TAUBMAN CENTERS, INC. (NYSE:TCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

TAUBMAN CENTERS, INC. (NYSE:TCO) 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.

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On November 8, 2017, each of Graham T. Allison and Peter Karmanos, Jr. notified the Board of Directors (the “Board”) of Taubman Centers, Inc. (the “Company”) that he will resign from the Board, effective January 15, 2018. Mr. Allison’s and Mr. Karmanos’ resignations were not due to any disagreement on any matter relating to the Company’s operations, policies, or practices.

On November 9, 2017, the Board appointed Mayree C. Clark and Michael J. Embler to the Board, effective January 16, 2018, on the recommendation of the Board’s Nominating and Corporate Governance Committee. Ms. Clark and Mr. Embler will serve as independent members of the Board, filling the vacancies created by the aforementioned resignations and assuming their remaining terms, which expire in 2018. Ms. Clark, age 60, and Mr. Embler, age 53, will stand for election at the Company’s 2018 Annual Meeting of Shareholders.

There are no arrangements or understandings between Ms. Clark and any other person to which she was selected as a director. Ms. Clark has no family relationships with any director or executive officer of the Company, and there are no transactions in which Ms. Clark has an interest requiring disclosure under Item 404(a) of Regulation S-K.

There are no arrangements or understandings between Mr. Embler and any other person to which he was selected as a director. Mr. Embler has no family relationships with any director or executive officer of the Company, and there are no transactions in which Mr. Embler has an interest requiring disclosure under Item 404(a) of Regulation S-K.

In connection with their appointments to the Board, Ms. Clark and Mr. Embler will be compensated in accordance with the Company’s non-employee director compensation program.

Item 5.03.AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR

On November 9, 2017, the Board, on the recommendation of the Board’s Nominating and Corporate Governance Committee, amended the Company’s Restated By-Laws (the “By-Laws”) to elect directors for one-year terms beginning with the class of directors to be elected at the 2018 Annual Meeting of Shareholders. Later classes will also stand for one-year terms at subsequent annual meetings, and the Board will be fully declassified by the 2020 Annual Meeting when the directors in the 2017 director class complete their elected terms.

The By-Laws, as amended and restated, are filed as Exhibit 3.1 to this report and are incorporated herein by reference. The foregoing summary of the amendment is qualified in its entirety by reference to the full text of the By-Laws, as amended and restated.

Item 8.01.OTHER EVENTS.

On November 9, 2017, the Board, on the recommendation of the Board’s Nominating and Corporate Governance Committee, also appointed Cia Buckley Marakovits to the Nominating and Corporate Governance Committee, effective immediately, following a review of the Board’s composition and in light of Ms. Buckley Marakovits’ significant involvement in the Company’s shareholder engagement and governance initiatives. Ms. Buckley Marakovits joined the Board in December 2016.

On November 9, 2017, the Company issued a press release announcing the planned appointment of Ms. Clark and Mr. Embler to the Board, the planned resignations of Mr. Allison and Mr. Karmanos from the Board, the Board declassification amendment to the By-Laws, and the appointment of Ms. Buckley Marakovits to the Nominating and Corporate Governance Committee, a copy of which is attached hereto as Exhibit 99 and incorporated herein by reference.

Item 9.01.FINANCIAL STATEMENTS AND EXHIBITS.

(d)Exhibits

Exhibit

Description

3.1

Amended and Restated By-Laws of Taubman Centers, Inc.

Press Release, dated November 9, 2017, entitled "Taubman Appoints Two New Independent Directors and Announces Other Governance Enhancements."


TAUBMAN CENTERS INC Exhibit
EX-3.1 2 form8k11xx2017-exhibit31.htm EXHIBIT 3.1 Exhibit Exhibit 3.1TABLE OF CONTENTS TOAMENDED AND RESTATED BY-LAWS OFTAUBMAN CENTERS,…
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About TAUBMAN CENTERS, INC. (NYSE:TCO)

Taubman Centers, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company’s segment is focused on owning, developing and managing regional shopping centers. The Taubman Realty Group Limited Partnership (TRG) is a partnership subsidiary of the Company that owns direct or indirect interests in all of its real estate properties. The Company’s portfolio of operating centers consists of approximately 19 urban and suburban shopping centers in over 10 states and Puerto Rico. The consolidated businesses consist of shopping centers and entities that are controlled by ownership or contractual agreements, The Taubman Company LLC (Manager), and Taubman Properties Asia LLC and its subsidiaries (Taubman Asia). Its centers are located in metropolitan areas, in communities, including Denver, Detroit, Los Angeles, Miami, Nashville, New York City, Orlando, Salt Lake City, San Francisco, San Juan, Sarasota, St. Louis, Tampa, and Washington, D.C.

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