Summary
Realty Income Corporation (O) filed an 8-K on May 3, 2011, to announce modifications to its form of indemnification agreement for officers and directors. Effective May 3, 2011, the Board of Directors approved these revisions, which are designed to align more closely with the Maryland General Corporation Law, the state of incorporation. The Company plans to have its officers and directors replace their current agreements with this updated form. These changes primarily involve refining the indemnification standards to mirror Maryland law and introducing certain procedural updates and clarifications. Importantly, the revised agreement, like the existing ones, will continue to provide indemnification to officers and directors to the maximum extent permissible under Maryland law. This filing signals a proactive step by the Company to ensure its governance documents are up-to-date and in compliance with relevant state statutes, offering continued protection to its leadership.
Key Highlights
- 1Realty Income Corporation (O) updated its form of indemnification agreement for officers and directors.
- 2The modifications are effective May 3, 2011, and were approved by the Board of Directors.
- 3The revised agreement's indemnification standards now more closely follow the language of the Maryland General Corporation Law.
- 4Certain procedural changes and clarifications were made to the existing form of agreement.
- 5The Company intends to have its directors and officers execute the revised indemnification agreements.
- 6Indemnification coverage will remain at the maximum extent permitted under Maryland law for both current and revised agreements.
- 7Exhibit 10.1 to the 8-K contains the Form of Indemnification Agreement.