CBL & ASSOCIATES PRO

CBL
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CBL & ASSOCIATES PROPERTIES INC : Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K)

04/14/2020 | 05:14pm

ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.



(e)CBL & Associates Properties, Inc. (the "Company") today announced a number of
additional actions the Company is taking to offset the anticipated impacts of
the COVID-19 pandemic on the Company's revenue and cash flows. Among programs
the Company is implementing to reduce overhead expense is a temporary salary
reduction program pursuant to which, effective April 16, 2020, CBL executives
Charles Lebovitz (Chairman), Stephen Lebovitz (CEO) and Michael Lebovitz
(President) as well as the Independent Directors of CBL's Board have agreed to
reduce their base salaries and Independent Director fees by 50%. A 20% base
salary reduction will apply to the other named executive officers listed in the
Company's 2020 Annual Meeting proxy statement.



These reductions to Independent Director and executive officer base salaries,
which will remain in effect for a to­be­determined period of time, were
unanimously approved by the Compensation Committee on April 14, 2020.



ITEM 8.01 Other Events



On April 14, 2020, the Company issued a press release announcing the
compensation reductions discussed in Item 5.02 of this Current Report along with
additional actions the Company is taking in response to the COVID-19 pandemic. A
copy of the press release is being filed as Exhibit 99.1 to this Current Report.



ITEM 9.01 Financial Statements and Exhibits



(a) Financial Statements of Businesses Acquired





Not applicable



(b) Pro Forma Financial Information


Not applicable



(c) Shell Company Transactions


Not applicable



(d) Exhibits






Exhibit
Number Description
99.1 Press Release issued April 14, 2020.
Cover Page Interactive Data File (formatted as Inline XBRL with
104 applicable taxonomy extension information contained in Exhibits 101.*).
(Filed herewith)





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