Forest City Realty Trust, Inc. (NYSE:FCE.B) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Company) and James A. Ratner entered into a letter agreement
memorializing the continuation of the vesting and exercise
periods, as applicable, of Mr. Ratners outstanding restricted
stock and stock options, as described below under Item 5.02 of
this Current Report on Form 8-K. A copy of the Letter Agreement
is attached as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated herein by reference. The description of various
terms of the Letter Agreement contained herein is qualified in
its entirety by reference to the Letter Agreement.
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
will resign his current office of Executive Vice President –
Development to serve as non-executive Chairman of the Board,
effective December 31, 2016. On December 27, 2016, in recognition
of Mr. Ratners extensive and significant contributions to the
Company during his service as an executive officer of the
Company, the Compensation Committee of the Board of Directors of
the Company approved a one-time bonus of $500,000; and, subject
to the continuation of Mr. Ratners service as Non-Executive
Chairman, the continuation of the existing vesting periods for
Mr. Ratners outstanding restricted stock and stock options that
would have otherwise expired at the termination of Mr. Ratners
employment as an executive officer of the Company. In addition,
each vested stock option held by Mr. Ratner (whether vested prior
to the date of the Letter Agreement or vested thereafter) shall
remain exercisable for the full remaining original term of the
stock option.
Company, Mr. Ratner will be compensated as a non-employee
director while he remains Non-Executive Chairman, and he will no
longer be entitled to compensation as an executive or employee of
the Company. Effective upon his appointment as Non-Executive
Chairman, the Board of Directors approved an annual retainer of
$150,000; and an annual award of equity compensation with grant
date fair market value of $250,000.
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(d)
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Exhibits
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Exhibit
Number
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Description
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10.1
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Letter Agreement, dated December 27, 2016, by and among
James A. Ratner and Forest City Realty Trust, Inc. |
About Forest City Realty Trust, Inc. (NYSE:FCE.B)
Forest City Realty Trust, Inc. is engaged in the ownership, development, management and acquisition of commercial, and residential real estate and land throughout the United States. The Company’s segments include the Commercial Group, Residential Group, Land Development Group and Corporate Activities. The Commercial Group segment owns, develops, acquires and operates regional malls, specialty/urban retail centers, office and life science buildings, and mixed-use projects. The Residential Group segment owns, develops, acquires and operates residential rental properties, including upscale and middle-market apartments, re-use developments, for-sale condominium projects and subsidized senior housing. The Land Development Group segment acquires and sells both land and developed lots to residential, commercial and industrial customers at its Stapleton project in Denver, Colorado. It conducts all of its business, through the Operating Partnership, Forest City Enterprises, L.P. Forest City Realty Trust, Inc. (NYSE:FCE.B) Recent Trading Information
Forest City Realty Trust, Inc. (NYSE:FCE.B) closed its last trading session 00.00 at 26.58 with 811 shares trading hands.
