybersecurity company . |
| Hogan Lovells LLP | Counsel | Not disclosed | Corporate legal counsel responsibilities . |
| MicroStrategy (Nasdaq) | Senior Counsel | Not disclosed | Corporate legal responsibilities at business intelligence software company . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Regency Centers Corporation | Advisory services post-merger | Aug–Sep 2023 | Short-term advisory engagement; no public company board role disclosed . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $50,705 | $350,000 |
| Annual Cash Bonus Target ($) | Prorated formula; see note ($650,000 annualized, prorated from Nov 9–Dec 31, 2023) | $250,000 |
| Annual Cash Bonus Paid ($) | $94,384 | $441,738 |
| Fixed LTI RSU Award Target ($) | None for 2023 | $200,000 (13,022 RSUs; 3-year ratable vesting) |
| Performance LTI PSU Award Target ($) | None for 2023 | $200,000 (13,022 target PSUs; 3-year performance) |
| Stock Awards (Grant Date Fair Value, Proxy S‑K 402) ($) | $0 | $373,932 |
| All Other Compensation ($) | $0 | $20,700 (401(k) match) |
2023 bonus for Sung was a fixed prorated amount: (days employed/365) × $650,000, per her employment agreement .
Performance Compensation
| Component | Metric | Weighting | Target | Actual/Result | Payout/Grant | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Relative ROE vs iShares Mortgage REIT ETF | 35% | Threshold: lesser of 2Y UST+100bp or 25th percentile; 2024 threshold 1.0% | ROE 23.6%, 97th percentile | $441,738 paid | Paid Dec 1, 2024–Jan 30, 2025 |
| Annual Cash Bonus (2024) | Relative Economic Return | 35% | Threshold per plan | 15.46%, 87th percentile | Included in $441,738 | Paid Dec 1, 2024–Jan 30, 2025 |
| Annual Cash Bonus (2024) | Strategic goals (individual achievement) | 30% | Qualitative | Sung determined at 160% achievement level by committee | Included in $441,738 | Paid Dec 1, 2024–Jan 30, 2025 |
| Fixed LTI (RSUs, 2024 grant) | Time-based RSU | n/a | $200,000 target → 13,022 RSUs | n/a | RSUs granted | 1/3 vests Dec 31, 2024; 1/3 Dec 31, 2025; 1/3 Dec 31, 2026 |
| Performance LTI (PSUs, 2024–2026) | Relative Economic Return | 50% | Target 13,022 PSUs; payout 0–200% | Performance over 2024–2026 vs ETF peers | PSUs granted | Cliff vest Dec 31, 2026, subject to performance and employment |
| Performance LTI (PSUs, 2024–2026) | Relative TSR | 50% | Target 13,022 PSUs; payout 0–200% | Monte Carlo grant value $14.73 per share for TSR component | PSUs granted | Cliff vest Dec 31, 2026 |
RSUs/PSUs accrue dividend equivalents as additional stock units, paid only if the underlying award vests .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (Common) | 36,156 shares; less than 1% of class |
| Deferred Stock Units (DSUs) credited | 4,675 DSUs (vested, deferred) |
| Outstanding Unvested RSUs (12/31/24, fair value view) | 9,350 RSUs shown in outstanding awards table (reflects DERs) |
| PSUs Granted (2024 target) | 13,022 target PSUs; payout 0–200% based on Relative Economic Return and Relative TSR |
| Stock Ownership Guidelines | 3x salary for NEOs; shares must be retained until guideline met, and maintained until six months post-termination |
| Hedging/Pledging Policy | Hedging and pledging of CIM securities prohibited; no margin accounts |
| Deferral Program Status | Executive Officer Plan terminated Nov 5, 2024; liquidates on Nov 30, 2025 with payment of outstanding amounts per tax rules |
Employment Terms
| Term | Detail |
|---|---|
| Employment start date | November 9, 2023 |
| Title | Chief Legal Officer & Corporate Secretary |
| Employment agreement term | Base salary fixed during one-year term; committee reviews annually |
| Annual target incentives (2024) | Cash bonus $250,000; Fixed LTI RSU $200,000; LTI PSUs $200,000 |
| Severance (without cause / good reason) | $1,000,000 cash; COBRA premium reimbursement estimated $15,046 |
| Change-in-control (double trigger) | $2,000,000 cash; COBRA premium reimbursement estimated $22,569; no single-trigger vesting |
| Equity on termination/death/disability | RSUs accelerate; PSUs continue to vest subject to performance, per award terms |
| Non-compete / Non-solicit | 12 months post-employment; customary non-disparagement and confidentiality |
| Resignation notice | 90 days advanced notice required |
| Clawback (recoupment) | Dodd-Frank/NYSE-compliant policy adopted Nov 2023; recovery of erroneously awarded incentive pay upon certain restatements |
| Tax gross-ups | No 280G excise tax gross-ups |
Investment Implications
- Strong pay-for-performance design: Annual cash payouts are tied 70% to quantitative metrics (Relative ROE and Economic Return) and 30% to strategic goals; long-term equity is evenly split between time-based RSUs and performance-based PSUs with 0–200% payout ranges anchored to Relative TSR and Economic Return against iShares Mortgage REIT ETF constituents, aligning compensation with shareholder outcomes .
- Upcoming supply events to monitor: Sung’s 2024 RSUs vest annually on Dec 31, 2025 and 2026, and 2024 PSUs cliff-vest Dec 31, 2026 subject to performance; CIM’s deferral program liquidation on Nov 30, 2025 will deliver deferred shares, potentially affecting insider-related flows around that date .
- Retention risk appears mitigated: Double-trigger CIC terms, structured severance, and stock ownership/retention requirements promote alignment and continuity; no hedging/pledging or tax gross-ups reduces governance risk .
- Role impact: Compensation committee specifically credited Sung with enhancing capital markets support, transactions, governance, disclosures, board facilitation, and legal integration of Palisades—signals of execution capability relevant for CIM’s portfolio strategy and advisory expansion .