Summary
Digital Realty Trust, Inc. (DLR) has filed an 8-K report detailing amendments to the employment agreements for its President and Chief Financial Officer, Andrew P. Power, and its Chief Investment Officer, Gregory S. Wright. These amendments, approved by the Compensation Committee on September 1, 2022, and filed on September 8, 2022, primarily focus on extending the employment terms and adjusting compensation and reporting structures for these key executives. The most significant change is the introduction of an automatic one-year extension to the employment term for both Mr. Power and Mr. Wright, which will continue until either party provides 60 days' written notice of non-extension. This provides enhanced stability and continuity in senior leadership. The filing also clarifies Mr. Power's title as President and Chief Financial Officer and confirms his base salary of $650,000. For Mr. Wright, the amendments confirm his principal place of employment in Austin, Texas, his base salary of $625,000, and his target/maximum annual bonus percentages.
Key Highlights
- 1Amendments approved to employment agreements for key executives Andrew P. Power (President & CFO) and Gregory S. Wright (Chief Investment Officer).
- 2Employment terms for both executives automatically extend annually by one year, providing continuity unless 60 days' notice of non-extension is given.
- 3Confirms Andrew P. Power's title as President and Chief Financial Officer.
- 4Confirms Andrew P. Power's annual base salary remains $650,000.
- 5Confirms Gregory S. Wright's principal place of employment is Austin, Texas.
- 6Confirms Gregory S. Wright's annual base salary is $625,000.
- 7Specifies Gregory S. Wright's target annual bonus at 125% and maximum at 250% of his base salary.