Howard Hughes Signs CEO To 10-Year Employment Deal

(RTTNews) - The Howard Hughes Corp. (HHC) said that it has entered into a new employment agreement with Chief Executive Officer, David Weinreb, with a term of ten years through 2027.

In addition, Weinreb recently completed the acquisition of 1.965 million warrants with a strike price of $124.64 and a term of six years at fair market value by making a payment of $50.0 million to the company.

The warrant cannot be sold or hedged for five years except in the event of a change in control, termination without cause or the separation of the executive from the company for good reason.

Weinreb did not sell any of his owned shares to fund the purchase of the warrants and has agreed to hold a minimum of 401,156 shares of the company's common stock in addition to the warrant for at least five years.