Aspire Biopharma faces potential Nasdaq delisting after compliance shortfall
Tejon Ranch Co. (NYSE:TRC), a $427 million market cap real estate development company currently trading at $15.90 per share, announced changes to the compensation package for its President and Chief Executive Officer, Matthew H. Walker, following a request from Walker to reduce and defer portions of his sign-on incentive. According to InvestingPro data, the company has posted revenue growth of ~15% over the last twelve months, despite facing profitability challenges. The company’s board of directors unanimously approved the amendments on Tuesday, according to a statement released in a Securities and Exchange Commission filing.
Under the revised agreement, Walker will forfeit $100,000 of his original $800,000 sign-on incentive, reducing the total to $700,000. The amendment also changes the structure and timing of the incentive components. The $300,000 cash payment, previously scheduled to be paid in full on October 15, 2025, will now be distributed as $150,000 on October 15, 2025, $100,000 on October 15, 2026, and $50,000 on October 15, 2027.
Additionally, the $300,000 restricted stock unit (RSU) grant, originally set to vest on March 6, 2026, will be modified so that $150,000 in RSUs will vest on that date, $100,000 in RSUs will be converted into price vested units (PVUs), and the remaining $50,000 in RSUs will be forfeited.
The $200,000 PVU grant, with a performance period ending December 31, 2027, will also be adjusted. Walker will forfeit $50,000 of the original grant, and $100,000 in PVUs from the RSU conversion will be added, resulting in a total of $250,000 in PVUs that may be paid out if the company’s share value meets specified targets as of December 31, 2027.
Walker stated, “The Board and I are committed to improving our profitability and streamlining operations. We are reviewing all costs within the Company. Consequently, I voluntarily proposed to the Board an adjustment to my compensation, which the Board unanimously approved. The adjustment further aligns the Company’s executive compensation structure with our shareholders.”
No other changes were made to Walker’s employment agreement. The information is based on a press release statement included in the company’s SEC filing.
In other recent news, Tejon Ranch Co . announced the appointment of Robert D. Velasquez as interim chief financial officer and treasurer, effective July 15. The company stated that Velasquez will continue to fulfill his roles as senior vice president, finance, chief accounting officer, and assistant secretary during this period. This leadership change follows the previously disclosed departure of Brett Brown. Tejon Ranch clarified that Brown’s separation was not due to any disagreements over accounting principles, financial statement disclosure, or auditing scope or procedure. These developments reflect ongoing changes within the company’s executive team.
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