UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): April 4, 2006
COMMERCIAL NET LEASE REALTY, INC.
(exact name of registrant as specified in its charter)
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Maryland
(State or other jurisdiction of
incorporation or organization)
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001-11290
(Commission File Number)
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56-1431377
(I.R.S. Employment
Identification No.) |
450 South Orange Avenue, Orlando, Florida 32801
(Address of principal executive offices, including zip code)
(407) 265-7348
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.02. Termination of a Material Definitive Agreement
Effective
April 4, 2006, the Employment Agreement (the “Employment Agreement”) between CNLRS
Development, Inc., a wholly owned subsidiary of Commercial Net Lease Realty, Inc. (the “Company”)
and Mr. Dennis E. Tracy was terminated pursuant to a mutual understanding of the parties.
The Employment Agreement was terminated by the Company without cause; therefore, the Company
is obligated to pay Mr. Tracy twice his current annual salary payable in twelve (12)
equal monthly installments and continue certain fringe benefits for one year. In addition, upon
termination, Mr. Tracy’s options and restricted stock awards vested in full.