Business Context and Reporting Period
This Form 8-K was filed by Consolidated-Tomoka Land Co. (CTO Realty Growth, Inc.) on December 18, 2009. The report addresses a corporate governance event involving the departure of a senior officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial data disclosed relates to a specific severance obligation:
- Severance Payment: $109,226.00 (one-time lump sum, less taxes/deductions).
- Health Coverage: COBRA premiums for the departing officer and spouse for six months.
Material Changes
The material change reported is the departure of Robert F. Apgar, Sr. Vice President-General Counsel and Assistant Corporate Secretary, effective December 31, 2009. His duties will be transitioned to existing employees.
Management Commentary and Risks
Management stated the departure is part of an effort to reduce corporate overhead expenses during a difficult real estate market. A Separation Agreement, Waiver, and Full Release were executed on December 18, 2009. The agreement includes a seven-day revocation period for Mr. Apgar; if not revoked, it becomes effective the day after the period ends.
Investor Verification Checklist
- Confirm the effective date of the officer's departure (December 31, 2009).
- Verify the total cost of the separation package ($109,226 plus six months of COBRA premiums).
- Review the attached Exhibit 10.1 for the full terms of the Separation Agreement.
- Monitor subsequent filings for the appointment of a replacement General Counsel.