HOME PROPERTIES INC FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge)
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
On December 20, 2013, Home Properties L.P. and Home Properties, Inc. (the
"Company") entered into an Employment Agreement (the "Agreement") with Edward J.
Pettinella, the Company's President and Chief Executive Officer. This Agreement
is effective January 1, 2014. Mr. Pettinella's current Employment Agreement by
its terms expires on December 31, 2013. The new Agreement provides that Mr.
Pettinella will continue to serve as President and Chief Executive Officer of
the Company until December 31, 2016. It specifies a minimum base salary of
$550,000 but does not specify a fixed incentive compensation or the level of
stock option grants and restricted stock awards, each of which are in the
discretion of the Compensation Committee of the Board of Directors. The
Agreement specifies payments to be made to Mr. Pettinella in the event of a
termination of the Agreement prior to its expiration date and in the event of a
change of control involving the Company. It also includes non-compete
A copy of the Employment Agreement is attached as an exhibit.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 10.1 Employment Agreement dated December 20, 2013 among Home Properties,
L.P., Home Properties, Inc. and Edward J. Pettinella
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