Federal Realty Investment Trust

15/11/2024 | Press release | Distributed by Public on 15/11/2024 21:15

Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 15, 2024, Federal Realty Investment Trust (the "Company") reported that Jeffrey S. Berkes, the Company's President and Chief Operating Officer, will depart from the Company effective as of December 31, 2024. The Company does not intend to backfill this role. As a result of his departure, Mr. Berkes is entitled to the rights and payments set forth in that certain Amended and Restated Severance Agreement dated as of February 10, 2021 which was filed as Exhibit 10.2to the Company's Quarterly Report on Form 10-Q filed on May 5, 2021. In addition, Mr. Berkes will receive an annual bonus for calendar year 2024 in accordance with the Company's annual bonus plan. The Company also intends to enter into a one-year consulting arrangement with Mr. Berkes effective January 1, 2025 pursuant to which Mr. Berkes will provide certain services to the Company in connection with property acquisition activity and be paid a fee for closed acquisitions.
Concurrently with Mr. Berkes' departure, Donald C. Wood, the Company's Chief Executive Officer, will reassume the additional position of President of the Company.