RLJ Lodging Trust filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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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 December 20, 2024, RLJ Lodging Trust (the “Company”) and RLJ Lodging Trust, L.P., the Company’s operating partnership, entered into a second amended and restated employment agreement with Thomas Bardenett, the Executive Vice President and Chief Operating Officer of the Company. The employment agreement (the “Bardenett Employment Agreement”), which supersedes the amended and restated employment agreement previously entered into between the parties, contains terms and conditions that are substantially the same as such prior amended and restated employment agreement. Pursuant to the Bardenett Employment Agreement, Mr. Bardenett will continue in his role as the Company’s Executive Vice President and Chief Operating Officer.
The Bardenett Employment Agreement is effective as of December 20, 2024. Including the automatic renewal term set forth in the agreement, the term of the Bardenett Employment Agreement runs until February 2029. Mr. Bardenett’s annual base salary will continue to be $565,000, which base salary is subject to annual review and may be increased but not decreased from time to time. Mr. Bardenett is eligible to receive (i) an annual cash bonus, with a target cash bonus opportunity equal to 100% of his then-current base salary, and (ii) ongoing equity incentive awards.
The Bardenett Employment Agreement also (i) sets forth Mr. Bardenett’s right to severance payments and/or benefits upon his termination of employment and (ii) contains customary non-competition and non-solicitation covenants that apply during the term and for 12 months following the expiration or termination of Mr. Bardenett’s employment.
A copy of the Bardenett Employment Agreement is attached to this report as Exhibit 10.1 and incorporated herein by reference. The summary set forth above is qualified in its entirety by reference to Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit |
Description | |
| 10.1 | Second Amended and Restated Employment Agreement, dated as of December 20, 2024, by and among RLJ Lodging Trust, RLJ Lodging Trust, L.P. and Thomas Bardenett | |
| 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 thereunto duly authorized.
| RLJ Lodging Trust | ||
| Date: December 23, 2024 | By: | /s/ Leslie D. Hale |
| Leslie D. Hale | ||
| President and Chief Executive Officer | ||