Tejon Ranch Co. Enters Support Agreement with Nitor Capital Management, LLC

Tejon Ranch Co. (NYSE: TRC) recently announced the entry into a significant Support Agreement with Nitor Capital Management, LLC and David J. Spier (collectively, “Nitor”) on November 4, 2024. The Support Agreement involves a range of provisions, including standstill and voting commitments by Nitor that are applicable during a specified standstill period.

The standstill period outlined in the Support Agreement lasts from the date of its initiation until the earlier of two events: 30 calendar days before the advance notice deadline for making director nominations at the Company’s 2026 Annual Meeting of Shareholders and 80 calendar days before the first anniversary of the 2025 Annual Meeting of Shareholders. As per the terms of the Support Agreement, Tejon Ranch Co. has committed to appoint Eric Speron as a Director to the Board.

Furthermore, in the event that the Appointee, Eric Speron, cannot fulfill the duties of the director during the standstill period, Nitor retains the right to propose a replacement director under specific procedures outlined in the Support Agreement. Interested parties can access the comprehensive details of the Support Agreement in its entirety through the full text of the document, which is available as Exhibit 1 and filed accordingly.

Additionally, in line with regulatory requirements, Tejon Ranch Co. reported that all necessary financial statements and exhibits related to this agreement have been submitted as per Item 9.01 of the Securities Exchange Act of 1934. The Index to Exhibits following this report provides visibility into the documentation filed alongside this announcement.

This latest development showcases the Company’s proactive engagement in strategic agreements to bolster its governance structure and operational framework. Such agreements underpin the Company’s commitment to fostering positive shareholder relationships while steering toward sustained growth and value creation.

Investors and stakeholders keen on exploring the specifics of the Support Agreement and its implications are encouraged to delve into the complete documentation submitted to the Securities and Exchange Commission.

This report is in accordance with the Securities Exchange Act of 1934, with the undersigned Duly Authorized Individual signing the report on behalf of Tejon Ranch Co. on November 8, 2024.

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Please note that the above article is a summarized version of the information provided in the 8-K SEC Filing for Tejon Ranch Co. (NYSE: TRC) on November 4, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Tejon Ranch’s 8K filing here.

About Tejon Ranch

Tejon Ranch Co, together with its subsidiaries, operates as a diversified real estate development and agribusiness company. It operates through five segments: Commercial/Industrial Real Estate Development, Resort/Residential Real Estate Development, Mineral Resources, Farming, and Ranch Operations. The Commercial/Industrial Real Estate Development segment engages in the planning and permitting of land for development; construction of infrastructure projects, pre-leased buildings, and buildings to be leased or sold; and sale of land to third parties for their own development.