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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
Retirement of William C. Drummond
On March 27, 2017, William C. Drummond, the Senior Vice
President, Chief Financial Officer and Treasurer of Jernigan
Capital, Inc. (the Company), informed the Company of his decision
to retire effective as of the close of business on May 3, 2017.
Mr. Drummond will remain with the Company through May 3, 2017 in
order to facilitate an orderly transition of his
responsibilities. The Company, JCAP Advisors, LLC, the Companys
external manager (the Manager), and Mr. Drummond anticipate
entering into an advisory agreement to assist with accounting,
financial reporting and/or treasury management matters, as may be
requested by the Manager from time to time. Also on March 27,
2017, the Manager awarded Mr. Drummond a bonus of $171,000 for
services rendered on behalf of the Manager in 2016. The bonus is
payable by the Manager and is not reimbursable by the Company. In
addition, the Company has agreed to maintain Mr. Drummond as an
additional insured under certain of its Directors and Officers
insurance through 2020.
Appointment of Kelly P. Luttrell as Chief Financial
Officer
On March 28, 2017 the Board of Directors of the Company resolved
to promote Kelly P. Luttrell to the positions of Senior Vice
President, Chief Financial Officer and Treasurer, effective upon
Mr. Drummonds retirement on May 3, 2017. Ms. Luttrell also will
serve as the Companys principal accounting officer and as Senior
Vice President and Chief Financial Officer of the Manager.
Ms. Luttrell, age 37, has served as the Companys Corporate
Controller since September 2015 and Vice President of Financial
Reporting since July 2016. Prior to joining the Company, from
February 2014 through September 2015, Ms. Luttrell served as
Controller and Finance Director of MicroPort Orthopedics, Inc., a
global medical device manufacturer. From January 2003 to February
2014, Ms. Luttrell was in the audit practice at Ernst Young. Ms.
Luttrell obtained a master of accountancy and a bachelors degree
in business administration from Baylor University and is a
certified public accountant.
The Company does not intend to pay any cash compensation to Ms.
Luttrell for her service as an executive officer. Ms. Luttrell
will be compensated by the Manager, which receives management
fees and reimbursement of certain expenses to the Management
Agreement, dated as of April 1, 2015, between the Manager and the
Company, as amended. There were no arrangements or understandings
between Ms. Luttrell and any other persons to which Ms. Luttrell
was selected as an officer.
| Item 7.01 | Regulation FD Disclosure |
The press release related to the matters described above is
attached hereto as Exhibit 99.1.
In accordance with General InstructionsB.2 and B.6 of Form8-K,
the information included in this Current Report on Form8-K,
including Exhibit99.1 hereto, shall not be deemed filed for
purposes of Section18 of the Securities Exchange Act of 1934, as
amended (the Exchange Act), or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated
by reference into any filing made by the Company under the
Exchange Act or the Securities Act of 1933, as amended, except as
shall be expressly set forth by specific reference in such a
filing.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press release, dated March 28, 2017 |
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. JERNIGAN CAPITAL, INC. (NYSE:JCAP) Recent Trading Information
JERNIGAN CAPITAL, INC. (NYSE:JCAP) closed its last trading session up +0.33 at 22.99 with 56,566 shares trading hands.
