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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 7, 2014
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UMH Properties, Inc.
(Exact name of registrant as specified in its charter)
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Maryland 001-12690 22-1890929
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ 07728
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 577-9997
Not Applicable
(Former name or former address, if changed since last report.)
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 (see General Instruction A.2. below):
[ ] 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))
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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 October 7, 2014, the Company amended the employment agreement with Eugene W. Landy, Chairman of the Board, effective October 1, 2014. Mr. Landy’s current base salary is $175,000, which has remained unchanged since January 1, 2004. This amendment will increase Mr. Landy’s base salary to $250,000.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |
10.1 | Third Amendment to Employment Agreement of Eugene W. Landy, dated October 7, 2014 |
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.
UMH Properties, Inc. | |
Date: October 8, 2014 | By: /s/ Anna T. Chew |
Name: Anna T. Chew Title: Vice President and Chief Financial Officer | |
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
This Third Amendment to Employment Agreement (“the Amendment”) is effective October 1, 2014 by and between UMH PROPERTIES, INC. a Maryland corporation, formerly known as United Mobile Homes, Inc. (the “Company”) and EUGENE W. LANDY, an individual (the “Employee”).
WITNESSETH:
WHEREAS, in accordance with the recommendations of the Compensation Committee of the Company at its meeting on September 30, 2014, it was determined to amend the current compensation agreement of the Employee.
NOW, THEREFORE, the following amendment is hereby added to the Employment Agreement dated December 14, 1993, the Amendment to Employment Agreement effective January 1, 2004, and the Second Amendment to Employment Agreement dated April 14, 2008
by and between the Company and the Employee (collectively, “the Agreement”).
1. | Employee’s base salary shall be increased to $250,000.00 |
2. | Further increases to the Employee’s base salary shall be considered within three (3) years from the effective date of this Amendment. |
3. | The Agreement is unchanged in all other respects. |
IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Employee on the date first above written.
UMH PROPERTIES, INC.
/s/ Jeffrey Carus
By Jeffrey Carus, Chairman
Compensation Committee
/s/ Eugene W. Landy
Eugene W. Landy, Employee
Dated: October 7, 2014