Seritage amends CEO Olshan's employment agreement with 5% annual raises, cash awards, increased severance

Seritage Growth Properties

Salary and target bonus auto-increase 5% annually from March 16, 2024; no performance metrics on bonus.
Future equity grants replaced by $2M annual cash awards with vesting: 1/3 on grant, 1/3 Dec 31 grant year, 1/3 next Dec 31.
Severance on termination without cause or for good reason pre-Change-in-Control raised to 2.5x base salary plus target bonus (from 2x).
Cash award from March 15, 2023 vests in three tranches: March 2024, Dec 2024, Dec 2025.
Unvested cash awards accelerate on certain terminations or non-assumption in Change in Control.

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