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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 9, 2021

 

ACRES Commercial Realty Corp.

(Exact name of registrant as specified in its charter)

 

Maryland

 

1-32733

 

20-2287134

(State or other jurisdiction of

 

(Commission File Number)

 

(IRS Employer Identification No.)

incorporation)

 

 

 

 

 

 

 

 

 

865 Merrick Avenue, Suite 200 S

 

 

 

 

Westbury, NY

 

 

 

11590

(Address of principal executive offices)

 

 

 

(Zip Code)

 

 

 

 

 

Registrant’s telephone number, including area code: 516-535-0015

 

 

 

 

 

N/A

(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))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value

 

ACR

 

New York Stock Exchange

8.625% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock

 

ACRPrC

 

New York Stock Exchange

7.875% Series D Cumulative Redeemable Preferred Stock

 

ACRPrD

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


 

Item 5.07

Submission of Matters to a Vote of Security Holders.

On June 9, 2021, ACRES Commercial Realty Corp. (the “Company”) held its 2021 Annual Meeting of Stockholders at which its stockholders: (i) elected nine directors: Messrs. Andrew Fentress, Mark S. Fogel, William B. Hart, Gary Ickowicz, Steven J. Kessler, Murray S. Levin and P. Sherrill Neff and Mses. Karen Edwards and Dawanna Williams to serve until the next annual meeting of stockholders in 2022; (ii) approved, in an advisory vote, the compensation of the Company’s named executive officers; (iii) approved the Company’s Third Amended and Restated Omnibus Equity Compensation Plan, (iv) approved the Company’s Manager Incentive Plan and (v) ratified the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2021.

The voting results were as follows:

 

Election of Directors

 

Shares For

 

 

Shares Against

 

 

Abstentions

 

 

Broker Non-Votes

 

Ms. Edwards

 

 

4,357,557

 

 

 

85,910

 

 

 

15,092

 

 

 

2,361,529

 

Mr. Fentress

 

 

4,338,756

 

 

 

104,354

 

 

 

15,449

 

 

 

2,361,529

 

Mr. Fogel

 

 

4,344,176

 

 

 

99,636

 

 

 

14,747

 

 

 

2,361,529

 

Mr. Hart

 

 

4,254,331

 

 

 

190,534

 

 

 

13,694

 

 

 

2,361,529

 

Mr. Ickowicz

 

 

4,306,526

 

 

 

137,106

 

 

 

14,927

 

 

 

2,361,529

 

Mr. Kessler

 

 

4,207,589

 

 

 

236,347

 

 

 

14,623

 

 

 

2,361,529

 

Mr. Levin

 

 

3,972,940

 

 

 

470,907

 

 

 

14,712

 

 

 

2,361,529

 

Mr. Neff

 

 

4,301,161

 

 

 

142,777

 

 

 

14,621

 

 

 

2,361,529

 

Ms. Williams

 

 

4,311,151

 

 

 

133,212

 

 

 

14,196

 

 

 

2,361,529

 

 

A proposal to approve, in an advisory vote, the compensation of the Company’s named executive officers:

 

Shares For

 

 

Shares Against

 

 

Abstentions

 

 

Broker Non-Votes

 

 

4,093,410

 

 

 

265,757

 

 

 

99,392

 

 

 

2,361,529

 

 

A proposal to approve the Company’s Third Amended and Restated Omnibus Equity Compensation Plan:

Shares For

 

 

Shares Against

 

 

Abstentions

 

 

Broker Non-Votes

 

 

4,161,576

 

 

 

205,203

 

 

 

91,780

 

 

 

2,361,529

 

 

A proposal to approve the Company’s Manager Incentive Plan:

Shares For

 

 

Shares Against

 

 

Abstentions

 

 

Broker Non-Votes

 

 

4,203,003

 

 

 

166,563

 

 

 

88,993

 

 

 

2,361,529

 

 

A proposal to ratify the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2021:

 

Shares For

 

 

Shares Against

 

 

Abstentions

 

 

 

 

6,736,927

 

 

 

53,984

 

 

 

29,177

 

 

 

 

Item 8.01

Other Events.

In connection with the approval of the Company’s Manager Incentive Plan discussed in Item 5.07 above, attached as Exhibit 10.1 and incorporated by reference herein is the form of grant for the Manager Incentive Plan.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

Exhibit No.

 

Description

10.1

 

Form of Stock Award Agreement under the Manager Incentive Plan.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 


 

 

SIGNATURES

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.

 

 

 

ACRES COMMERCIAL REALTY CORP.

 

 

 

 

 

Date:

June 9, 2021

 

 

 

 

 

 

By:

/s/ Jaclyn Jesberger

 

 

 

 

Jaclyn Jesberger

 

 

 

 

Senior Vice President, Chief Legal Officer and Secretary