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): April 24,
2009
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-19989
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72-1211572
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification Number)
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98
San Jacinto Blvd., Suite 220
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Austin,
Texas
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78701
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (512) 478-5788
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))
Item
5.02 Departure of
Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
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(b) and (c)
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Stratus
Properties Inc. (“Stratus” or the “Company”) announces that John E. Baker
will retire as Chief Financial Officer after over 17 years of service with
the Company. Mr. Baker’s retirement is anticipated to occur in
June 2009, although the precise date has not yet been
determined. Following his retirement, Mr. Baker will continue
providing services to the Company for a transition
period.
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On April
24, 2009, the Company’s Board of Directors appointed Erin D. Pickens as Senior
Vice President, and she is expected to commence her position on or about May 11,
2009. Ms. Pickens will be an executive officer of the
Company. Ms. Pickens will assume the duties of Chief Financial
Officer upon the retirement of John E. Baker.
Ms.
Pickens, age 47, joins Stratus with over 20 years of accounting experience with
real estate companies. Most recently, Ms. Pickens was Executive Vice
President and Chief Financial Officer of Tarragon Corporation, which she joined
in 1995. She previously served as Vice President and Chief Accounting
Officer, from September 1996 to November 1998, and Accounting Manager, from June
1995 to August 1996, for Tarragon and its predecessors. She has been
a Certified Public Accountant since 1990. Ms. Pickens’s
responsibilities at Tarragon Corporation included SEC and financial reporting,
operational accounting and management of the information technology and human
resources functions.
Ms.
Pickens’s annual base salary will be $235,000. Ms. Pickens will also
participate in the Company’s benefit plans and programs, and she will receive a
payment for relocation expenses.
In
connection with her appointment as an executive officer, Stratus and Ms. Pickens
also entered into a Change of Control Agreement (the
"Agreement"). The Agreement will become effective on May 11, 2009,
and shall continue in effect through January 26, 2010. The Agreement
entitles Ms. Pickens to receive additional benefits in the event of the
termination of her employment under certain circumstances following a change of
control of Stratus during the term of the Agreement. Under the Agreement, if
Stratus or its successor terminates Ms. Pickens during the three-year period
following a change of control, other than by reason of death,
disability or cause (as defined in the Agreement), or Ms. Pickens voluntarily
terminates her employment for good reason (as defined in the Agreement), Ms.
Pickens will receive a lump-sum cash payment equal to the sum of her prorated
bonus plus 2.99 times the sum of (a) her base salary in effect at the time of
termination and (b) the highest annual bonus awarded to Ms. Pickens during the
three fiscal years immediately preceding the termination date, or if no bonus
was awarded during those years, $180,000. In addition, Stratus shall
continue to provide Ms. Pickens insurance and welfare benefits until the earlier
of (a) December 31 of the first calendar year following the calendar year of the
termination or (b) the date she accepts new employment. If any part of the
payments or benefits received by Ms. Pickens in connection with a termination
following a change of control constitutes an excess parachute payment under
Section 4999 of the Internal Revenue Code, she will receive the greater of (1)
the amount of such payments and benefits reduced so that none of the amount
constitutes an excess parachute payment, net of income taxes, or (2) the amount
of such payments and benefits, net of income taxes and net of excise taxes under
Section 4999 of the Internal Revenue Code.
Item 8.01
Other
Events.
On April
30, 2009, Stratus issued a press release announcing the retirement of John E.
Baker as Chief Financial Officer of the Company and the appointment of Erin D.
Pickens as Senior Vice President. A copy of the press release
relating to this announcement is attached as Exhibit 99.1 and is incorporated
herein by reference.
Item 9.01
Financial Statements
and Exhibits.
(d)
Exhibit.
The
Exhibit included as part of this Current Report is listed in the attached
Exhibit Index.
SIGNATURE
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.
Stratus
Properties Inc.
By: /s/
John E. Baker
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John E.
Baker
Senior
Vice President and
Chief
Financial Officer
(authorized
signatory and
Principal
Financial Officer)
Date: April
30, 2009
Stratus
Properties Inc.
Exhibit
Index
Exhibit
Number
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Press
Release dated April 30, 2009, titled “John E. Baker to Retire as Chief
Financial Officer of Stratus and Erin D. Pickens Appointed as Senior Vice
President.”
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