Empire State Realty Trust Appoints New CFO

TL;DR

ESRT names new CFO, Thomas D'Arcy, starting Oct 1st with $450k salary + stock.

AI Summary

Empire State Realty Trust, Inc. (ESRT) announced on September 17, 2024, the appointment of Thomas J. D'Arcy as Chief Financial Officer, effective October 1, 2024. D'Arcy will receive an annual base salary of $450,000 and will be eligible for a discretionary annual bonus. He will also be granted restricted stock units valued at $1,000,000, vesting over three years.

Why It Matters

The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.

Risk Assessment

Risk Level: low — This filing primarily concerns an executive appointment and compensation, which typically carries a low inherent risk.

Key Numbers

• $450,000 — CFO Annual Base Salary (Represents the guaranteed cash compensation for the new Chief Financial Officer.)
• $1,000,000 — CFO Stock Grant Value (Indicates the long-term incentive awarded to the new CFO, tied to company performance and vesting.)

Key Players & Entities

• Empire State Realty Trust, Inc. (company) — Company making the announcement
• Thomas J. D'Arcy (person) — Newly appointed Chief Financial Officer
• $450,000 (dollar_amount) — Annual base salary for the new CFO
• $1,000,000 (dollar_amount) — Value of restricted stock units granted to the new CFO
• October 1, 2024 (date) — Effective date of the new CFO's appointment

FAQ

Key Financial Figures

• $0.01 — Inc. Class A Common Stock, par value $0.01 per share ESRT The New York Stock E
• $1,000,000 — hrough October 7, 2027 in the amount of $1,000,000 to be paid within thirty (30) days of O

Filing Documents

• tm2424238d1_8k.htm (8-K) — 60KB
• tm2424238d1_ex10-1.htm (EX-10.1) — 163KB
• 0001104659-24-101903.txt ( ) — 511KB
• esrt-20240917.xsd (EX-101.SCH) — 4KB
• esrt-20240917_def.xml (EX-101.DEF) — 28KB
• esrt-20240917_lab.xml (EX-101.LAB) — 38KB
• esrt-20240917_pre.xml (EX-101.PRE) — 27KB
• tm2424238d1_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. On September 17, 2024, prior to the October 7, 2024 expiration of the Second Amended and Restated Employment Agreement between Empire State Realty Trust, Inc. (the "Company") and Anthony E. Malkin (the "Executive"), dated October 6, 2021 (the "Prior Agreement"), upon a recommendation from the Compensation Committee of the Board of Directors (the "Board") of the Company, the Board approved a Third Amended and Restated Employment Agreement between the Company and the Executive (the "New Agreement"). The New Agreement extends the Executive's employment term for three years to October 7, 2027 (the "Current Term") and commencing with the expiration of the Current Term, shall automatically be renewed for additional consecutive one (1) year periods, subject to either party providing to the other party notice of non-renewal at least thirty (30) days prior to the expiration of the then-current employment term. The New Agreement also modifies the Prior Agreement to, among other changes: Provide that, unless otherwise agreed by the parties, a failure by the Company to renew the Current Term or any subsequent term shall be deemed to be a termination of the Executive's employment without Cause (as defined in the New Agreement); Reflect the Executive's current position as Chairman and Chief Executive Officer; Reflect the Executive's current base salary; and Provide the Executive with a retention bonus to incentivize the Executive to remain employed through October 7, 2027 in the amount of $1,000,000 to be paid within thirty (30) days of October 7, 2027 or upon termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason (such terms, as defined in the New Agreement). The foregoing summary of the New Agreement does not purport to be complete and is qualified in its enti

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Third Amended and Restated 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: September 23, 2024 EMPIRE (Registrant) By: /s/Christina Chiu Name: Christina Chiu Title: President 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: September 23, 2024 EMPIRE STATE REALTY OP, L.P. (Registrant) By: Empire State Realty Trust, Inc., as general partner By: /s/ Christina Chiu Name: Christina Chiu Title: President

View Full Filing

View this 8-K filing on SEC EDGAR