SEC Filings

DEF 14A
ACADIA REALTY TRUST filed this Form DEF 14A on 03/26/2019
Entire Document
 

Consistent with the Company's long-standing policy adopted by the Board of Trustees, the Company's NEOs have the option of exchanging all or a portion of their cash bonus for restricted stock or LTIP Units that will vest on a ratable basis over five years. The LTIP Units granted in lieu of the cash bonus are granted based on a 20% discounted share price. Based on the election of each of the NEOs, the 2018 annual incentives were paid as follows:

 

Named Executive Officer

Cash (1)

Elective LTIP

Units (2)(3)

Ken Bernstein, President & CEO

 

$

 

 

 

$

1,333,657

 

 

John Gottfried, SVP & CFO

 

 

 

 

437,782

 

 

Christopher Conlon, EVP & COO

 

237,673

 

 

 

399,089

 

 

Joseph Napolitano, SVP & CAO

 

 

 

 

348,981

 

 

 

Notes:

(1) Amount reflects the amount elected in cash.

(2) Amount reflects the amount elected in LTIP Units on February 14, 2019, inclusive of the additional value in connection with the 20% discounted share price. These awards will be reported in the Summary Compensation Table for 2019.

(3) The valuation of the awards is based on the Company’s closing Common Share price of $29.65 on the day preceding the grant date of February 14, 2019.

 

Long-Term Incentives

 

The Compensation Committee and the Board of Trustees continue to emphasize long-term performance in the form of:

 

 

Time-based Restricted Share Units or LTIP Units;

 

 

Performance-based Restricted Share Units or LTIP Units; and

 

 

The Long-Term Investment Alignment Program.

 

In keeping with the long-term, highly technical and cyclical nature of the Company’s business, the Compensation Committee places significant emphasis on a long-term approach to executive compensation while balancing the short-term needs of its executives. The Company's long-term incentives are intended to (i) retain its management team through the inclusion of vesting provisions, (ii) emphasize share ownership, (iii) create direct alignment with shareholder interests, and (iv) motivate management to focus on sustained Company performance.

 

Annual Equity Compensation Awards

 

In 2018, the Board of Trustees, in consultation with FTI Consulting, set forth an overall target equity grant for each NEO that may be adjusted up or down at the discretion of the Compensation Committee for over/under performance, with 50% of the target value being granted in the form of time-based Restricted Share Units or LTIP Units and the remaining 50% of the target value being granted in the form of three-year performance-based Restricted Share Units or LTIP Units. The overall target values for 2018 as well as the total equity award granted for 2018 performance in February 2019 is as follows:

 

 

 

 

 

 

Executive

 

2018 Target LTIP(1)

 

Approved 2018 LTIP Unit Grant (2)

Ken Bernstein

$

2,950,000

$

2,950,000

John Gottfried

 

715,200

 

715,200

Christopher Conlon

 

900,000

 

900,000

Joseph Napolitano

 

350,000

 

350,000

 


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