Front Yard Residential Corp. formed a committee to explore strategic alternatives and has reached an agreement with Snow Park Capital Partners LP on director nominees and other matters.

The single-family real estate investment trust agreed to appoint Leland Abrams and Lazar Nikolic, who were nominated by Snow Park, to its board as independent directors, and at the same time, David Reiner will retire from the board. The new board is expected to include eight directors in total.

Snow Park agreed to vote for all of Front Yard's director nominees and to withdraw its proxy contest. The changes will take effect immediately after the company's annual meeting to be held May 23.

Front Yard hired Deutsche Bank Securities Inc. as its independent financial adviser and said the committee of independent directors will review such moves as a potential sale, internalization of asset management, and termination of the asset management agreement with Altisource Asset Management Corp.

The activist shareholder had said earlier that if elected, its director nominees for Front Yard's board would push the company to explore a full sale, among other strategic alternatives.