Highwoods Properties Inc.’s new chief executive officer Theodore Klinck will be paid an annual base salary of $625,000, according to a Securities and Exchange Commission filing on Wednesday.

Klinck’s annual base salary increases from $457,980 and he will also receive long-term equity incentive awards valued at approximately $300,000.

The CEO’s target annual incentive percentage will be increased to 130 percent from 95 percent. He will also be eligible to receive long-term equity incentive awards equal to 275 percent of his annual base salary starting in 2020.

Klinck’s move to CEO is effective Sept. 1. Former CEO Edward Fritsch announced his retirement earlier this year after 37 years with the company.

Fritsch agreed to provide consulting services for two years following his retirement. He will receive reimbursement for the costs of health plan coverage until he becomes eligible for Medicare. The consulting and healthcare fees are expected to amount to $700,000.

Under the retirement plan, Fritsch will also receive a proportional amount of the annual non-equity incentive compensation earned during the year of his retirement. He will also not lose the rights to his stock options and time-based restricted stock, and they will vest in accordance with the original terms.

Highwoods shares were trading at $43.79 on Friday morning, up 3 cents.