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<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><a id="_69086880_270d_4a38_a005_9f90c405ab3d"></a><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;white-space:pre-wrap;">Item 5.02.  &#8239;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">&#160;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">On June 28, 2022, the compensation committee of the board of directors (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Compensation Committee</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;) of CTO Realty Growth, Inc. (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Company</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;) approved changes to the compensation of, and a one-time restricted share award to, certain executive officers in order to incentivize and retain them, as well as amendments to the Company&#8217;s outstanding restricted share award agreements (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RSA Agreements</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;) and performance share award agreements (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">PSA Agreements</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;) entered into pursuant to grants under the Company&#8217;s Third Amended and Restated 2010 Equity Incentive Plan (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">2010 Plan</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;).</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">&#160;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Base Salary and Bonus Target Increase</i></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">The Compensation Committee approved, effective July 1, 2022: an increase to the base salary of Steven R. 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Partridge, the Company&#8217;s Senior Vice President, Chief Financial Officer and Treasurer, from $367,500 to $400,000 and an increase in Mr. Partridge&#8217;s individual target opportunity for 2022 under the Annual Incentive Plan from 50% of base salary to 75% of base salary and &#8220;threshold&#8221; and &#8220;maximum&#8221; opportunity for 2022 of 37.5% and 112.5% of base salary, respectively; and an increase to the base salary of Daniel E. Smith, the Company&#8217;s Senior Vice President, General Counsel and Corporate Secretary, from $259,875 to $282,857 and an increase in Mr. Smith&#8217;s individual target opportunity for 2022 under the Annual Incentive Plan from 50% of base salary to 75% of base salary and &#8220;threshold&#8221; and &#8220;maximum&#8221; opportunity for 2022 of 37.5% and 112.5% of base salary, respectively.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">&#160;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Restricted Share Awards</i></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-style:italic;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><a id="_Hlk106784188"></a><a id="_Hlk106784516"></a><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">Effective as of </span><span style="font-family:'Times New Roman','Times','serif';">July 1</span><span style="font-family:'Times New Roman','Times','serif';">, 2022 the Company entered into a restricted share award agreement with each of Messrs. Greathouse, Partridge and Smith (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">July 2022 Agreements</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;), pursuant to which Messrs. Greathouse, Partridge and Smith were awarded 21,000, 21,000 and 9,000 shares of restricted Company common stock (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Awarded Shares</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;), respectively, under the 2010 Plan. The number of Awarded Shares takes into consideration and reflects the Company&#8217;s 3-for-1 stock split, which was effected in the form of a stock dividend that was paid on June 30, 2022 to stockholders of record at the close of business on June 27, 2022. Under the July 2022 Agreements, the Awarded Shares for each grantee vest and become non-forfeitable on July 1, 2025, or upon (i) the termination of such grantee&#8217;s employment by the Company or one of its subsidiaries without &#8220;cause&#8221; (as defined in the July 2022 Agreements) or (ii) such grantee voluntarily terminating employment for &#8220;good reason&#8221; (as defined in the </span><span style="font-family:'Times New Roman','Times','serif';">July 2022 Agreements)</span><span style="font-family:'Times New Roman','Times','serif';">. The foregoing description is qualified by reference to the full text of the July 2022 Agreements, the form of which is filed as Exhibit 10.1 attached hereto, and incorporated herein by reference.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-style:italic;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-style:italic;">Amendments to RSA Agreements and PSA Agreements</i></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">The Compensation Committee also approved the omnibus amendment to the RSA Agreements (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RSA Amendment</span><span style="font-family:'Times New Roman','Times','serif';">&#8221;) and the omnibus amendment to the PSA Agreements (the &#8220;</span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">PSA Amendment</span><span style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">&#8221;).  The RSA Amendment amends each RSA Agreement to provide that the restrictions on all of the shares awarded </span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">pursuant to such RSA Agreement expire, and such shares become transferable and nonforfeitable, upon (i) the termination of such grantee&#8217;s employment by the Company or one of its subsidiaries without &#8220;cause&#8221; (as defined in the RSA Amendment) or (ii) such grantee voluntarily terminating employment for &#8220;good reason&#8221; (as defined in the RSA Amendment). The foregoing description is qualified by reference to the full text of the RSA Amendment filed as Exhibit 10.2 attached hereto, and incorporated herein by reference.  </span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">The PSA Amendment amends each PSA Agreement to provide that if (i) the grantee&#8217;s employment by the Company or one of its subsidiaries is terminated without &#8220;cause&#8221; (as defined in the PSA Amendment) or (ii) such grantee voluntarily terminates employment for &#8220;good reason&#8221; (as defined in the PSA Amendment) (a &#8220;Qualifying Termination&#8221;), then the grantee&#8217;s right and interest in the shares awarded pursuant to such PSA Agreement that have not yet vested shall vest as follows: the percentage of shares that vest under the applicable PSA Agreement shall be the greater of (a) the percentage of shares awarded under such PSA Agreement that would vest based on the total shareholder return achieved by the Company as if the applicable performance period had ended on the date of the Qualifying Termination (as determined by the Compensation Committee), multiplied by a fraction, the denominator of which is the total number of days in the applicable performance period and the numerator of which is the number of days from the beginning of the applicable performance period to the date of the Qualifying Termination); or (b) 100% of the shares awarded under such PSA Agreement. The foregoing description is qualified by reference to the full text of the PSA Amendment filed as Exhibit 10.3 attached hereto, and incorporated herein by reference.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';white-space:pre-wrap;">The RSA Amendment and PSA Amendment amend 2020, 2021 and 2022 RSA Agreements and PSA Agreements with John P. Albright, the Company&#8217;s President &amp; Chief Executive Officer, Mr. Greathouse and Mr. Smith for their 2019, 2020, and 2021 performance; a 2020 RSA Agreement and PSA Agreement with Mr. Partridge in connection with the commencement of his employment on October 1, 2020; and 2021 and 2022 RSA Agreements and PSA Agreements with Mr. Partridge for his 2020 and 2021 performance.  </span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';"> </span><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;white-space:pre-wrap;">Item 9.01.  Financial Statements and Exhibits.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">(d) Exhibits</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><div style="padding-left:18pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:96.04%;"><tr style="height:1pt;"><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="cto-20220628xex10d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">10.1 Form of Restricted Share Award Agreement, dated as of July 1, 2022, by and between CTO Realty Growth, Inc. and the grantee thereof</span></a><span style="font-family:'Times New Roman','Times','serif';"> </span></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="cto-20220628xex10d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">10.2 Omnibus Amendment to Restricted Share Award Agreements, dated as of July 1, 2022</span></a></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="cto-20220628xex10d3.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">10.3 Omnibus Amendment to Performance Share Award Agreements, dated as of July 1, 2022</span></a></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">104 Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;background:#ffffff;margin:0pt 0pt 8pt 0pt;"><span style="font-size:11pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:76.47%;border:0;margin:30pt 11.76% 30pt 11.76%;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">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 hereunto duly authorized.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">Date:&#160;July 1, 2022</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">CTO Realty Growth, Inc.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">By: </span><span style="font-family:'Times New Roman','Times','serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;">/s/ Matthew M. Partridge  </span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">Senior&#160;Vice&#160;President,&#160;Chief&#160;Financial&#160;Officer and Treasurer</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">(Principal Financial Officer)</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:12pt;">&#160; </span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.28;margin-bottom:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.28;margin:0pt 0pt 8pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 28, 2022
CTO Realty Growth, Inc.
(Exact name of registrant as specified in its charter)
​
​
​
​
​
​
Maryland
(State or other jurisdiction of incorporation)
001-11350
(Commission File Number)
59-0483700
(IRS Employer Identification No.)
1140 N. Williamson Blvd.
,
Suite 140
Daytona Beach
,
Florida
(Address of principal executive offices)
32114
(Zip Code)
Registrant's telephone number, including area code:
(
386
)
274-2202
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
.01
Title of each class:
Trading Symbols
Name of each exchange on which registered:
Common Stock, $0.01 par value per share
CTO
NYSE
​
6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
​
​
CTO PrA
​
​
NYSE
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 5.02.   Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 28, 2022, the compensation committee of the board of directors (the "
Compensation Committee
") of CTO Realty Growth, Inc. (the "
Company
") approved changes to the compensation of, and a one-time restricted share award to, certain executive officers in order to incentivize and retain them, as well as amendments to the Company's outstanding restricted share award agreements (the "
RSA Agreements
") and performance share award agreements (the "
PSA Agreements
") entered into pursuant to grants under the Company's Third Amended and Restated 2010 Equity Incentive Plan (the "
2010 Plan
").
Base Salary and Bonus Target Increase
​
The Compensation Committee approved, effective July 1, 2022: an increase to the base salary of Steven R. Greathouse, the Company's Senior Vice President and Chief Investment Officer, from $367,500 to $400,000 and an increase in Mr. Greathouse's "individual target opportunity" (as defined in the Company's 2017 Executive Annual Cash Incentive Plan (the "
Annual Incentive Plan
")) for 2022 under the Annual Incentive Plan from 50% of base salary to 75% of base salary and "threshold" and "maximum" opportunity for 2022 of 37.5% and 112.5% of base salary, respectively; an increase to the base salary of Matthew M. Partridge, the Company's Senior Vice President, Chief Financial Officer and Treasurer, from $367,500 to $400,000 and an increase in Mr. Partridge's individual target opportunity for 2022 under the Annual Incentive Plan from 50% of base salary to 75% of base salary and "threshold" and "maximum" opportunity for 2022 of 37.5% and 112.5% of base salary, respectively; and an increase to the base salary of Daniel E. Smith, the Company's Senior Vice President, General Counsel and Corporate Secretary, from $259,875 to $282,857 and an increase in Mr. Smith's individual target opportunity for 2022 under the Annual Incentive Plan from 50% of base salary to 75% of base salary and "threshold" and "maximum" opportunity for 2022 of 37.5% and 112.5% of base salary, respectively.
Restricted Share Awards
​
Effective as of
July 1
, 2022 the Company entered into a restricted share award agreement with each of Messrs. Greathouse, Partridge and Smith (the "
July 2022 Agreements
"), pursuant to which Messrs. Greathouse, Partridge and Smith were awarded 21,000, 21,000 and 9,000 shares of restricted Company common stock (the "
Awarded Shares
"), respectively, under the 2010 Plan. The number of Awarded Shares takes into consideration and reflects the Company's 3-for-1 stock split, which was effected in the form of a stock dividend that was paid on June 30, 2022 to stockholders of record at the close of business on June 27, 2022. Under the July 2022 Agreements, the Awarded Shares for each grantee vest and become non-forfeitable on July 1, 2025, or upon (i) the termination of such grantee's employment by the Company or one of its subsidiaries without "cause" (as defined in the July 2022 Agreements) or (ii) such grantee voluntarily terminating employment for "good reason" (as defined in the
July 2022 Agreements)
. The foregoing description is qualified by reference to the full text of the July 2022 Agreements, the form of which is filed as Exhibit 10.1 attached hereto, and incorporated herein by reference.
​
Amendments to RSA Agreements and PSA Agreements
​
The Compensation Committee also approved the omnibus amendment to the RSA Agreements (the "
RSA Amendment
") and the omnibus amendment to the PSA Agreements (the "
PSA Amendment
").  The RSA Amendment amends each RSA Agreement to provide that the restrictions on all of the shares awarded
pursuant to such RSA Agreement expire, and such shares become transferable and nonforfeitable, upon (i) the termination of such grantee's employment by the Company or one of its subsidiaries without "cause" (as defined in the RSA Amendment) or (ii) such grantee voluntarily terminating employment for "good reason" (as defined in the RSA Amendment). The foregoing description is qualified by reference to the full text of the RSA Amendment filed as Exhibit 10.2 attached hereto, and incorporated herein by reference.
​
The PSA Amendment amends each PSA Agreement to provide that if (i) the grantee's employment by the Company or one of its subsidiaries is terminated without "cause" (as defined in the PSA Amendment) or (ii) such grantee voluntarily terminates employment for "good reason" (as defined in the PSA Amendment) (a "Qualifying Termination"), then the grantee's right and interest in the shares awarded pursuant to such PSA Agreement that have not yet vested shall vest as follows: the percentage of shares that vest under the applicable PSA Agreement shall be the greater of (a) the percentage of shares awarded under such PSA Agreement that would vest based on the total shareholder return achieved by the Company as if the applicable performance period had ended on the date of the Qualifying Termination (as determined by the Compensation Committee), multiplied by a fraction, the denominator of which is the total number of days in the applicable performance period and the numerator of which is the number of days from the beginning of the applicable performance period to the date of the Qualifying Termination); or (b) 100% of the shares awarded under such PSA Agreement. The foregoing description is qualified by reference to the full text of the PSA Amendment filed as Exhibit 10.3 attached hereto, and incorporated herein by reference.
​
The RSA Amendment and PSA Amendment amend 2020, 2021 and 2022 RSA Agreements and PSA Agreements with John P. Albright, the Company's President & Chief Executive Officer, Mr. Greathouse and Mr. Smith for their 2019, 2020, and 2021 performance; a 2020 RSA Agreement and PSA Agreement with Mr. Partridge in connection with the commencement of his employment on October 1, 2020; and 2021 and 2022 RSA Agreements and PSA Agreements with Mr. Partridge for his 2020 and 2021 performance.
​
Item 9.01.  Financial Statements and Exhibits.
​
(d) Exhibits
​
​
10.1 Form of Restricted Share Award Agreement, dated as of July 1, 2022, by and between CTO Realty Growth, Inc. and the grantee thereof
10.2 Omnibus Amendment to Restricted Share Award Agreements, dated as of July 1, 2022
10.3 Omnibus Amendment to Performance Share Award Agreements, dated as of July 1, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
​
​
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 hereunto duly authorized.
​
Date: July 1, 2022
​
CTO Realty Growth, Inc.
​
By:
/s/ Matthew M. Partridge
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
​
​
​