Hartman Short Term Income Properties XX Inc.
04/11/2024 | Press release | Distributed by Public on 04/11/2024 13:52
Management Change/Compensation - Form 8-K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Employment Agreement with Mr. Wheeler
On April 6, 2024 David Wheeler, President and Co-Chief Executive Officer, executed a one-year employment agreement with an effective date of March 27, 2024 (the "Wheeler Employment Agreement") with the Company to continue in his current role and serve as Chief Operating Officer, which conforms his title to his actual responsibilities. Under the Wheeler Employment Agreement, Mr. Wheeler will receive an annual base salary for the period equal to $375,000, a performance bonus totaling no more than 150% of $150,000 and calculated under the terms of the Wheeler Employment Agreement, a monthly expense allowance of $3,400, and thereafter any increase will be determined by the Executive Committee with input from the Company's compensation consultant. In addition, Mr. Wheeler is eligible to participate in any current or future bonus, incentive, and other compensation plans available to the Company's executives. The Wheeler Employment Agreement may be terminated by us at any time and for any reason (or no reason), and with or without cause, provided if the agreement is terminated without cause, we are required to provide Mr. Wheeler with all accrued benefits and his base salary rate until the end of the term of the Employment Agreement.
The foregoing description of the Wheeler Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Wheeler Employment Agreement, a copy of which is attached as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.
Employment Agreement with Mrs. Collins
On April 6, 2024 Adrienne Collins, General Counsel and Corporate Secretary, executed a one-year employment agreement with an effective date of March 27, 2024 (the "Collins Employment Agreement") with the Company to continue in her current role. Under the Collins Employment Agreement, Mrs. Collins will receive an annual base salary for the period equal to $250,000, a performance bonus totaling no more than 150% of $110,000 and calculated under the terms of the Collins Employment Agreement, and thereafter any increase will be determined by the Executive Committee with input from the Company's compensation consultant. In addition, Mrs. Collins is eligible to participate in any current or future bonus, incentive, and other compensation plans available to the Company's executives. The Collins Employment Agreement may be terminated by us at any time and for any reason (or no reason), and with or without cause, provided if the agreement is terminated without cause, we are required to provide Mrs. Collins with all accrued benefits and his base salary rate until the end of the term of the Employment Agreement.
The foregoing description of the Collins Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Collins Employment Agreement, a copy of which is attached as Exhibit 10.2 to this Form 8-K and is incorporated herein by reference.