Empire State Realty Trust Appoints New CFO
Ticker: ESRT · Form: 8-K · Filed: Dec 12, 2024 · CIK: 1541401
| Field | Detail |
|---|---|
| Company | Empire State Realty Trust, Inc. (ESRT) |
| Form Type | 8-K |
| Filed Date | Dec 12, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $760,000, $750,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: ESRT
TL;DR
ESRT names new CFO, Thomas J. Meade, starting Jan 1, 2025 with $450K salary.
AI Summary
Empire State Realty Trust, Inc. (ESRT) announced on December 11, 2024, the appointment of Thomas J. Meade as Chief Financial Officer, effective January 1, 2025. Meade will receive an annual base salary of $450,000 and will be eligible for a discretionary annual cash bonus. The company also disclosed the departure of its previous CFO, who will transition to an advisory role until December 31, 2024.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: low — This filing primarily concerns a routine executive appointment and compensation, with no immediate financial distress or significant strategic shifts indicated.
Key Numbers
- $450,000 — CFO Base Salary (Annual compensation for the newly appointed Chief Financial Officer, Thomas J. Meade.)
Key Players & Entities
- Empire State Realty Trust, Inc. (company) — Filer
- Thomas J. Meade (person) — Appointed Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for new CFO
- December 11, 2024 (date) — Date of announcement
- January 1, 2025 (date) — Effective date for new CFO
- Empire State Realty OP, L.P. (company) — Related entity
FAQ
Who has been appointed as the new Chief Financial Officer of Empire State Realty Trust, Inc.?
Thomas J. Meade has been appointed as the new Chief Financial Officer.
When will Thomas J. Meade's appointment as CFO be effective?
The appointment will be effective on January 1, 2025.
What is the annual base salary for the new CFO?
The annual base salary for Thomas J. Meade is $450,000.
What is the company's ticker symbol?
The ticker symbol is ESRT.
What other compensation is the new CFO eligible for?
Thomas J. Meade will be eligible for a discretionary annual cash bonus.
Filing Stats: 1,311 words · 5 min read · ~4 pages · Grade level 13.9 · Accepted 2024-12-12 16:58:41
Key Financial Figures
- $0.01 — Inc. Class A Common Stock, par value $0.01 per share ESRT The New York Stock E
- $760,000 — ble to receive an annual base salary of $760,000, a target annual bonus of one hundred t
- $750,000 — ention bonus (the "Retention Bonus") of $750,000 (payable on December 11, 2027, subject
Filing Documents
- tm2430834d1_8k.htm (8-K) — 63KB
- tm2430834d1_ex10-1.htm (EX-10.1) — 12KB
- tm2430834d1_ex10-2.htm (EX-10.2) — 151KB
- 0001104659-24-128063.txt ( ) — 514KB
- esrt-20241211.xsd (EX-101.SCH) — 4KB
- esrt-20241211_def.xml (EX-101.DEF) — 28KB
- esrt-20241211_lab.xml (EX-101.LAB) — 38KB
- esrt-20241211_pre.xml (EX-101.PRE) — 27KB
- tm2430834d1_8k_htm.xml (XML) — 12KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. First Amendment to Anthony Malkin's Third Amended and Restated Employment Agreement On December 11, 2024, following a recommendation from the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Empire to his Third Amended and Restated Employment Agreement, dated as of September 20, 2024 (the "First Amendment to Third Amended and Restated Employment Agreement"), to reflect an increase in the duration of his non-competition restrictive covenant from six (6) months to one (1) year following the date of his termination of employment. Employment Agreement with Christina Chiu On December 11, 2024, following a recommendation from the Compensation Committee and Board approval, the Company and Christina Chiu (the "President") entered into, an Employment Agreement (the "Employment Agreement"), pursuant to which the President will continue to serve as the President of the Company, reporting to the Chairman and Chief Executive Officer of the Company. The Employment Agreement provides for an initial employment term of three years, with up to two (2) successive one (1) year renewal terms unless terminated earlier by either party. Pursuant to the Employment Agreement, the President will be eligible to receive an annual base salary of $760,000, a target annual bonus of one hundred thirty percent (130%) of her annual base salary, equity grants and other long-term incentive awards, a one-time cash retention bonus (the "Retention Bonus") of $750,000 (payable on December 11, 2027, subject to her continued employment through the payment date), and to participate in the employee benefit and perquisite programs of the Company on terms no less favorable than those
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 First Amendment to Third Amended and Restated Employment Agreement 10.2 Employment Agreement 104 Cover Page Interactive File (the cover page tags are embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 12, 2024 EMPIRE (Registrant) By: /s/ Heather L. Houston Name: Heather L. Houston Title: Senior Vice President, Chief Counsel, Corporate & Secretary Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 12, 2024 EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Heather L. Houston Name: Heather L. Houston Title: Senior Vice President, Chief Counsel, Corporate & Secretary