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): May 9, 2006
Stratus
Properties Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
|
0-19989
|
72-1211572
|
||
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
|
|
98
San Jacinto Blvd., Suite 220
|
|
|
Austin,
Texas
|
78701
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (512) 478-5788
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:
[
]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[
]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
1.01
Entry
into a Material Definitive Agreement.
On
May 9,
2006, the Corporate Personnel Committee (the Committee) of the Board of
Directors of Stratus Properties Inc. approved increases to the base salaries
of
each of our two named executive officers (as that term is defined in Item
402(a)(3) of Regulation S-K), effective January 1, 2006, in accordance with
the
recommendations of an independent compensation consulting firm retained by
the
Committee. The base salaries of our named executive officers had been at the
current levels since January 2002. The Committee previously approved base salary
increases for our employees in January 2006; however, at that time, the
Committee elected to defer the consideration of base salary increases for our
two named executive officers. As noted in the Corporate Personnel Committee
Report on Executive Compensation included in our 2006 proxy statement, the
Committee stated that it would continue to evaluate our executive compensation
program during 2006. As part of this continued evaluation, the Committee
approved an increase to the base salary of William H. Armstrong III, Chairman
of
the Board, President & Chief Executive Officer, to $400,000, and an increase
to the base salary of John E. Baker, Senior Vice President & Chief Financial
Officer, to $225,000.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Stratus
Properties Inc.
By:
/s/
C. Donald Whitmire, Jr.
----------------------------------------
C.
Donald
Whitmire, Jr.
Vice
President and Controller
(authorized
signatory and
Principal
Accounting Officer)
Date:
May
12, 2006