Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Edward V. LaPuma resigned from W. P. Carey & Co. LLC (the "Company") and W. P. Carey International LLC ("WPCI"), and all affiliated entities, effective as of December 24, 2009, pursuant to a mutually agreed separation. During his 15-year tenure, Mr. LaPuma served in various positions with increasing responsibilities, including most recently as Managing Director and Head of International Investments for the Company and as President of WPCI.
As part of this separation, the Company agreed to purchase Mr. LaPuma's minority interest in WPCI for $15,380,000 (the negotiated fair market value of such interest) in cash in full settlement of Mr. LaPuma's rights under his employment agreement to put his WPCI interests to the Company under certain circumstances. The Company also agreed to pay Mr. LaPuma's legal fees incurred in connection with the negotiation of his separation and this associated interest purchase. Under his separation agreement, Mr. LaPuma is subject to a three-month non-compete period.