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Stock Market & Financial Investment News

News Breaks
June 27, 2014
17:07 EDTCHCIComstock Homebuilding enters into option agreement with former COO
Comstock Holding Companies announced its entry into an option and separation agreement with Gregory Benson, former COO. Benson has granted the company, or its designee, an option through June 30, 2015 to purchase all or a portion of his Class A and Class B common stock for a price of $1.09 a share. The company may execute the repurchase in a single or in multiple transactions during the option period, provided the first such purchase includes a minimum of 1M shares. Additionally, the company announced that pursuant to Bensonís employment contract, the company will pay Benson severance of up to $597,000, payable over an 18-month period commencing from May 1, which is approximately the amount of Bensonís ordinary base salary during the severance period. Benson remains on the companyís board. His current term will expire at the companyís 2015 annual meeting of stockholders.
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