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SCHEDULE 14A
(RULE 14a)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934
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Filed by a Party other than the Registrant [ ]
Check the appropriate box:
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[ ] Preliminary Proxy Statement [ ] CONFIDENTIAL, FOR USE OF THE COMMISSION
ONLY (AS PERMITTED BY RULE 14a-6(e)(2))
[ ] Definitive Proxy Statement
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[X] Soliciting Material Pursuant to sec.240.14a-11(c) or sec.240.14a-12
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FIRST UNION REAL ESTATE EQUITY AND MORTGAGE INVESTMENTS
(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
(NAME OF PERSON(S) FILING PROXY STATEMENT, IF OTHER THAN THE REGISTRANT)
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[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
(1) Title of each class of securities to which transaction applies: .......
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pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
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0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid: ...............................................
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FIRST UNION REAL ESTATE INVESTMENTS
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AT THE COMPANY IN CLEVELAND, OHIO
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Thomas T. Kmiecik Patrick Gallagher
Senior Vice President and Treasurer Edward Howard & Co.
(216) 781-4030 (216) 781-2400
FOR IMMEDIATE RELEASE
FIRST UNION ANNOUNCES SETTLEMENT TERMS WITH MASTANDREA
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CLEVELAND, OHIO, MAY 19, 1998 --- FIRST UNION REAL ESTATE INVESTMENTS (NYSE:FUR)
today announced the terms of a settlement with its former Chairman and Chief
Executive Officer, James C. Mastandrea. First Union terminated Mr. Mastandrea
without cause on Monday, May 18, in accordance with his employment agreement.
Mr. Mastandrea and First Union signed a settlement agreement on May 18 under
which Mr. Mastandrea will receive $3.4 million, which includes the spread on
vested stock options based on the closing price of First Union shares on Friday,
May 15, and the present value of three years of salary and benefits. Under his
employment agreement, his termination caused restrictions to be removed on only
128,000 shares of First Union stock granted to Mr. Mastandrea during his tenure
with the Trust. The settlement also includes a mutual release between Mr.
Mastandrea and the Trust.
Separately, First Union announced that Daniel G. DeVos resigned, effective May
18, from the Board of Trustees.
First Union Real Estate Investments is a real estate investment trust (REIT)
headquartered in Cleveland, Ohio, and traded on the NYSE.
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