BBX CAPITAL, INC. : Change in Directors or Principal Officers (form 8-K)
February 22, 2022 at 10:15 am EST
Share
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On February 15, 2022, the Compensation Committee of the Board of Directors
of BBX Capital, Inc. (the "Company") approved the following changes to the
compensation of the Company's executive officers, each of which is effective for
the Company's fiscal year ending December 31, 2022:
?The annual base salary of each of Alan B. Levan, the Company's Chairman, and
John E. Abdo, the Company's Vice Chairman, was increased from $400,000 to
$750,000.
?The annual bonus which each of Jarett S. Levan, the Company's Chief Executive
Officer and President, and Seth M. Wise, the Company's Executive Vice President,
may receive pursuant to Section 4.2 of their respective employment agreements
with the Company was increased from 60% of his annual base salary to 100% of his
annual base salary. Mr. Jarett Levan's and Mr. Wise's respective annual base
salaries were not changed and remain at $900,000.
?The annual base salary of Brett Sheppard, the Company's Chief Financial
Officer, was increased from $325,000 to $350,000, and the annual bonus which Mr.
Sheppard may receive pursuant to Section 4.2 of his employment agreement with
the Company was increased from 50% of his annual base salary to 60% of his
annual base salary.
The Company's employment agreements with its executive officers are described in
further detail in the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission on May 21, 2021 and are filed as Exhibits
10.1 through 10.5 of such Current Report on Form 8-K. Except as modified as
described above, the employment agreements have not been changed and remain in
full force and effect.
?
BBX Capital, Inc. is a diversified holding company. The Company's principal holdings include BBX Capital Real Estate LLC, BBX Sweet Holdings, LLC and Renin Holdings, LLC (Renin). BBX Capital Real Estate LLC is engaged in the acquisition, development, construction, ownership, financing and management of real estate and investments in real estate joint ventures, including investments in multifamily rental apartment communities, single-family master-planned for sale housing communities, warehouse and logistics facilities, and commercial properties located primarily in Florida. BBX Sweet Holdings, LLC is engaged in the ownership and management of operating businesses in the confectionery industry, including ITâSUGAR, a specialty candy retailer. Renin is engaged in the designing, manufacturing and distribution of sliding doors, door systems and hardware, and home decor products. In addition to its own manufacturing activities, Renin also sources various products and raw materials.
BBX CAPITAL, INC. 
