Company: SQFTP
Filing Date: 2025-04-07
Form Type: PRE 14A
Source: 0001641172-25-003040
Chunk: 44

Company: Presidio Property Trust, Inc.
Filing Date: 2025-04-07
Form: PRE 14A
Chunk 44
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 to (a) the Bentzen Accrued Obligations, (b) a cash payment
equal to the equal to the sum of his base salary for the year in which the termination date occurs (or if greater, the year immediately
preceding the year in which the termination date occurs), (c) a cash payment equal to the mean average of the cash bonus payments received
by him during the immediately preceding two years, (d) for the period beginning on the date of termination and ending 12 months following
such date, or earlier upon certain circumstances, healthcare benefits for himself and eligible dependents, (e) to the extent previously
unpaid or provided, any vested benefits and other amounts or benefits required to be paid or provided under any plan or policy of the
Company (excluding equity incentive plans) and (f) on the termination date 100% of outstanding unvested stock options, restricted stock
and other equity awards granted to Mr. Bentzen under any of the Company’s equity incentive plans (other than performance-based
vesting awards) shall become immediately vested and exercisable in full.

Employment Agreements with Non-Named Executive Officers

Employment Agreement withSteve Hightower

On February 6, 2024, the Company entered into an employment agreement (the “Hightower Employment Agreement”) with Steve Hightower for the position of President of the Company’s Model Home Division. The Hightower Employment Agreement has a term of three years and shall be automatically renewed for additional one-year terms unless either party provides three months’ written notice. Mr. Hightower will receive an annual base salary of $250,224 which shall be reviewed annually by the Board or Compensation Committee and he will be entitled to receive, in addition to his base salary, an annual bonus at a target of up to 100% of his base salary.

If Mr. Hightower’s employment is terminated for cause, as defined in the Hightower Employment Agreement, or by Mr. Hightower without good reason, as defined in the Hightower Employment Agreement, the Company shall have no obligations other than to pay him the earned and unpaid base salary and accrued but unpaid time off through the date of termination (the “Hightower Accrued Obligations”) in cash on the date of termination and provide any vested benefits required to be paid or provided or which Mr. Hightower is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company