Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 14, 2022, Ardevan Yaghoubi resigned from the Board of Directors (the
"Board") of INDUS Realty Trust, Inc. (the "Company"), effective January 15, 2022
(the "Effective Date"). Mr. Yaghoubi was designated to serve on our Board in
conjunction with CM Change Industrial LP's investment in the Company pursuant to
a Securities Purchase Agreement, dated August 24, 2020 (the "SPA"). CM Change
Industrial LP is an entity affiliated with Conversant Capital LLC, where Mr.
Yaghoubi serves as a Principal. Mr. Yaghoubi is leaving Conversant Capital LLC,
effective on the Effective Date.
Pursuant to the terms of the SPA, on January 14, 2022, the Board elected Michael
Simonovsky to the Board as the new designee of CM Change Industrial LP,
effective on the Effective Date. Mr. Simonovsky is the Founder and Managing
Partner of Conversant Capital LLC.
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