ALEXANDRIA REAL ESTATE EQUITIES, INC. (NYSE:ARE-E) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On and effective July3, 2017, Alexandria Real Estate Equities, Inc., a Maryland corporation (the “Company”), entered into a Letter Amendment (the “Amendment”) to the Amended and Restated Executive Employment Agreement, dated April 6, 2015 (the “Employment Agreement”), between the Company and Joel S. Marcus, the Company’s Chief Executive Officer (the “Executive”).
The Amendment provides that the Executive will serve as the Company’s Executive Chairman beginning on April1, 2018 until December31, 2019 and extended for additional one-year periods thereafter (the “Executive Chairman Period”) unless and until the Company or the Executive provides notice of non-renewal. For each fiscal year ending during the Executive Chairman Period, the Executive shall be eligible to receive an annual long-term incentive compensation award in the form of restricted stock on the same terms provided in the Employment Agreement for fiscal year 2017 except that the target value for each year shall be reduced from $5,500,000 to $2,750,000. In addition, the Amendment provides that from April1, 2018 through December31, 2019, the Severance Payment (as defined in the last sentence of Section 4.4(a) of the Employment Agreement) shall be multiplied by two.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
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Item 9.01 |
Financial Statements and Exhibits. |
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10.1 |
Letter Amendment to Amended and Restated Executive Employment Agreement, dated July3, 2017. |
ALEXANDRIA REAL ESTATE EQUITIES INC ExhibitEX-10.1 2 ex101jmagreement.htm EXHIBIT 10.1 Exhibit July 3,…To view the full exhibit click here