SITE Centers Corp. Elects New Directors, Updates Executive Contracts
Ticker: SITC · Form: 8-K · Filed: Jul 22, 2024 · CIK: 894315
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
SITE Centers just swapped out board members and updated exec pay – new era incoming?
AI Summary
On July 18, 2024, SITE Centers Corp. announced changes to its board of directors and executive compensation. Specifically, the company elected two new directors, David B. Henry and Michael T. Kirby, to its Board of Directors. Additionally, the company entered into new employment agreements with its Chief Executive Officer, President, and Chief Financial Officer, effective July 18, 2024.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty regarding future strategic direction and management stability.
Key Players & Entities
- SITE Centers Corp. (company) — Registrant
- David B. Henry (person) — Newly elected director
- Michael T. Kirby (person) — Newly elected director
- July 18, 2024 (date) — Effective date of board changes and new employment agreements
FAQ
Who were the new directors elected to the SITE Centers Corp. Board?
David B. Henry and Michael T. Kirby were elected as new directors to the Board of Directors of SITE Centers Corp.
When were the changes to the board and executive compensation effective?
The changes were effective as of July 18, 2024.
What specific roles had new employment agreements entered into?
New employment agreements were entered into with the Chief Executive Officer, President, and Chief Financial Officer.
What is the IRS Employer Identification Number for SITE Centers Corp.?
The IRS Employer Identification Number for SITE Centers Corp. is 34-1723097.
In which state was SITE Centers Corp. incorporated?
SITE Centers Corp. was incorporated in Ohio.
Filing Stats: 2,224 words · 9 min read · ~7 pages · Grade level 14.9 · Accepted 2024-07-22 16:05:10
Key Financial Figures
- $0.10 — h registered Common Shares, Par Value $0.10 Per Share SITC New York Stock Excha
- $50,000 — nual cash-based salary of not less than $50,000 per year, which may be increased from t
- $2.7 million — ate, a one-time salary-related grant of $2.7 million in time-based limited partnership units
- $750,000 — uivalent of additional annual salary of $750,000 per year over three years, plus a 20% p
- $500,000 — evels for the annual cash incentive are $500,000, $1,000,000 and $2,000,000, respectivel
- $1,000,000 — the annual cash incentive are $500,000, $1,000,000 and $2,000,000, respectively; and An
- $2,000,000 — incentive are $500,000, $1,000,000 and $2,000,000, respectively; and An annual cash inc
- $7.2 million — formance-based LTIP Units (target value $7.2 million), with vesting to vary from 0% to 250%
- $800,000 — each of 2025, 2026 and 2027, a grant of $800,000 in time-based restricted stock or LTIP
- $25,000 — ursement (up to an aggregate maximum of $25,000 in any calendar year) for premiums paid
Filing Documents
- sitc-20240718.htm (8-K) — 65KB
- 0000950170-24-085241.txt ( ) — 207KB
- sitc-20240718.xsd (EX-101.SCH) — 42KB
- sitc-20240718_htm.xml (XML) — 6KB
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. SITE Centers Corp. Date: July 22, 2024 By: /s/ Aaron M. Kitlowski Aaron M. Kitlowski, Executive Vice President, General Counsel and Secretary