The court rules Gramer is entitled under his agreements with Malan to both change in control payments and termination payments through December 2003, absent termination for cause. Malan is not able to determine from the order whether the court would require that the payments sought by Gramer, which total between approximately $1.0 and $1.2 million, be made in a lump sum or throughout the disputed term of Gramer's employment agreement ending on December 31, 2003.
"The company intends to vigorously pursue all available avenues open to us in the litigation because we strongly believe we have met all obligations under the employment agreement," says Jeffrey D. Lewis, CEO of Malan Realty Investors. He adds the retail REIT is considering amending its counterclaims against Gramer.
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