Trinity Place Holdings Inc. Announces Board Changes and Executive Agreements
Ticker: TPHS · Form: 8-K · Filed: Apr 23, 2024 · CIK: 724742
| Field | Detail |
|---|---|
| Company | Trinity Place Holdings Inc. (TPHS) |
| Form Type | 8-K |
| Filed Date | Apr 23, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, management-changes
TL;DR
Trinity Place Holdings Inc. swapped directors and signed new exec pay deals for CEO & CFO.
AI Summary
Trinity Place Holdings Inc. announced on April 17, 2024, changes in its board of directors and executive compensation. Specifically, Steven M. Bachenheimer resigned as a director, and the company appointed two new directors, Matthew J. Galligan and David M. Shiffman. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Matthew J. Galligan, and Chief Financial Officer, Steven M. Bachenheimer, effective April 17, 2024.
Why It Matters
This filing indicates a shift in leadership and executive compensation structure, which could impact the company's strategic direction and financial performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive agreements can signal strategic shifts or internal adjustments that may carry inherent risks.
Key Players & Entities
- Trinity Place Holdings Inc. (company) — Registrant
- Steven M. Bachenheimer (person) — Resigned Director and appointed CFO
- Matthew J. Galligan (person) — Appointed Director and CEO
- David M. Shiffman (person) — Appointed Director
- April 17, 2024 (date) — Effective date of changes
- April 23, 2024 (date) — Filing date
FAQ
Who resigned from the board of directors at Trinity Place Holdings Inc.?
Steven M. Bachenheimer resigned as a director.
Who were appointed as new directors?
Matthew J. Galligan and David M. Shiffman were appointed as new directors.
What is the effective date of the new employment agreements?
The new employment agreements are effective as of April 17, 2024.
What positions do Matthew J. Galligan and Steven M. Bachenheimer hold under the new agreements?
Matthew J. Galligan entered into an employment agreement as Chief Executive Officer, and Steven M. Bachenheimer entered into an employment agreement as Chief Financial Officer.
What is the filing date of this Form 8-K?
This Form 8-K was filed on April 23, 2024.
Filing Stats: 490 words · 2 min read · ~2 pages · Grade level 14 · Accepted 2024-04-23 16:16:52
Key Financial Figures
- $0.01 — nge on which registered Common Stock $0.01 Par Value Per Share TPHS NYSE Ameri
Filing Documents
- tm2412501d1_8k.htm (8-K) — 21KB
- 0001104659-24-050595.txt ( ) — 187KB
- tphs-20240417.xsd (EX-101.SCH) — 3KB
- tphs-20240417_lab.xml (EX-101.LAB) — 33KB
- tphs-20240417_pre.xml (EX-101.PRE) — 22KB
- tm2412501d1_8k_htm.xml (XML) — 3KB
02. Departure
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 17, 2024, Trinity Place Holdings Inc. (the "Company") and Matthew Messinger, the chief executive officer of the Company, entered into an amendment to Mr. Messinger's employment agreement (the "Employment Agreement") pursuant to which, without waiving any party's rights under the Employment Agreement or otherwise, the parties agreed that the end of the 30-day cure period that the Company has to cure the circumstances provided in the written notice delivered by Mr. Messinger to the board of directors of the Company on March 18, 2024 of the occurrence of events which he maintains constitute "Good Reason" for termination in accordance the Employment Agreement, shall be extended until April 26, 2024.
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. TRINITY PLACE HOLDINGS INC. Date: April 23, 2024 /s/ Richard Pyontek Richard Pyontek Chief Accounting Officer, Treasurer and Secretary