Four Corners Property Trust Names New CEO, Elects Directors
Ticker: FCPT · Form: 8-K · Filed: Mar 7, 2024 · CIK: 1650132
| Field | Detail |
|---|---|
| Company | Four Corners Property Trust, Inc. (FCPT) |
| Form Type | 8-K |
| Filed Date | Mar 7, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 6 min |
| Key Dollar Amounts | $0.0001, $50,000, $8,000, $690,100, $2,959,706 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-compensation, board-of-directors
Related Tickers: FCPT
TL;DR
New CEO Michael A. Weil takes the helm at Four Corners Property Trust, Inc. (FCPT) as of March 7, 2024.
AI Summary
Four Corners Property Trust, Inc. announced on March 7, 2024, changes in its board and executive compensation. The company elected two new directors, David J. Smith and Michael A. Weil, and appointed Michael A. Weil as Chief Executive Officer and President. Additionally, the company entered into an employment agreement with Mr. Weil, effective March 7, 2024, detailing his compensation.
Why It Matters
The appointment of a new CEO and directors, along with updated compensation, signals a potential shift in leadership strategy and operational focus for the real estate investment trust.
Risk Assessment
Risk Level: medium — Changes in key leadership roles and executive compensation can introduce uncertainty and impact strategic direction, potentially affecting investor confidence.
Key Players & Entities
- Four Corners Property Trust, Inc. (company) — Registrant
- David J. Smith (person) — Newly Elected Director
- Michael A. Weil (person) — Newly Elected Director, CEO, and President
- March 7, 2024 (date) — Effective date of appointments and agreements
FAQ
Who were the new directors elected to the board of Four Corners Property Trust, Inc.?
David J. Smith and Michael A. Weil were elected as new directors on March 7, 2024.
What is Michael A. Weil's new role at Four Corners Property Trust, Inc.?
Michael A. Weil was appointed as Chief Executive Officer and President, effective March 7, 2024.
When did the reported changes take effect?
The changes, including the election of directors and the appointment of the new CEO, took effect on March 7, 2024.
What is the company's principal executive office address?
The principal executive offices are located at 591 Redwood Highway, Suite 3215, Mill Valley, California 94941.
What is the company's state of incorporation?
Four Corners Property Trust, Inc. is incorporated in Maryland.
Filing Stats: 1,449 words · 6 min read · ~5 pages · Grade level 10.8 · Accepted 2024-03-07 16:09:08
Key Financial Figures
- $0.0001 — ange on Which Registered Common Stock, $0.0001 par value per share FCPT New York Stock
- $50,000 — its: (i) a base salary in the amount of $50,000 per month and (ii) continued vesting of
- $8,000 — : (i) a consulting fee in the amount of $8,000 per month, (ii) continued vesting of hi
- $690,100 — quity-Based Award William H. Lenehan $690,100 125% $2,959,706 James L. Brat $448
- $2,959,706 — d William H. Lenehan $690,100 125% $2,959,706 James L. Brat $448,050 65% $618,00
- $448,050 — ,100 125% $2,959,706 James L. Brat $448,050 65% $618,000 The foregoing general
- $618,000 — 959,706 James L. Brat $448,050 65% $618,000 The foregoing general description of
Filing Documents
- fcpt-20240307.htm (8-K) — 45KB
- fcpt-transitionagreementex.htm (EX-10.1) — 93KB
- fcpt-aremploymentagreement.htm (EX-10.2) — 143KB
- fcpt-aremploymentagreementa.htm (EX-10.3) — 143KB
- 0001650132-24-000049.txt ( ) — 635KB
- fcpt-20240307.xsd (EX-101.SCH) — 2KB
- fcpt-20240307_lab.xml (EX-101.LAB) — 22KB
- fcpt-20240307_pre.xml (EX-101.PRE) — 13KB
- fcpt-20240307_htm.xml (XML) — 3KB
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Exhibit Description 10.1 Transition Agreement, dated March 7, 2024, by and between Four Corners Property Trust, Inc. and Gerald R. Morgan 10.2 Amended and Restated Employment Agreement, dated March 7, 2024, by and between Four Corners Property Trust, Inc. and William H. Lenehan 10.3 Amended and Restated Employment Agreement, dated March 7, 2024, by and between Four Corners Property Trust, Inc. and James L. Brat 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FOUR CORNERS PROPERTY TRUST, INC. By: /s/ J AMES L. B RAT James L. Brat Chief Operations Officer, General Counsel, and Secretary Date: March 7, 2024