EDISON, NJ—Mitchell E. Hersh,who steps down in May 2015 as president and chiefexecutive officer of Mack-Cali, will receive $8million in cash as part of a severance package that includesaccelerated vesting of stock options and paid medical benefits forhis family for up to four years after he leaves the company,according to the company's Form 8-K, filed with the Securities andExchange Commission late Tuesday.
Hersh will also receive $2.3 million from adeferred compensation agreement, according to theMack-Cali public filing.
The 8-K includes the full text of Hersh'sseverance agreement, which is being disclosed to comply withsecurities laws. Mack-Cali is a publicly tradedcompany.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
