Jernigan Capital, Inc. (NYSE:JCAP) 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.
(e). The Board of Directors of Jernigan Capital, Inc. (the Company) previously approved, subject to approval by the holders of the common stock of the Company, par value $0.01 per share (Common Stock), the Companys Second Amended and Restated 2015 Equity Incentive Plan (the Plan). At the Companys Annual Meeting of Stockholders, which was held on May 1, 2019 (the Annual Meeting), the holders of Common Stock approved the the Plan to increase the number of shares of Common Stock reserved for issuance under the Plan by 380,000 shares from 370,000 shares to 750,000 shares and to extend the term of the Plan to May 1, 2029.
The foregoing description is qualified in its entirety by the text of the Plan, a copy of which is incorporated herein by reference as Exhibit 10.1 hereto.
At the Annual Meeting, the stockholders of the Company approved all of the proposals presented, which are described in detail in the Companys Definitive Proxy Statement on Schedule 14A that was filed with the Securities and Exchange Commission on March 19, 2019 (the Proxy Statement). Holders of 18,946,031 shares of Common Stock and holders of 127,125 shares of the Companys Series A Preferred Stock, par value $0.01 per share (the SeriesA Preferred Stock), were present in person or represented by proxy at the Annual Meeting.
The following are the voting results of the proposals submitted to the Companys stockholders at the Annual Meeting:
Proposal 1: For the holders of Common Stock to elect the seven director nominees named in the Proxy Statement.
| 10.1 | Second Amended and Restated Jernigan Capital, Inc. 2015 Equity Incentive Plan (incorporated by reference to the Companys Registration Statement on Form S-8 filed on May 1, 2019) |
About Jernigan Capital, Inc. (NYSE:JCAP)
Jernigan Capital, Inc. is a commercial real estate finance company. The Company provides capital to private developers, owners and operators of self-storage facilities. It intends to generate long-term returns on development property investments through a fixed rate of interest on its invested capital together with an interest in the positive cash flows of the self-storage development from operations, sales and/or refinancings. It generates cash flows from construction loans and operating property loans in the form of a fixed interest rate and origination fees. It originates various loans, such as bridge loans and credit lines. It has development property investments in Orlando, Atlanta, Tampa, Chicago and Miami. Its operating property loans are located in New Orleans, Newark, Nashville, Sacramento and Chicago. The Company conducts its investment activities through Jernigan Capital Operating Company, LLC. The Company is externally managed and advised by JCap Advisors, LLC.
