ARC New York City REIT Inc.'s board chose to become subject to a Maryland General Corporation Law provision that allows it to adopt a classified structure.
The board will comprise three classes, with Abby Wenzel in Class I holding a term lasting until the 2018 annual meeting of stockholders and until a replacement is named; Elizabeth Tuppeny in Class II with a term until the 2019 annual meeting of stockholders and until her successor is elected and qualifies; Lee Elman and Edward Weil Jr. in Class III, each with a term running until the 2020 annual meeting of stockholders and until their successors are named.
The successor of a director with a term expiring during an annual meeting will be elected at that meeting, and the successor's term will run until the annual stockholders meeting held in the third year following the year of their election.
The board may from time to time tweak the number of directors in each class to maintain equal numbers, according to a filing.
The changes will take effect following the acceptance for record of a supplementary article filed Oct. 10 with the Maryland State Department of Assessments and Taxation.