OAK BROOK, Ill., Feb. 14 /PRNewswire-FirstCall/ -- Banyan Strategic Realty
Trust (Nasdaq: BSRTS) announced today that it has executed an amendment to the
employment contract between the Trust and L.G. Schafran, the Trust's Chairman,
Interim President and Chief Executive Officer. The original contract expired
on February 13, 2002.
The Term of the amendment is from February 13, 2002 until the final
liquidation and dissolution of the Trust in accordance with the Plan of
Termination and Liquidation, adopted January 5, 2001.
Under the terms of the amendment, Schafran will no longer be paid an
annual salary, but will instead bill the Trust on an hourly basis for services
rendered at the rate of $300.00 per hour. His reasonable business expenses
(including health insurance premiums) will also be reimbursed.
Mr. Schafran will continue to serve as Chairman of the Board of Trustees
in addition to Interim President and CEO. Under the terms of the Trust's
declaration, Mr. Schafran, as an officer, is deemed not to be an independent
trustee and is not entitled to any compensation for serving as a trustee. The
Trust's board remains comprised of three independent trustees and Mr.
Schafran.
In other news, the Trust announced that at the annual meeting of
shareholders held on January 30, 2002, current trustees Walter E. Auch, Sr.,
Daniel Levinson, Steven Peck and L.G. Schafran were re-elected to an
additional term.
Following the annual meeting, the Trust's board of trustees approved
terminating the Trust's Stock Option Program. Under the Program, each
independent trustee is granted options to purchase 2,000 shares of the Trust's
shares of beneficial interest ten days following his or her re-election as a
trustee. In connection with terminating the Program, each trustee surrendered
any unexercised vested options, which were granted under the Program in
consideration for a cash payment equal to the surrender value of the options.
As a result, Mr. Auch received $5,375.00 in exchange for his vested options;
Mr. Levinson received $2,125.00, Mr. Peck received $2,125.00 and Mr. Schafran
(who had received options under the Program prior to his appointment as Chief
Executive Officer and Interim President) received $1,125.00.
Banyan Strategic Realty Trust is an equity Real Estate Investment Trust
(REIT) which, on January 5, 2001, adopted a Plan of Termination and
Liquidation. On May 17, 2001, the Trust sold approximately 85% of its
portfolio in a single transaction and now owns interests in three (3) real
estate properties located in Atlanta, Georgia; Huntsville, Alabama; and
Louisville, Kentucky. As of this date the Trust has 15,496,806 shares of
beneficial interest outstanding.
Except for the historical information contained herein, certain matters
discussed in this release are forward-looking statements, the achievement of
which involve risks and uncertainties such as the sale of the Trust's
remaining properties, the amount of the remaining liquidating distributions,
the outcome of pending litigation and other risks and uncertainties that are
detailed from time to time in the Trust's reports filed with the Securities
and Exchange Commission, including the report on Form 10-K for the year ended
December 31, 2000 and in the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" section which was included in
the Trust's Form 10-Q for the quarter ended September 30, 2001, which was
filed with the Securities and Exchange Commission on November 14, 2001.
Without limitation, the foregoing words such as "anticipates", "expects",
"intends", "plans", and similar expressions are intended to identify forward-
looking statements.
See Banyan's Website at http://www.banyanreit.com .
SOURCE Banyan Strategic Realty Trust
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Related links:
http://www.banyanreit.com
CONTACT:
Robert G. Higgins, Vice President, General
Counsel, +1-630-218-7255, bhiggins@banyanreit.com , or Investor
Relations, L.G. Schafran, Chairman and Interim CEO, President,
+1-630-218-7250, ir@banyanreit.com , both of Banyan Strategic
Realty Trust
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