Armada Hoffler Properties (NYSE:AHH), Inc., a real estate company based in Virginia Beach, VA, disclosed the termination of Shelly R. Hampton, the company's former President of Asset Management. The termination, which was without cause, occurred on July 18, 2024, as reported in the company's recent 8-K filing with the Securities and Exchange Commission.
Following the termination, Hampton entered into a Separation and General Release Agreement with the company on July 23, 2024. This agreement outlines that Hampton will receive severance payments and benefits in line with a Tier II Participant under the company's Executive Severance Benefit Plan. Details of this plan were previously disclosed in a proxy statement on April 19, 2024.
Additionally, the agreement stipulates the acceleration of 28,432 unvested shares of restricted stock that were held by Hampton. However, all other unvested equity awards held by Hampton were forfeited under the terms of the agreement.
As part of the separation terms, Hampton agreed to a non-compete clause and a non-solicitation agreement that prevents her from competing with Armada Hoffler or soliciting its employees, customers, or vendors for a period of one year following her termination. Both Hampton and the company have also agreed to refrain from disparaging one another.
The specifics of the Separation Agreement were summarized in the 8-K filing, and the full text of the agreement was attached as an exhibit to the filing. This announcement comes as part of the company's regulatory disclosures and provides insight into the executive changes and compensatory arrangements at Armada Hoffler Properties, Inc.
The company, which trades on the New York Stock Exchange under the ticker NYSE:AHH, has not provided further details regarding the departure or any potential replacement for Hampton's position. The information disclosed is based on the company's latest SEC filing.
InvestingPro Insights
In light of the recent management changes at Armada Hoffler Properties, Inc., investors may find it pertinent to consider the company's financial health and market performance. An analysis of real-time data from InvestingPro reveals that Armada Hoffler has a market capitalization of approximately $1.04 billion, with a notably high P/E ratio of 131.67, indicating a high earnings multiple. Despite this, the company has demonstrated robust revenue growth over the last twelve months as of Q1 2024, with an increase of 34.56%. Additionally, the dividend yield stands at an attractive 6.83%, complemented by a consistent increase in dividend payouts over the last three years.
InvestingPro Tips highlight that management has been proactively repurchasing shares and that the company is expected to remain profitable this year. These factors, combined with a significant dividend to shareholders, may offer a degree of reassurance amidst executive transitions. For investors seeking a deeper dive into the company's prospects, InvestingPro offers more tips, including insights into sales forecasts and valuation multiples. Use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription for additional insights, with a total of 11 additional InvestingPro Tips available for Armada Hoffler Properties.
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