MONMOUTH REAL ESTATE INVESTMENT CORPORATION (NYSE:MNR-B) 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.
(d) On September 12, 2017, the Board of Directors of Monmouth Real Estate Investment Corporation (NYSE: MNR) increased the number of its directors from eleven to twelve. To fill the resulting vacancy, effective September 12, 2017, the Board elected Mr. Gregory Otto as a Class I Director, to serve for the remaining term of Class I Directors, until the Company’s 2019 annual meeting of stockholders and when his successor is duly elected and qualifies. The Board also determined that Mr. Otto is an independent director under the listing standards of the New York Stock Exchange. As a member of the Board of Directors, effective as of the Company’s January 2018 Board Meeting, Mr. Otto will participate in the Company’s director compensation program and, as a result, will receive an annual fee of $52,800 which will be paid in cash of $48,000 and in shares of the Company’s unrestricted common stock worth $4,800. In addition, he will receive $500 for each Board telephonic meeting attended. If he is appointed to any Board committees, he will receive $1,200 for each committee meeting attended. Mr. Otto received a meeting attendance fee of $4,000 for the Board of Directors meeting that he attended on September 12, 2017. He is expected to enter into the Company’s standard form of indemnification agreement for its directors, which requires the Company to indemnify each indemnitee to the fullest extent permitted by the Maryland General Corporation Law.
(e) Effective September 12, 2017, Directors received an increase in their fixed annual cash fee from $41,000 to $48,000, plus an additional amount to be paid in the Company’s unrestricted common stock worth $4,800 for a total annual fee of $52,800. This annual fee will be paid quarterly. In addition, on September 12, 2017, the Directors (with the exception of Gregory Otto, whose election to the Board was announced on September 12, 2017) received a one-time bonus of 1,000 shares of the Company’s restricted stock, which vests over five years. Effective with the Company’s 2018 fiscal year, Directors will receive an increase in their meeting attendance fee from $4,000 to $5,000 for each Board meeting attended in person, and they will continue to receive $500 for each Board telephonic meeting attended. Directors appointed to Board committees will continue to receive $1,200 for each committee meeting attended.
Item 7.01 Regulation FD Disclosure.
On September 12, 2017, the Company issued a press release announcing the election of Mr. Gregory Otto to the Board of Directors.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
| 99.1 | Press Release dated September 12, 2017 |
MONMOUTH REAL ESTATE INVESTMENT CORP ExhibitEX-99.1 2 ex99-1.htm FOR IMMEDIATE RELEASE September 12,…To view the full exhibit click here
