Business Context and Reporting Period
This Form 8-K Current Report is filed by Empire State Realty Trust, Inc. and Empire State Realty OP, L.P. The report date is April 21, 2020, with the filing signed on April 23, 2020. The document primarily addresses a significant executive appointment within the Company's leadership structure.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The material change reported is the appointment of Christina Chiu as Executive Vice President and Chief Financial Officer (CFO) of the Company and the Operating Partnership, effective on a date to be set by her and the Company. Ms. Chiu will also serve as the principal financial officer.
Management Commentary and Compensation Details
Ms. Chiu joins the Company following an 18-year career at Morgan Stanley, where she served as a Managing Director and Chief Operating Officer of the Global Listed Real Assets business. Her compensation package includes:
- Base Salary: $475,000 annually.
- Annual Cash Bonus: Targeted at $475,000 for 2020.
- Long-Term Incentive Compensation: $750,000 for 2020, subject to vesting (50% time-based, 50% performance-based).
- Initial Equity Grant: Approximately $320,000, subject to time-based vesting.
- Pro-rating: All compensation is pro-rated for the period of employment in 2020.
Upon commencement, Ms. Chiu will be covered by indemnification and change in control severance agreements substantially similar to those of other named executive officers.
Investor Verification Checklist
- Verify the exact commencement date for Ms. Chiu's services, as it is to be set by the parties.
- Review the specific vesting schedules and performance metrics for the $750,000 long-term incentive compensation.
- Confirm the terms of the change in control severance agreement to understand potential acceleration of equity awards.
- Check subsequent filings for any updates regarding the transition of the CFO role.