SEC Filings

DEF 14A
ACADIA REALTY TRUST filed this Form DEF 14A on 03/26/2019
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Long-Term Incentives (continued)

Long-Term Incentive Alignment Program

A portion of the Promote distributions from the Company’s funds are allocated to management:

The Company's long-term incentive alignment program is based on the fundamental principle that participants should only realize value if a particular investment has achieved significant success by generating more than a 6% preferred rate of return

Designed to provide direct alignment between its management team and both its fund investors and its shareholders

 

2018 Compensation Snapshot

 

The following table highlights target 2018 compensation as compared to approved 2018 compensation amounts for all NEOs. The compensation amounts reflect the approved cash payouts under the annual cash bonus plan (excluding any additional value in connection with elected deferrals) and the full intended value of the annual equity awards. Additionally, because no Promote distributions were paid to NEOs in 2018, the Long-Term Incentive Alignment Program is not shown.

 

Mr. Braun retired from the Company effective December 31, 2018. For details of Mr. Braun’s 2018 compensation please see page 33.

 

 

Named Executive Officer

Year

 

Base Salary

 

Annual Cash Bonus (1)

 

Annual Equity Awards (2)

 

Total Compensation

Ken Bernstein

2018 Target

$

612,000

$

1,071,000

$

2,950,000

$

4,633,000

President & CEO

Approved 2018

 

612,000

 

1,002,533

 

2,950,000

 

4,564,533

 

Approved as a % of Target

 

 

 

93.6%

 

100.0%

 

98.5%

John Gottfried

2018 Target

 

436,000

 

327,000

 

715,200

 

1,478,200

SVP & CFO

Approved 2018

 

436,000

 

329,112

 

715,200

 

1,480,312

 

Approved as a % of Target

 

 

 

100.6%

 

100.0%

 

100.1%

Christopher Conlon

2018 Target

 

431,000

 

538,750

 

900,000

 

1,869,750

EVP & COO

Approved 2018

 

431,000

 

537,673

 

900,000

 

1,868,673

 

Approved as a % of Target

 

 

 

99.8%

 

100.0%

 

99.9%

Joseph Napolitano

2018 Target

 

344,000

 

258,000

 

350,000

 

952,000

SVP & CAO

Approved 2018

 

344,000

 

262,354

 

350,000

 

956,354

 

Approved as a % of Target

 

 

 

101.7%

 

100.0%

 

100.5%

Notes:

(1) Represents the cash bonus plan payout in 2018 excluding any additional value in connection with elected deferrals.

(2) Represents the approved value of 2018 equity awards (which are granted in the next fiscal year for the previous year’s performance).

 

Shareholder Say-on-Pay Vote

 

At the 2018 Annual Meeting, the Company’s shareholders approved, on a non-binding advisory basis, the Company’s executive compensation plan with a vote of approximately 98.6%, which the Company believes affirms strong shareholder support of its executive compensation program. The Compensation Committee is committed to reviewing the results of the advisory say-on-pay vote, market practices and governance standards on an annual basis and making changes as appropriate.

 


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