SITE Centers (SITC) just unveiled an update.
SITE Centers Corp. has entered into a new employment agreement with CEO David R. Lukes, which will take effect on the day of their planned spin-off of Curbline Properties Corp. This agreement updates and extends Lukes’ previous contract, ensuring his leadership continuity. It includes a substantial salary, performance-based incentives, and various benefits, such as equity awards that vest over time, health and insurance premiums, and severance packages that are contingent on different termination scenarios, including a change in control. The agreement is structured to maintain the company’s leadership and incentivize the CEO’s performance aligned with shareholder interests.
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