Seritage Growth Properties 8-K: Officer Compensation Changes
Ticker: SRG-PA · Form: 8-K · Filed: Jan 3, 2024 · CIK: 1628063
| Field | Detail |
|---|---|
| Company | Seritage Growth Properties (SRG-PA) |
| Form Type | 8-K |
| Filed Date | Jan 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $2,000,000 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: compensatory-arrangements, executive-compensation, corporate-governance
TL;DR
**Seritage Growth Properties just filed an 8-K about officer compensation changes, watch for details on executive pay.**
AI Summary
Seritage Growth Properties filed an 8-K on January 3, 2024, reporting an event on December 28, 2023, related to changes in compensatory arrangements for certain officers. This filing indicates potential adjustments to executive pay structures, which could impact the company's operational costs and executive incentives. For investors, understanding these changes is crucial as they can influence management's motivation and the company's financial health, potentially affecting stock performance.
Why It Matters
Changes in executive compensation can signal shifts in company strategy or financial health, directly impacting shareholder value and management's alignment with investor interests.
Risk Assessment
Risk Level: medium — Changes in compensatory arrangements can introduce both positive and negative risks depending on the specifics, which are not fully detailed in this summary filing.
Analyst Insight
Investors should monitor future filings for specific details on the compensatory arrangements to assess their impact on company financials and executive incentives.
Key Numbers
- $0.01 — Par Value per Share (Par value of Class A common shares of beneficial interest)
Key Players & Entities
- Seritage Growth Properties (company) — the registrant filing the 8-K
- December 28, 2023 (date) — date of the earliest event reported
- January 3, 2024 (date) — date the 8-K was filed
- $0.01 (dollar_amount) — par value per share of Class A common shares
Forward-Looking Statements
- Further details regarding the specific changes to compensatory arrangements will be disclosed in subsequent filings or proxy statements. (Seritage Growth Properties) — high confidence, target: Q1 2024
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on December 28, 2023.
What specific item information is covered in this 8-K filing?
This 8-K filing covers 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers'.
What is the par value of Seritage Growth Properties' Class A common shares of beneficial interest?
The par value of Seritage Growth Properties' Class A common shares of beneficial interest is $0.01 per share.
When was Seritage Growth Properties' former name changed?
Seritage Growth Properties' former name, Seritage Growth Properties, Inc., was changed on December 15, 2014.
What is the business address and phone number of Seritage Growth Properties?
The business address of Seritage Growth Properties is 500 Fifth Avenue, Suite 1530, New York, New York 10110, and their telephone number is 212 355-7800.
Filing Stats: 871 words · 3 min read · ~3 pages · Grade level 15.4 · Accepted 2024-01-03 16:15:45
Key Financial Figures
- $0.01 — hares of beneficial interest, par value $0.01 per share SRG NYSE 7.00% Series A
- $2,000,000 — ments, the "Target Equity Amount" means $2,000,000. In the event that the CEO's employment
Filing Documents
- ff2871056_8k-seritage.htm (8-K) — 29KB
- 0000895345-24-000002.txt ( ) — 204KB
- srg-20231228.xsd (EX-101.SCH) — 4KB
- srg-20231228_def.xml (EX-101.DEF) — 17KB
- srg-20231228_lab.xml (EX-101.LAB) — 27KB
- srg-20231228_pre.xml (EX-101.PRE) — 20KB
- ff2871056_8k-seritage_htm.xml (XML) — 6KB
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On December 28, 2023, the Compensation Committee of the Board of Trustees (the "Committee") approved, and the Company entered to a letter agreement providing for, certain amendments (the "Amendments") to the employment agreement ("Employment Agreement") with Andrea Olshan, the Company's Chief Executive Officer (the "CEO"). The Amendments supersede the prior amendments to the Employment Agreement approved by the Committee in March 2022. The Amendments provide that, beginning March 16, 2024, the CEO's annual salary and target annual bonus will automatically increase by 5% each Annual Period (as defined below) to occur during the term of the CEO's employment. For purposes of the Amendments, an "Annual Period" means the period of time beginning on March 16th of a particular calendar year and ending on March 15 th of the following calendar year. Consistent with current practice, there will be no performance metrics applicable to the annual bonus payouts. In lieu of any future annual equity grants, the CEO's Target Equity Amount (as defined below) will be granted in the form of a cash award on March 15 of the applicable year during the period of the CEO's employment (each, a "Cash Award"). The Amendments provide that the Cash Award granted to the CEO on March 15, 2023, will vest as to (i) one-third of the award on March 15, 2024, (ii) one-third of the award on December 31, 2024, and (iii) one-third of the award on December 31, 2025, subject to the CEO's employment through each vesting date. The Amendments also provide that all future Cash Awards granted to the CEO will vest as to (i) one-third of the award on the grant date, (ii) one-third of the award on December 31 st of the calendar year in which the grant date occurs, and (iii) one-third of the award on December 31 st of the calendar year immediately following