Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events  
Subsequent Events

13.  Subsequent Events

On April 9, 2021, the Company filed a Prospectus Supplement to its Form S-3 Registration Statement (File No. 333-236097) covering the sale of up to $43,636,250 of its Common Shares in an at-the-market offering. In connection therewith, the Company also entered into an At Market Issuance Sales Agreement with Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC to act as its sales agents in connection with sales of Common Shares pursuant to that Prospectus Supplement.

During the period from April 1, 2021 to May 4, 2021, the Company sold 2,045,336 Common Shares in two at the market offerings realizing net proceeds of $10,535,405.

In April 2021, the Compensation Committee of the Board of Directors of the Company (the “Committee”) approved the following 2021 compensation packages for its Chief Executive Officer, John L. Villano, and Chief Operating Officer, Peter J. Cuozzo:

With respect to Mr. Villano:

A base salary of $500,000 (compared to $360,000 in 2020);
A “targeted” annual bonus of $250,000, the exact amount to be determined by the Committee in its sole discretion, and payable on or before March 31, 2022;
A time-based equity award of $500,000 payable in restricted Common Shares; and
A one-time cash bonus of $250,000, of which $125,000 is immediately payable and $62,500 is payable on each of July 1 and October 1, 2021, subject to Mr. Villano’s continued employment by the Company.

With respect to Mr. Cuozzo:

A base salary of $250,000 (same as 2020);
A cash bonus of $25,000, payable immediately in one lump sum; and
A time-based equity award of $25,000 payable in restricted Common Shares.

The Company issued (i) 89,928 restricted Common Shares to Mr. Villano based on the closing price of $5.56 per share on April 8, 2021 (the grant date) and (ii) 4,753 restricted Common Shares to Mr. Cuozzo based on the closing price of $5.26 per share on April 12, 2021 (the grant date). The shares were issued pursuant to the Company’s 2016 Equity Compensation Plan and are subject to restrictions on transfer and forfeiture of any unvested shares in the event of a voluntary resignation as an employee of the Company without “Good Reason” or of a termination of employment with the Company for “Cause,” as such terms are defined in their respective employment agreements with the Company. The restrictions on transfer and the forfeiture provisions will lapse with respect to one-third of the shares on each of January 1, 2022, 2023 and 2024. Each of Messrs. Villano and Cuozzo has the right to vote and receive dividends with respect to all the shares granted to him.

On April 30, 2021, the Company sold a property classified as real estate held for sale at March 31, 2021. Net proceeds from the sale were $280,449. No loss will be recognized on this sale.