CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 13, 2020, Jan F. Salit, the President of CIM Commercial Trust Corporation (the “Company”), informed the Company that he will retire effective September 16, 2020. On behalf of the Company and its board of directors, David Thompson, Chief Executive Officer of the Company, thanked Mr. Salit for his long and outstanding service to the Company.
The Company has decided at this time not to appoint anyone to replace Mr. Salit.
In connection with Mr. Salit’s retirement, the Company entered into an agreement with Mr. Salit to which Mr. Salit will receive from the Company a payment of $450,000 (consisting of one year of his base salary), less any applicable taxes, upon the satisfaction of certain conditions specified therein, including the execution of an agreement with the Company that contains, among other things, mutual release and non-disparagement provisions.
Item 9.01 Financial Statements and Exhibits.
CIM Commercial Trust Corp Exhibit
EX-99.1 2 tm2024603d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 July 13,…
To view the full exhibit click here
About CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT)
CIM Commercial Trust Corporation is engaged in acquiring, owning and operating Class A office investments in urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets. The Company operates in the business segments, including the acquisition, redevelopment, ownership and management of office real estate, multifamily real estate and hotels. Its real estate portfolio consists of over 30 assets. It has approximately 20 office properties (including over two parking garages and over two development sites), totaling approximately 5.6 million rentable square feet, which are approximately 86.9% occupied; multifamily properties, composed of over 930 units, which are approximately 92.4% occupied, and hotels, which have a total of approximately 1,070 rooms. Its office, multifamily and hotel assets are located in over 10 of the United States markets.
