Summary
Realty Income Corporation (O) announced the departure of its Chief Financial Officer, Paul M. Meurer, effective immediately as of January 29, 2020. Mr. Meurer will continue to serve in a senior advisor role during a transition period until March 31, 2020, assisting with the CFO transition. This departure is accompanied by a comprehensive severance agreement that outlines substantial financial and equity compensation for Mr. Meurer, contingent upon his cooperation and adherence to non-solicitation and confidentiality clauses.
Key Highlights
- 1Paul M. Meurer has departed from his role as Chief Financial Officer (CFO) of Realty Income Corporation, effective January 29, 2020.
- 2Mr. Meurer will remain with the Company as a senior advisor until March 31, 2020, to facilitate a smooth transition of financial leadership.
- 3A severance agreement provides Mr. Meurer with a lump-sum cash payment of $1,591,393 upon completion of the transition period.
- 4He is also eligible to receive his full 2019 annual cash bonus ($1,087,125) and his 2019 equity grant, subject to further conditions.
- 5Outstanding time-based equity awards held by Mr. Meurer will vest in full as of his termination date.
- 6The agreement includes standard provisions such as confidentiality, non-solicitation, and non-interference covenants from Mr. Meurer.
- 7The Company also agreed to cover Mr. Meurer's group medical insurance through March 31, 2021, or until he obtains other coverage.