Comstock Holding Companies, Inc. Announces Christopher Clemente's New Employment Agreement

Strategic Insights -

Comstock Holding Companies, Inc. has filed a Form 8-K with the Securities and Exchange Commission, disclosing an amended and restated employment agreement between the company and its Chairman and Chief Executive Officer, Christopher Clemente. The agreement, which became effective on April 27, 2020, supersedes the prior employment agreement entered into in December 2004 and provides for a five-year initial term with automatic one-year renewals.

Key Takeaways:

  • The new employment agreement between Comstock Holding Companies, Inc. and Christopher Clemente was approved by the company's Board of Directors on April 27, 2020.
  • The agreement has an initial term of five years, with automatic one-year renewals, unless either the company or Mr. Clemente notifies the other that the term will not be extended.
  • Mr. Clemente will receive a minimum annual base salary of $500,000, subject to potential increase by the Board from time to time.
  • He is eligible for an annual cash bonus of not less than 100% of his then-current annual base salary, based on satisfaction of financial performance criteria and the company's goals.
  • Mr. Clemente is entitled to awards under the company's equity incentive plan, employer stock purchase, and any similar executive compensation plans that the company may adopt from time to time.

Statistics:

  • $500,000: the minimum annual base salary for Christopher Clemente.
  • 100%: the minimum cash bonus Mr. Clemente is eligible for, based on financial performance criteria and company goals.
  • 5 years: the initial term of the new employment agreement, with automatic one-year renewals.

Sources:

  • 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): May 1, 2020 (April 27, 2020) Comstock Holding Companies, Inc.