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Under the new terms, executive and board have 60 days written notice of non-extension prior to the expiration of the then-current term.
Founder and Editor, The Tech Capital
August 30, 2021 | 3:07 PM BST
Digital Realty’s (NYSE: DLR) board of directors have amended CEO William Stein’s employment contract to be automatically extended for successive 1-year terms until either party decides to terminate it.
In the amended 8-K note filled with the US Securities and Exchange Commission, it reads: “On August 23, 2021, the Compensation Committee of the Board of Directors of Digital Realty Trust, Inc. approved an amendment to the employment agreement, dated July 2, 2018, between the Company, DLR LLC and A. William Stein, our Chief Executive Officer.
The Company and DLR LLC entered into the Amendment on August 24, 2021, following approval by the Committee. Pursuant to the Amendment, subject to earlier termination as provided in the Employment Agreement, the term of Mr. Stein’s employment with the Company under the Employment Agreement will automatically be extended each year for successive one-year periods until either the Employer or Mr. Stein provides 60 days written notice of non-extension prior to the expiration of the then-current term.”
The amendment also amends the employment agreement to reflect that Stein’s principal place of employment is the company’s office in Austin, Texas and to reflect the CEO’s current target and maximum annual bonus, which are equal to 200% and 400%, respectively, of his base salary for such year.
“This agreement shall be governed by and construed in accordance with the laws of the State of Texas, without regard to conflicts of laws principles thereof,” the document concludes.
Stein has served as CEO of Digital Realty since November 2014.
Elsewhere, CEO Stein has recently sold 282,322 shares of the company’s stock worth US$46,415,606.8.
The transactions took place as per below and according to further fillings with the US Securities and Exchange Commission:
Digital Realty reported its second-quarter results of 2021 in early August, posting $1.1 billion in revenues, unchanged from the previous quarter and a 10% increase from the same quarter last year.
The company delivered Q2 2021 net income of $126 million, and net income available to common stockholders of $127 million, or $0.45 per diluted share, compared to $1.32 per diluted share in the previous quarter and $0.20 per diluted share in the same quarter last year.
Digital Realty’s global data centre footprint includes 291 facilities in 47 metros across 24 countries on six continents.
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