UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 23, 2020
SERITAGE GROWTH PROPERTIES
(Exact Name of Registrant as Specified in Its Charter)
| Maryland | 001-37420 | 38-3976287 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
500 Fifth Avenue, Suite 1530 New York, New York | 10110 | |
| (Address of principal executive offices) | (Zip code) |
Registrant’s telephone number, including area code: (212) 355-7800
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered |
| Class A common shares of beneficial interest, par value $0.01 per share | SRG | New York Stock Exchange |
| 7.00% Series A cumulative redeemable preferred shares of beneficial interest, par value $0.01 per share | SRG-PA | New York Stock Exchange |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On December 23, 2020, the Compensation Committee of the Board of Trustees of Seritage Growth Properties (the “Company”) awarded retention bonuses to certain personnel including Ken Lombard, Matthew Fernand, Amanda Lombard, Mary Rottler, James Bry, and Andrew Galvin in the amount of $215,000, $215,000, $215,000, $195,000, $195,000, and $195,000, respectively (the “Retention Bonuses”). The Retention Bonuses will become payable as long as the recipient continues employment with the Company through December 31, 2021 (the “Retention Date”). In the event that, prior to the Retention Date, (i) the recipient’s employment is terminated by the Company without Cause (as defined in the recipient’s employment offer letter (the “Offer Letter”)), or (ii) the recipient resigns for Good Reason (as defined in the recipient’s Offer Letter), the Retention Bonus will become payable as an additional component of the severance payments and benefits to which the recipient is entitled pursuant to his or her Offer Letter under those termination events. If the recipient’s employment is terminated for any reason other than those described above, the recipient will forfeit all rights to receive any portion of the Retention Bonus.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SERITAGE GROWTH PROPERTIES | ||
| By: | /s/ Matthew Fernand | |
| Matthew Fernand | ||
Executive Vice President, General Counsel & Secretary | ||
| Date: December 30, 2020 | ||