PARAMOUNT GROUP, INC. (NYSE:PGRE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Effective January1, 2018 (the “Effective Date”), Paramount Group, Inc. (the “Company”) entered into an Amended and Restated Employment Agreement (the “Employment Agreement”) with Albert Behler, which supersedes and replaces his previous employment agreement. Except as provided below, the terms of the Employment Agreement are substantially consistent with the terms of Mr.Behler’s previous employment agreement and to the Employment Agreement Mr.Behler will continue to serve as the Company’s Chairman, President and Chief Executive Officer.
The initial term of the Employment Agreement ends on December31, 2020 (the “Initial Term”) unless earlier terminated and will automatically extend for an additional one-year term at the expiration of the Initial Term unless either party provides written notice of a non-renewal no later than 180 days prior to the expiration of the Initial Term. The Employment Agreement provides that in the event that the term expires upon (i)the completion of three years from the Effective Date following the issuance of a notice of non-renewal by either party or (ii)four years from the Effective Date, Mr.Behler will become an at-will employee. During the period of any at-will employment, Mr.Behler will be subject to certain restrictive covenants, including non-competition and non-solicitation covenants and he will be covered under the Company’s severance plan, if any, then in effect and applicable to executive officers who do not have a written employment agreement with the Company.
The foregoing description of the terms of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement filed as Exhibit 10.1 hereto and which is incorporated herein by reference.
|Item 5.02||Financial Statements and Exhibits.|
Paramount Group, Inc. ExhibitEX-10.1 2 d517538dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION VERSION AMENDED AND RESTATED EMPLOYMENT AGREEMENT This Amended and Restated Employment Agreement (Agreement) is made and entered into effective as of the 1st day of January,…To view the full exhibit click
About PARAMOUNT GROUP, INC. (NYSE:PGRE)
Paramount Group, Inc. is a real estate investment trust (REIT) focused on owning, operating, managing, acquiring and redeveloping Class A office properties in select central business district submarkets of New York City, Washington, District of Columbia (D.C.) and San Francisco. The Company conducts its business primarily through Paramount Group Operating Partnership LP. It operates through the segment, which includes operating, leasing and managing office properties. Its portfolio consists of over 12 Class A office properties aggregating approximately 10.4 million square feet. It also has an investment management business, where it serves as the general partner and property manager of certain private equity real estate funds for institutional investors and high-net-worth individuals. The Company’s private equity real estate funds (the Property Funds) invest in office buildings and related facilities primarily in New York City, Washington, D.C. and San Francisco.