UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 10, 2024, W. P. Carey Inc. (the “Company”) announced that John J. Park will step down as President of the Company effective September 30, 2024. The separate role of President will be eliminated, and the title will be assumed by Jason Fox, the Company’s Chief Executive Officer, effective October 1, 2024. Mr. Park will remain Senior Advisor to the Company through February 28, 2025 to ensure an orderly transition of his duties to other members of the Company’s management team.
Mr. Park and the Company entered into a letter agreement, dated July 9, 2024 (the “Separation Agreement”). Pursuant to the Separation Agreement, subject to certain conditions, Mr. Park will be entitled to receive continued vesting of his outstanding unvested restricted stock units and performance stock units through the date such units would otherwise have become vested in accordance with their terms. Mr. Park will not receive a cash severance payment under the Separation Agreement.
The foregoing summary of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, which is attached as Exhibit 10.1 and incorporated herein by reference.
A copy of the Company’s press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Separation Agreement, dated July 9, 2024 by and between W. P. Carey Inc. and John. J. Park | |
| 99.1 | Press release issued by W. P. Carey Inc. on July 10, 2024 | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: July 10, 2024 | W. P. Carey Inc. | |
| By: | /s/ Jason E. Fox | |
| Jason E. Fox | ||
| Chief Executive Officer | ||