HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR) 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.
HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On December 30, 2016, Healthcare Realty Trust Incorporated (the “Company”) issued a press release announcing that Robert E. Hull has been appointed as the Company’s Executive Vice President – Investments effective January 1, 2017. Mr. Hull is 44 years old and has been employed by the Company since 2004. He has served as the Company’s Senior Vice President, Investments since 2011 managing the Company’s development and acquisition activity. Prior to that, Mr. Hull served in various capacities on the Company’s investments team.
The Company is entering into an Amended and Restated Employment Agreement with Mr. Hull that will be effective on January 1, 2017 (the “Employment Agreement”). The initial term of the Employment Agreement ends December 31, 2017 and will automatically renew for successive one-year terms.
The Employment Agreement provides for an annual base salary of $440,721 and other benefits generally available to officers of the Company. Mr. Hull is eligible to participate in the Company’s incentive programs that provide for cash and equity incentives.
The Employment Agreement may be terminated for a variety of reasons, including: for cause, not for cause, voluntarily by Mr. Hull, death, disability, constructively, or following a change in control. In all cases, Mr. Hull would receive all accrued salary, bonus compensation that has been awarded but not yet paid, benefits under plans of the Company, including defined contribution or health and welfare plans, accrued vacation pay and reimbursement of appropriate business expenses.
In the case of a termination other than for cause, including a constructive termination, Mr. Hull would also receive full vesting of any restricted stock awards and severance compensation equal to his base salary for a period of 18 months and two times (i) his average annual bonus compensation, if any, that he earned in the two years immediately preceding the date of termination or (ii) $352,577, whichever is greater. He would also be paid a pro-rated portion of the bonus and/or equity compensation that he would have earned for a given period in which the termination occurs.
In the event that the Employment Agreement is terminated in connection with a “change-in-control”, Mr. Hull would receive severance compensation equal to: (a) three times his annual base salary, plus (b) the greater of two times: (i) the average annual bonus compensation, if any, that he earned in the two years immediately preceding the date of termination; and (ii) $705,154, plus (c) a pro-rated portion of the bonus and/or equity compensation that he would have earned for a given period in which the termination occurs.
The Company has agreed to indemnify Mr. Hull for certain liabilities arising from actions taken within the scope of his employment. The Employment Agreement contains restrictive covenants to which Mr. Hull has agreed not to compete with the Company during the period of employment and any period following termination of his employment during which he is receiving severance payments, except that in the event of a change-in-control of the Company, the restrictive period shall be for one year.
Item 9.01 Financial Statements and Exhibits
99.1 Press release, dated December 30, 2016.
About HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR)
Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust (REIT). The Company owns, acquires, manages, finances and develops real estate properties associated primarily with the delivery of outpatient healthcare services across the United States. It provides property management services for approximately 140 healthcare-related properties, totaling over 9.8 million square feet. The Company’s tenant mix includes over 30 physician specialties, as well as surgery, imaging, cancer and diagnostic centers. The Company has approximately two buildings under construction and over two buildings in redevelopment. The Company’s tenant leases include Medical office/outpatient, Inpatient and Other. The Company invests in healthcare-related mortgages located in the United States. It also provides management, leasing and development services, and capital for the construction of new facilities, as well as for the acquisition of existing properties. HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR) Recent Trading Information
HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR) closed its last trading session up +0.45 at 30.32 with 473,381 shares trading hands.
Healthcare Realty Trust Incorporated is a self-managed and self-administered real estate investment trust (REIT). The Company owns, acquires, manages, finances and develops real estate properties associated primarily with the delivery of outpatient healthcare services across the United States. It provides property management services for approximately 140 healthcare-related properties, totaling over 9.8 million square feet. The Company’s tenant mix includes over 30 physician specialties, as well as surgery, imaging, cancer and diagnostic centers. The Company has approximately two buildings under construction and over two buildings in redevelopment. The Company’s tenant leases include Medical office/outpatient, Inpatient and Other. The Company invests in healthcare-related mortgages located in the United States. It also provides management, leasing and development services, and capital for the construction of new facilities, as well as for the acquisition of existing properties. HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR) Recent Trading Information
HEALTHCARE REALTY TRUST INCORPORATED (NYSE:HR) closed its last trading session up +0.45 at 30.32 with 473,381 shares trading hands.