Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective as of December 16, 2021,
the Board of Directors of Transcontinental Realty Investors, Inc. (the “Company” or the “Issuer”
or “TCI”) appointed Bradley J. Muth, age 61, President and Chief Executive Officer of the Company. Mr. Muth most recently,
from July 2019 to September 2021, was Senior Managing Director, Capital Markets and Development of ValueRock Realty Partners, an Irvine,
California based national real estate investment services firm, focusing on value-ad commercial real estate throughout California, Hawaii
and Arizona. Prior thereto, from December 2014 to June 2019, he was Senior Managing Director, Portfolio and Asset Management of Madison
Marquette, a leading commercial real estate investment manager, service provider, developer and operator of real property based in San
Francisco, California and Washington, DC. From 2012 to 2014, he was Chief Investment Officer of Buckingham Companies, a real estate investment
firm engaged in the multifamily sector. Mr. Muth, from 1994 to 2012, was Managing Principal or Senior Managing Partner of ING/Concert
Realty Partners, a real estate investment and operations firm. He has been engaged in the real estate industry for more than 30 years.
He is also a certified public accountant (1984).
Item 5.07 - Submission of Matters to the Vote of
Security Holders
On December 15, 2021, the Annual
Meeting of Stockholders of Transcontinental Realty Investors, Inc. (“TCI” or the “Issuer” or the
“Registrant”) was held, following a solicitation of proxies, pursuant to a Notice of Annual Meeting and related Proxy
Statement, dated November 5, 2021, distributed in accordance with the requirements of Regulation 14A under the Securities Exchange Act
of 1934, as amended. On the record date of November 4, 2021, a total of 8,639,316 shares of Common Stock were outstanding, with each share
entitled to cast one vote.
At the meeting, proxies representing
at least 8,205,191 shares (94.98% of the outstanding) appeared and were cast, thereby establishing a quorum present in person or by proxy.
It was noted that, of the 8,639,316 outstanding shares of Common Stock, 3,104,833 shares are held in DTC/CEDE accounts.
At the Annual Meeting, which involved
the election of directors, the following named persons received the number of votes cast for, against or withheld, as well as the number
of abstention and broker non-votes:
|
Name
|
No. of Votes
For
|
Of Shares Voted, % For
|
No. of Votes Withheld
|
No. of Votes Abstained
|
Broker Non-
Votes
|
|
Henry A. Butler
|
7,500,176
|
91.41%
|
388,033
|
-
|
316,982
|
|
William J. Hogan
|
7,496,291
|
91.14%
|
391,918
|
-
|
316,982
|
|
Robert A. Jakuszewski
|
7,468,790
|
91.03%
|
419,419
|
-
|
316,982
|
|
Ted R. Munselle
|
7,496,178
|
91.36%
|
392,031
|
-
|
316,982
|
|
Bradford A. Phillips
|
7,500,377
|
91.41%
|
387,832
|
-
|
316,982
|
|
Raymond D. Roberts, Sr.
|
7,491,805
|
91.31%
|
396,404
|
-
|
316,982
|
All of the nominees named above, each of which is
currently a director of the Registrant, were elected at such Annual Meeting.
The second matter presented at
the Annual Meeting was the ratification of the appointment of Farmer, Fuqua & Huff, P.C. as the independent registered public accounting
firm for the Registrant for the fiscal year ending December 31, 2021, and any interim period. A total of 7,854,407 votes were cast FOR,
318,539 votes were cast AGAINST, and 32,245 votes ABSTAINED from voting with respect to such proposal.
The Annual Meeting of the Board
of Directors was held on the following day, December 16, 2021. At such meeting, Henry A. Butler was reelected Chairman of the Board.