CBL - CBL Properties' former CFO may get up to $2.42M in severance consulting pay

• In connection with its previously reported chief financial officer transition, CBL Properties ( NYSE: CBL ) said Tuesday will pay Farzana Khaleel, its former CFO, $1.67M in severance, plus compensation that the board's compensation committee determines was earned under the company's 2022 annual incentive compensation plan.
• In addition, the shopping center REIT disclosed the terms of her consulting agreement, which extends through June 30, 2023.  For the initial term of the agreement, through March 31, 2023, Khaleel will be paid base compensation of $225K and an initial term incentive of $150K payable on April 17. The base compensation for the extended term is also $225K, with incentive payment of $150K paid on July 17. The company may forego the incentive payments.
• In September, CBL ( CBL ) adopted a limited stockholder protection rights agreement, also known as "poison pill" plan, to encourage potential suitors to negotiate directly with the company rather than gain control of the company through open market transactions that would result in different shareholders getting different prices for their holdings. The plan expires on Sept. 8, 2023.

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