SEC Filings

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

 

 

2/28/2014

 

1/6/2018

 

 

 

9,320

 

249,590

 

 

3/5/2015

 

1/6/2018

 

 

 

4,411

 

118,127

 

 

3/17/2016

 

1/6/2018

 

 

 

2,422

 

64,861

 

 

2/28/2017

 

1/6/2018

 

 

 

7,376

 

197,529

 

 

 

 

 

 

 

 

 

28,431

 

 

761,383

 

 

 

 

 

 

 

 

 

 

 

 

 

Joseph Napolitano

 

2/22/2013

 

1/6/2018

 

 

 

 

5,191

 

 

139,015

 

 

2/28/2014

 

1/6/2018

 

 

 

3,271

 

87,597

 

 

3/5/2015

 

1/6/2018

 

 

 

3,551

 

95,096

 

 

3/17/2016

 

1/6/2018

 

 

 

3,072

 

82,268

 

 

2/28/2017

 

1/6/2018

 

 

 

3,602

 

96,462

 

 

 

 

 

 

 

 

 

18,687

 

 

500,438

 

Note:

 

(1)

Value based on the market value of the Company's common shares on the vesting date. The closing price of the Company's common shares was $26.78 on January 6, 2018. The closing price of the Company’s common shares was $23.76 on December 31, 2018.

 

EMPLOYMENT AND SEVERANCE AGREEMENTS WITH NAMED EXECUTIVE OFFICERS

 

The Company has entered into an employment agreement with Mr. Bernstein and severance agreements with each of the other NEOs.

 

Kenneth F. Bernstein Amended and Restated Employment Agreement

 

On March 31, 2014, the Company and Kenneth F. Bernstein entered into an amended and restated employment agreement, which extended his position as President and Chief Executive Officer for three years, renewable for successive yearly periods thereafter. Under the agreement, Mr. Bernstein is subject to a 15-month post-termination non-compete and non-poaching provision if his employment terminates under certain circumstances. Mr. Bernstein’s base salary is subject to an annual review and adjustment by the Board of Trustees, based on recommendations of the Compensation Committee. In connection with the amendment and restatement of the employment agreement, the Company issued Mr. Bernstein an award of full-value shares with a fair value of $3,000,000, subject to vesting in equal installments over five years.

 

Each year during the term of Mr. Bernstein’s employment, the full Board of Trustees (excluding Mr. Bernstein), at the Compensation Committee’s recommendation, considers Mr. Bernstein for an incentive bonus (to be determined by the Compensation Committee and recommended for approval to the full Board of Trustees) and discretionary bonuses payable in cash, Restricted Share Units, options, Restricted LTIP Units, or any combination thereof, as the Board of Trustees and the Compensation Committee may approve. Mr. Bernstein is also entitled to participate in all benefit plans, health insurance, disability, retirement and incentive compensation plans generally available to the Company’s executives.

 


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