secwatch.observer — SEC 8-K summary
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Issuer:     Seritage Growth Properties (SRG)
CIK:        0001628063
Form:       8-K
Filed at:   2024-01-03T23:59:59+00:00
Accession:  0000895345-24-000002
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1628063/000089534524000002/0000895345-24-000002-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1628063/000089534524000002/ff2871056_8k-seritage.htm
  HTML page:      https://secwatch.observer/filing/0000895345-24-000002

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer