On January 19, 2016, Carl E. Berg announced that he has sent to each member of the Board of Directors of Stratus Properties Inc. a letter regarding the Change of Control Agreements between the Company and William H. Armstrong III, the Company' CEO, and Erin D. Pickens, the Company' CFO. Carl E. Berg stated that those Change of Control Agreements contain golden parachute arrangements and expire on March 31, 2016. In his letter to the Board, Berg urged each director, if casting a vote on renewing those agreements for Armstrong and Pickens, to take into consideration whether granting a rich golden parachute or any golden parachute to those individuals would be in the best interests of all the Company stockholders or a waste of corporate assets.