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<SEC-DOCUMENT>0000826675-10-000044.txt : 20101109
<SEC-HEADER>0000826675-10-000044.hdr.sgml : 20101109
<ACCEPTANCE-DATETIME>20101109162439
ACCESSION NUMBER:		0000826675-10-000044
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101103
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20101109
DATE AS OF CHANGE:		20101109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DYNEX CAPITAL INC
		CENTRAL INDEX KEY:			0000826675
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				521549373
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0709

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09819
		FILM NUMBER:		101176559

	BUSINESS ADDRESS:	
		STREET 1:		4991 LAKE BROOK DRIVE
		STREET 2:		STE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		8042175830

	MAIL ADDRESS:	
		STREET 1:		4991 LAKE BROOK DRIVE
		STREET 2:		STE 100
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE MORTGAGE CAPITAL INC/VA
		DATE OF NAME CHANGE:	19930722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RESOURCE MORTGAGE INVESTMENT CORP
		DATE OF NAME CHANGE:	19930505

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RAC MORTGAGE INVESTMENT CORP /VA/
		DATE OF NAME CHANGE:	19930505
</SEC-HEADER>
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&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 5.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Departure of Directors or Certain Officers; Election of Directors; Appointment of<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Certain Officers; Compensatory Arrangements of Certain Officers.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On October&#160;15, 2010, Dynex Capital, Inc. (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Company</font>&#8221;) redeemed all outstanding shares of the Company&#8217;s Series&#160;D 9.50% Cumulative Convertible Preferred Stock (the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">Series D Preferred Stock</font>&#8221;) through its conversion into common stock of the Company on a one-for-one basis (such redemption and conversion, the &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-DECO
RATION: underline">Preferred Stock Redemption</font>&#8221;).&#160;&#160;The Company&#8217;s Articles of Incorporation provided that the terms of the board representatives of the holders of the Series D Preferred Stock, Leon A. Felman and Barry Igdaloff, would automatically end effective as of the date of the Preferred Stock Redemption.&#160;&#160;Effective on the date of the redemption, the Board of Directors of the Company resolved to reduce temporarily the size of the Board from five directors to four directors, and to provide for Mr. Igdaloff to continue as a member of the Board of Directors.&#160;&#160;Mr. Felman's term ended as of that date.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On November&#160;3, 2010, the Board of Directors of the Company resolved to increase the size of the Board from four directors to five directors, and elected Michael R. Hughes as a director of the Company, effective immediately.&#160;&#160;Mr. Hughes has been appointed as Chairman of the Compensation Committee and as a member of each of the Nominating and Corporate Governance Committee and Investment Committee.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Hughes will be entitled to the standard compensation provided to non-employee directors, as described in the Company&#8217;s Annual Proxy Statement filed with the Securities and Exchange Commission on April 1, 2010. </font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">There are no arrangements or understandings between Mr. Hughes and any other person pursuant to which he was elected as a director. Mr. Hughes is not a party to any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K.&#160;&#160;&#160;Mr. Hughes is a limited partner in the Talkot Fund L.P. of which Mr. Thomas Akin, the Company&#8217;s Chairman and Chief Executive Officer, is the managing general partner.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr. Hughes is a Chartered Financial Analyst and President of the Board of Trustees of the Bentley School in Oakland, California.&#160;&#160;Mr. Hughes was a partner and portfolio manager of the financial institution group of Osterweis Capital Management from 2005 through 2008.&#160;&#160;From 1989 until 2005, Mr. Hughes was First Vice President of Merrill Lynch Financial Institutions Research, with responsibility for equity analysis of mortgage companies, mortgage REITs, consumer and commercial finance companies and government agencies, including Fannie Mae and Freddie Mac.</font></font></div>

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