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<P id=PARA1 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
<P id=PARA2 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
<P id=PARA3 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Washington, D.C. 20549</B></FONT></P>
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<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
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<P id=PARA7 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
<P id=PARA8 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Pursuant to Section 13 OR 15(d) of</B></FONT></P>
<P id=PARA9 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>The Securities Exchange Act of 1934</B></FONT></P>
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<P id=PARA11 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date of Report (Date of earliest event reported) January 7, 2016 (January 1, 2016)</FONT></P>
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<P id=PARA12 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>WP GLIMCHER INC.</B></FONT></P></TD></TR>
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<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact name of Registrant as specified in its Charter)</FONT></P></TD></TR></TABLE>
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<P id=PARA18 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Indiana</FONT></P></TD>
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<P id=PARA19 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">001-36252</FONT></P></TD>
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<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">046-4323686</FONT></P></TD></TR>
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<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(State or other jurisdiction of incorporation)</FONT></P></TD>
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<P id=PARA22 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Commission File Number)</FONT></P></TD>
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<P id=PARA23 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(IRS Employer Identification No.)</FONT></P></TD></TR></TABLE>
<P id=PARA29 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">180 East Broad Street, Columbus, Ohio</FONT></TD>
<TD style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: center" colSpan=2><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">43215</FONT></TD></TR>
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<P id=PARA33 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of Principal Executive Offices)</FONT></P></TD>
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<P id=PARA34 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Zip Code)</FONT></P></TD></TR></TABLE>
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<P id=PARA38 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#39;s telephone number, including area code <U>(614) 621-9000</U></FONT></P>
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<P id=PARA41 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">N/A</FONT></P></TD></TR>
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<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former name or former address, if changed since last Report.)</FONT></P></TD></TR>
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<P id=PARA45 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
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<P id=PARA47 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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 (see General Instruction A.2. below):</FONT></P>
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<P id=PARA49 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
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<P id=PARA51 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
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<P id=PARA53 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
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<P id=PARA55 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
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<P id=PARA60 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item 5.02 </B></FONT></P></TD>
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<P id=PARA61 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></P></TD></TR></TABLE>
<P id=PARA62 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA63 style="TEXT-ALIGN: justify; MARGIN: 0pt 22.5pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">WP Glimcher Inc. (the &#8220;<B>Company</B>&#8221; or <B>Registrant</B>&#8221;) and Michael J. Gaffney entered into a Transition and Consulting Agreement (the &#8220;<B>Agreement</B>&#8221;), effective as of January 1, 2016 (the &#8220;<B>Effective Date</B>&#8221;), pursuant to which the employment of Mr. Gaffney as the Company&#8217;s Executive Vice President, Head of Capital Markets was terminated without &#8220;cause&#8221; (as defined in the employment agreement by and among the Company and Mr.&nbsp;Gaffney, dated as of June&nbsp;3, 2014). Mr. Gaffney is a &#8220;named executive officer&#8221; (as this term is defined under Instruction No. 4 of Item 5.02 of the Form 8-K Current Report) of the Registrant. </FONT></P>
<P id=PARA64 style="TEXT-ALIGN: justify; MARGIN: 0pt 22.5pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA65 style="TEXT-ALIGN: justify; MARGIN: 0pt 22.5pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Under the Agreement, Mr. Gaffney is to provide consulting and advisory services to the Company with respect to matters within the scope of his knowledge and expertise for a term of one month commencing on the Effective Date; provided, that, on the last day of such one-month period, and on the last day of each subsequent one-month period, the term shall automatically extend for one additional month unless and until terminated by the Company or Mr. Gaffney for any reason (or no reason) by providing the other party with not less than ten (10) days advance written notice of such termination, except in the case of a termination for &#8220;cause&#8221; (as such term is defined in the Agreement), which would be effective immediately (the &#8220;<B>Consulting Period</B>&#8221;). Under the Agreement, Mr. Gaffney shall receive a monthly consulting fee of $43,750 payable on or around the 15<SUP style="vertical-align: baseline; position: relative; bottom:.33em;">th</SUP> day of each month during the Consulting Period. In the event that the Consulting Period is terminated for cause, Mr. Gaffney will be required to repay a prorated portion of the Consulting Fee based on the number of days remaining in the Consulting Period as of the date of such termination. After termination of Mr. Gaffney&#8217;s employment and during the Consulting Period, Mr. Gaffney will not be eligible to participate in or accrue benefits under any employee benefit plan sponsored by the Company, Washington Prime Group, L.P., (the &#8220;<B>Partnership</B>&#8221;), or any of their respective affiliates; other than post-employment participation rights afforded Mr. Gaffney under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), as amended.</FONT></P>
<P id=PARA66 style="TEXT-ALIGN: justify; MARGIN: 0pt 22.5pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA67 style="TEXT-ALIGN: justify; MARGIN: 0pt 22.5pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Also in connection with Mr. Gaffney&#8217;s termination and contingent upon Mr. Gaffney executing a general release of claims, Mr. Gaffney shall receive: (i) accelerated vesting under the Agreement of 11,250 unvested LTIP Units under the Series&nbsp;2014B LTIP Unit Award Agreement by and among the Partnership, Mr. Gaffney, and the Company, dated as of August&nbsp;25, 2014, and (ii) a lump sum payment equal to Mr. Gaffney&#8217;s annual base salary in effect on the date immediately preceding the Effective Date.</FONT></P>
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<P id=PARA69 style="TEXT-ALIGN: center; MARGIN: 0pt 18pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
<P id=PARA70 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA71 style="TEXT-ALIGN: justify; MARGIN: 0pt 22.5pt 0pt 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 22.55pt"><FONT style="FONT-SIZE: 10pt; 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.</FONT></P>
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<P id=PARA83.6 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><U>WP Glimcher Inc.</U>&nbsp;</FONT></P></TD>
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<TD style="TEXT-ALIGN: center" vAlign=top width="35%">(Registrant)</TD>
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<P id=PARA83.12 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>Date: January 7, 2016</P></TD>
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<P id=PARA83.14 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&nbsp;</FONT>Gregory A. Gorospe</P></TD>
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<P id=PARA83.18 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>Gregory A. Gorospe</P></TD>
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<P id=PARA83.22 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"></FONT>Executive Vice President, General Counsel &amp; Secretary</P></TD>
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{"company-data": {"conformed-name": "WP Glimcher Inc.", "cik": "0001594686", "assigned-sic": "6798", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36252", "film-number": "161330556"}, "business-address": {"street1": "180 EAST BROAD STREET", "city": "COLUMBUS", "state": "OH", "zip": "43215", "phone": "(614) 621-9000"}, "mail-address": {"street1": "180 EAST BROAD STREET", "city": "COLUMBUS", "state": "OH", "zip": "43215"}, "former-company": [{"former-conformed-name": "Washington Prime Group Inc.", "date-changed": "20140401"}, {"former-conformed-name": "SPG SpinCo Subsidiary Inc.", "date-changed": "20131218"}]}
wpg20160106_8k.htm
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) January 7, 2016 (January 1, 2016)
WP GLIMCHER INC.
(Exact name of Registrant as specified in its Charter)
Indiana
001-36252
046-4323686
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
180 East Broad Street, Columbus, Ohio
43215
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code
(614) 621-9000
N/A
(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 (see General Instruction A.2. below):
[ ] 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))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
WP Glimcher Inc. (the "
Company
" or
Registrant
") and Michael J. Gaffney entered into a Transition and Consulting Agreement (the "
Agreement
"), effective as of January 1, 2016 (the "
Effective Date
"), pursuant to which the employment of Mr. Gaffney as the Company's Executive Vice President, Head of Capital Markets was terminated without "cause" (as defined in the employment agreement by and among the Company and Mr. Gaffney, dated as of June 3, 2014). Mr. Gaffney is a "named executive officer" (as this term is defined under Instruction No. 4 of Item 5.02 of the Form 8-K Current Report) of the Registrant.
Under the Agreement, Mr. Gaffney is to provide consulting and advisory services to the Company with respect to matters within the scope of his knowledge and expertise for a term of one month commencing on the Effective Date; provided, that, on the last day of such one-month period, and on the last day of each subsequent one-month period, the term shall automatically extend for one additional month unless and until terminated by the Company or Mr. Gaffney for any reason (or no reason) by providing the other party with not less than ten (10) days advance written notice of such termination, except in the case of a termination for "cause" (as such term is defined in the Agreement), which would be effective immediately (the "
Consulting Period
"). Under the Agreement, Mr. Gaffney shall receive a monthly consulting fee of $43,750 payable on or around the 15
th
day of each month during the Consulting Period. In the event that the Consulting Period is terminated for cause, Mr. Gaffney will be required to repay a prorated portion of the Consulting Fee based on the number of days remaining in the Consulting Period as of the date of such termination. After termination of Mr. Gaffney's employment and during the Consulting Period, Mr. Gaffney will not be eligible to participate in or accrue benefits under any employee benefit plan sponsored by the Company, Washington Prime Group, L.P., (the "
Partnership
"), or any of their respective affiliates; other than post-employment participation rights afforded Mr. Gaffney under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), as amended.
Also in connection with Mr. Gaffney's termination and contingent upon Mr. Gaffney executing a general release of claims, Mr. Gaffney shall receive: (i) accelerated vesting under the Agreement of 11,250 unvested LTIP Units under the Series 2014B LTIP Unit Award Agreement by and among the Partnership, Mr. Gaffney, and the Company, dated as of August 25, 2014, and (ii) a lump sum payment equal to Mr. Gaffney's annual base salary in effect on the date immediately preceding the Effective Date.
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.
WP Glimcher Inc.
(Registrant)
Date: January 7, 2016
/s/
Gregory A. Gorospe
Gregory A. Gorospe
Executive Vice President, General Counsel & Secretary