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 Officers
Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Compensatory Arrangements of Certain Officers
Extension of Stock Option Agreement
On January 3, 2019, the Compensation Committee (the “Committee”) of the Board of Directors of Monmouth Real Estate Investment Corporation (“the Company”) approved an extension of the exercise period for a portion of Mr. Eugene Landy’s 2011 Stock Option Agreement (the “Agreement”). The Agreement provides Mr. Eugene Landy with an option to purchase 65,000 shares of the Company’s common stock at an exercise price of $8.72 per share and was scheduled to expire on January 3, 2019. Mr. Eugene Landy exercised the option with respect to 25,000 shares to this Agreement on January 3, 2019. The Committee approved an extension of the exercise period of the Agreement, allowing Mr. Landy to exercise the option with respect to the remaining 40,000 shares at the same exercise price of $8.72 per share through February 28, 2019. The Agreement is unchanged in all other respects.
