Federal Realty boosts COO Berkes bonus target to 125%; adopts majority-vote resignation bylaw

Federal Realty OP LP

Annual bonus target for President/COO Jeffrey S. Berkes raised to 125% of base salary.
Bylaw amended: trustees failing to receive majority vote in uncontested election must cease within 90 days.
No changes to other named executive officers' compensation arrangements.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Federal Realty OP LP: Amended Bylaws to require that a Trustee who does not receive a majority vote in an uncontested election ceases to be a Trustee within 90 days, rather than submitting a resignation that the Board could reject (effective 2023-02-07).

Change: bylaw amendment
Effective: 2023-02-07

Exact text from the filing

On February 7, 2023, the Board approved an amendment to the Company’s Amended and Restated Bylaws to provide that any Trustee who does not receive a majority of votes cast in an uncontested election will cease being a Trustee no later than ninety (90) days after such election.

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Source: SEC EDGAR

accession 0000034903-23-000031

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