3)
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
|
[ ]
|
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
|
1.
|
The election of eight Trustees to hold office until the next annual meeting and until their successors are duly elected and qualified;
|
|
|
2.
|
The ratification of the appointment of BDO USA, LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2016;
|
|
|
3.
|
The approval, on an advisory basis, of the compensation of Named Executive Officers as disclosed in the Company's 2016 Proxy Statement in accordance with compensation rules of the Securities and Exchange Commission;
|
|
|
4.
|
To consider and act upon a proposal to approve the Second Amended and Restated Acadia Realty Trust 2006 Share Incentive Plan; and
|
|
|
5.
|
Such other business as may properly come before the Annual Meeting.
|
•
|
by submitting a later-dated proxy either by Internet or telephone by following the instructions on your proxy or voting card;
|
•
|
electronically during the annual meeting at www.virtualshareholdermeeting.com/AKR16 when you enter your 12-Digit Control Number;
|
•
|
by submitting a later-dated written proxy to the address shown on your proxy or voting card; or
|
•
|
if you are a holder of record, by (i) delivering by mail to our Corporate Secretary at or prior to the Annual Meeting an instrument revoking your proxy or (ii) delivering a subsequently dated proxy with respect to the same Common Shares to our Board at or prior to the annual meeting.
|
•
|
service as president and chief executive officer of the Company for the past 15 years;
|
•
|
extensive network of contacts in the real estate industry and his leadership positions with various industry and business associations;
|
•
|
five years experience as a real estate attorney;
|
•
|
eight years experience as the Chief Operating Officer of a private real estate company; and
|
•
|
three years experience as the Chief Operating Officer of a public real estate company.
|
•
|
over 40 years of real estate operating and development experience;
|
•
|
extensive experience managing financial functions, including general accounting, audit, finance, and treasury;
|
•
|
qualification as an "audit committee financial expert" as that term is defined by the SEC;
|
•
|
service on the boards of directors of eight public companies, including his service as the chair on two of those boards;
|
•
|
service as chair of both the City of Cincinnati and Kroger pension funds;
|
•
|
past service as chair of the Bartlett Management Trust mutual fund group; and
|
•
|
involvement in a number of mergers and acquisitions transactions while with Kroger, U.S. Shoe, BT Office Products International and Multi-Color Corporation.
|
•
|
experience as the CEO of a public equity REIT in the United States for ten years;
|
•
|
experience as the CEO of a UK urban renewal developer for two years;
|
•
|
experience as the chief investment officer in the United States for a foreign pension fund and a real estate advisor to a U.S. pension fund;
|
•
|
experience in a variety of real estate asset types including, among others, regional malls, community shopping centers and mixed use;
|
•
|
service as an independent director for nearly 30 years, including service on all board committees including audit, compensation, investment and nominating and corporate governance, including chairmanships of committees and service as co-lead director;
|
•
|
service on the NACD faculty that conducts in-board training;
|
•
|
experience as one of the first governors of NAREIT;
|
•
|
successful launch of two successful contested REIT takeovers;
|
•
|
qualification as an "audit committee financial expert" as that term is defined by the SEC; and
|
•
|
experience in website management, social media and internet reputation management.
|
•
|
former role as Vice Chancellor for Investments and Treasurer of Vanderbilt University for over 20 years;
|
•
|
service on multiple fund advisory committees, including, previously, the Company's fund advisory boards;
|
•
|
experience as CEO, Co-president or Chairman of real estate investment management companies for over twenty-two years;
|
•
|
extensive experience investing in and managing real estate properties including retail shopping centers, neighborhood and community centers and mixed-use properties;
|
•
|
experience in investing and managing real estate in private fund entities on behalf of institutional investors for twenty-six years;
|
•
|
current service on two other public REIT boards and past service on another public real estate company board and numerous private real estate fund and company boards;
|
•
|
service on audit, finance, nominating and compensation committees of real estate company boards; and
|
•
|
over 35 years’ experience in the real estate industry
|
•
|
over 38 years of real estate development experience;
|
•
|
his role in developing over 150 shopping centers;
|
•
|
his service as Chairman and CEO of Midland Development Group, Inc., which focuses on the development of retail properties in the mid-west and southeast, since May 2003;
|
•
|
service on the boards of directors of four public companies, including three current public company directorships;
|
•
|
service on compensation and audit committees;
|
•
|
current service on the corporate governance committee for Pulaski Bank;
|
•
|
current service as the Lead Trustee of the Company, a position he has held since 2004;
|
•
|
responsibility for the asset management of 100 properties, accounting for over 11 million square feet;
|
•
|
former position as CEO of JDN Development Company; and
|
•
|
former position as Senior Vice President and Director of Regency Centers.
|
•
|
management of real estate transactions and professionals for Gap Inc.'s 3,300 retail stores operating in 10 countries;
|
•
|
experience as a chief transaction attorney;
|
•
|
experience in growing retail brands in both North America and globally;
|
•
|
service on the boards of directors of several companies; and
|
•
|
experience in supporting the strategy and growth of the retail leasing business for global real estate services and consulting businesses.
|
1.
|
Motivating the Company's Named Executive Officers to create maximum shareholder value.
|
2.
|
Providing incentives to the Company's Named Executive Officers that reward dedication, hard work and success.
|
3.
|
Providing a compensation program that ensures "pay for performance."
|
4.
|
Aligning the interests of the Company's Named Executive Officers and shareholders as closely as possible.
|
5.
|
Aligning the interests of the Company's Named Executive Officers and the Company's external fund investors as closely as possible.
|
6.
|
Creating the right mix of long-term incentives to motivate and to retain the Company's Named Executive Officers.
|
7.
|
Creating an incentive compensation program that can go beyond the Company's Named Executive Officers and be utilized throughout the organization.
|
|
|
|
|
|
|
|
|
|||
|
|
Fiscal 2015
|
|
Fiscal 2014
|
|
Fiscal 2013
|
|
|||
Stock Options Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Time-based full-value shares and units granted
|
|
243,621
|
|
|
419,580
|
|
|
275,063
|
|
|
Performance-based full-value shares and units earned during the year
|
|
40,232
|
|
|
53,298
|
|
|
49,769
|
|
|
Total time-based full-value Awards granted and performance-based full-value Awards earned
|
|
283,853
|
|
|
472,878
|
|
|
324,832
|
|
|
Weighted average common shares outstanding during the fiscal year
|
|
68,851,083
|
|
|
59,401,969
|
|
|
54,918,621
|
|
|
Annual Burn Rate
|
|
0.41
|
%
|
|
0.80
|
%
|
|
0.59
|
%
|
|
Three-Year Average Burn Rate(1)
|
|
|
|
|
|
|
|
0.60
|
%
|
|
|
|
|
|
|
|
|
|
(1)
|
As illustrated in the table above, the Company's three-year average burn rate for the 2013-2015 period was 0.60%, which is below the ISS industry category burn rate threshold of 2.67%.
|
|
Equity Compensation Plan Information (4)
|
||
Plan category
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
Weighted Average exercise price of outstanding options, warrants and rights
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities referenced in column (a))
|
|
(a)
|
(b)
|
(c)
|
Equity compensation plans approved by security holders:(1)
|
1,049,395 (2)
|
$22.27
|
881,827 (3)
|
Equity compensation plans not approved by security holders:
|
—
|
—
|
—
|
Total
|
1,049,395
|
$22.27
|
881,827
|
(2)
|
Includes (a) 3,249 Common Shares issuable upon the exercise of outstanding options, (b) 49,692 Common Shares issuable upon the vesting of Common Shares subject to time-based vesting and, in some instances, performance-based vesting ("Restricted Share Units"), and (c) 996,454 long-term incentive units ("LTIP Units") that, upon the satisfaction of certain conditions, are convertible into common units, which may be presented to us for redemption and acquired by us for Common Shares. Because there is no exercise price associated with Restricted Share Units and LTIP Units, such awards are not included in the weighted average exercise price calculation.
|
(3)
|
As of December 31, 2015, there were 851,125 Common Shares available for future issuance under the 2006 Plan and 30,702 Common Shares available for future issuance under the Share Purchase Plan.
|
Name
|
Age
|
Office Held
|
Year First Became
Officer/Trustee
|
Term Expires
|
Kenneth F. Bernstein
|
54
|
Trustee, Chief Executive Officer and President
|
1998
|
2016
|
Lee S. Wielansky
|
64
|
Trustee; Independent Lead Trustee
|
2000
|
2016
|
Douglas Crocker II
|
75
|
Trustee
|
2003
|
2016
|
Lorrence T. Kellar
|
78
|
Trustee
|
2003
|
2016
|
Wendy Luscombe
|
64
|
Trustee
|
2004
|
2016
|
William T. Spitz
|
65
|
Trustee
|
2007
|
2016
|
Lynn C. Thurber
|
69
|
Trustee
|
2016
|
2016
|
C. David Zoba
|
64
|
Trustee
|
2015
|
2016
|
Joel Braun
|
64
|
Executive Vice President and Chief Investment Officer
|
1998
|
-
|
Jonathan W. Grisham
|
58
|
Senior Vice President and Chief Financial Officer
|
1998
|
-
|
Robert Masters
|
71
|
Senior Vice President, Senior Legal Counsel, Chief Compliance Officer and Secretary
|
1998
|
-
|
Christopher Conlon
|
56
|
Executive Vice President and Chief Operating Officer
|
2008
|
-
|
Joseph M. Napolitano
|
51
|
Senior Vice President and Chief Administrative Officer
|
1998
|
-
|
Jason Blacksberg
|
40
|
Senior Vice President and General Counsel
|
2014
|
-
|
•
|
to chair and facilitate discussions among the independent Trustees;
|
•
|
to facilitate communication between the independent Trustees, the Chief Executive Officer and management;
|
•
|
to assist in the planning and preparation of meetings of the independent Trustees and meetings of the Board of Trustees, including the preparation of the agendas for such meetings;
|
•
|
to be available to participate in any and all committee meetings, as needed; and
|
•
|
to act as the spokesperson of the independent Trustees in matters dealing with the press and public when called upon.
|
NAME
|
|
AUDIT COMMITTEE
|
|
COMPENSATION COMMITTEE
|
|
NOMINATING AND
CORPORATE GOVERNANCE COMMITTEE |
|
INVESTMENT/
CAPITAL MARKETS COMMITTEE |
EMPLOYEE TRUSTEE
|
|
|
|
|
|
|
|
|
Kenneth F. Bernstein
|
|
|
|
|
|
|
|
X(2)
|
NON-EMPLOYEE TRUSTEES
|
|
|
|
|
|
|
|
|
Lee S. Wielansky
|
|
|
|
|
|
|
|
X
|
Douglas Crocker II
|
|
|
|
X
|
|
X
|
|
X(1)
|
Lorrence T. Kellar
|
|
X(1)
|
|
X
|
|
|
|
|
Wendy Luscombe
|
|
X
|
|
|
|
X(1)
|
|
|
William T. Spitz
|
|
X
|
|
X(1)
|
|
|
|
X
|
Lynn C. Thurber (3)
|
|
|
|
|
|
|
|
|
C. David Zoba
|
|
|
|
|
|
X
|
|
X
|
•
|
a member of the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, in an instance where one of such entities' executive officers served on the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire Board of Trustees) of the Company;
|
•
|
a director of another entity, in an instance where one of such entities' executive officers served on the Compensation Committee of the Company; or
|
•
|
a member of the compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of another entity, in an instance where one of such entities' executive officers served as a Trustee of the Company.
|
Beneficial Owners
|
|
Number of Common Shares Beneficially Owned
|
|
Percent of Class
|
|
||
|
|
|
|
|
|
||
5% Beneficial Owners
|
|
|
|
|
|
||
The Vanguard Group, Inc. (1)
|
|
10,336,684
|
|
|
|
14.48
|
|
FMR LLC (2)
|
|
8,853,593
|
|
|
|
12.40
|
|
BlackRock, Inc. (3)
|
|
7,708,511
|
|
|
|
10.80
|
|
T. Rowe Price Associates, Inc. (4)
|
|
7,177,259
|
|
|
|
10.05
|
|
Vanguard Specialized Funds (5)
|
|
4,952,483
|
|
|
|
6.94
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
Trustees and Executive Officers
(6)
|
|
|
|
|
|||
Kenneth F. Bernstein
|
1,047,914
|
|
(7)
|
|
1.47
|
|
|
Joel Braun
|
29,755
|
|
(8)
|
|
*
|
|
|
Jonathan W. Grisham
|
113,108
|
|
(9)
|
|
*
|
|
|
Robert Masters
|
141,488
|
|
(10)
|
|
*
|
|
|
Christopher Conlon
|
21,491
|
|
(11)
|
|
*
|
|
|
Douglas Crocker II
|
28,120
|
|
(12)
|
|
*
|
|
|
Lorrence T. Kellar
|
37,519
|
|
(13)
|
|
*
|
|
|
Wendy Luscombe
|
29,148
|
|
(14)
|
|
*
|
|
|
William T. Spitz
|
36,309
|
|
(15)
|
|
*
|
|
|
Lee S. Wielansky
|
40,441
|
|
(16)
|
|
*
|
|
|
Lynn C. Thurber
|
—
|
|
|
|
*
|
|
|
C. David Zoba
|
1,000
|
|
(17)
|
|
*
|
|
|
All Executive Officers and Trustees as a Group
(14 persons)
|
1,587,182
|
|
(18)
|
|
2.22
|
|
|
Number of shares beneficially owned by each reporting person with:
|
||||||||||
|
Sole Voting Power
|
|
Shared Voting Power
|
|
Sole Dispositive Power
|
|
Shared Dispositive Power
|
||||
|
|
|
|
|
|
|
|
||||
FMR LLC
|
3,122,700
|
|
|
—
|
|
|
8,853,593
|
|
|
—
|
|
(6
|
)
|
The principal business office address of each such person is c/o Acadia Realty Trust, 411 Theodore Fremd Avenue, Suite 300, Rye, NY 10580.
|
||||
(7
|
)
|
The Common Shares beneficially owned by Mr. Bernstein in his individual capacity consist of (i) 143,639 OP Units which are immediately exchangeable into a like number of Common Shares and 563,914 LTIP Units (as hereinafter defined) and (ii) 340,361 Common Shares. The amount reflected does not include 437,761 Restricted LTIP Units (as hereinafter defined), none of which will vest in the next 60 days.
|
||||
(8
|
)
|
Represents (i) 27,646 LTIP Units and (ii) 2,109 Common Shares. The amount reflected does not include 117,911 Restricted LTIP Units, none of which will vest in the next 60 days.
|
||||
(9
|
)
|
Represents (i) 19,176 Common Shares and (ii) 93,932 LTIP Units issued pursuant to the Share Incentive Plans. The amount reflected does not include 66,546 Restricted LTIP Units, none of which will vest in the next 60 days.
|
||||
(10
|
)
|
Represents (i) 17,386 Common Shares and (ii) 124,102 LTIP Units issued pursuant to the Share Incentive Plans. The amount reflected does not include 61,485 Restricted LTIP Units, none of which will vest in the next 60 days.
|
||||
(11
|
)
|
Represents 21,491 LTIP Units issued pursuant to the Share Incentive Plans. The amount reflected does not include 77,199 Restricted LTIP Units, none of which will vest in the next 60 days.
|
||||
(12
|
)
|
Represents (i) 26,602 Common Shares and (ii) 1,518 LTIP Units issued. The amount reflected does not include 4,912 Restricted Share Units and 1,383 Restricted LTIP Units, 3,792 of which will vest in the next 60 days.
|
||||
(13
|
)
|
Represents 37,519 Common Shares. The amount reflected does not include 2,342 Restricted Share Units and 5,603 Restricted LTIP Units, 4,652 of which will vest in the next 60 days.
|
||||
(14
|
)
|
Represents 29,148 Common Shares. The amount reflected does not include 4,912 Restricted Share Units, 2,409 of which will vest in the next 60 days. Of these 29,148 Common Shares, 19,434 have been deferred.
|
||||
(15
|
)
|
Represents 36,309 Common Shares. The amount reflected does not include 7,678 Restricted Share Units, 5,175 of which will vest in the next 60 days.
|
||||
(16
|
)
|
Represents 40,441 Common Shares. The amount reflected does not include 8,348 Restricted Share Units, 5,389 of which will vest in the next 60 days.
|
||||
(17
|
)
|
Represents 1,000 Common Shares. The amount reflected does not include 3,615 Restricted LTIP Units, none of which will vest in the next 60 days.
|
||||
(18
|
)
|
See Notes (7) through (17).
|
•
|
Kenneth F. Bernstein - President and Chief Executive Officer ("CEO")
|
•
|
Christopher Conlon - Executive Vice President and Chief Operating Officer ("COO")
|
•
|
Joel Braun - Executive Vice President and Chief Investment Officer ("CIO")
|
•
|
Jon Grisham - Senior Vice President and Chief Financial Officer ("CFO")
|
•
|
Robert Masters - Senior Vice President, Senior Legal Counsel, Chief Compliance Officer and Secretary
|
•
|
Our total shareholder return ("TSR") performance has consistently outperformed our peers and been in the upper quartile of our retail sector. Our exceptional TSR performance is illustrated in more detail in the
"Total Shareholder Return"
section below.
|
•
|
FFO per share increased by approximately 16% in 2015, which is well above peer averages of approximately 6.1%;
|
•
|
Same-property NOI growth of 4.0%, which exceeded the sector average of 3.3%;
|
•
|
Completed $944 million in transactional activity in connection with the Company’s strategic business plan, including:
|
•
|
Completed $237 million in retail property acquisitions within the Company’s core portfolio;
|
•
|
Completed $41 million of structured finance investments;
|
•
|
Increased the Company’s equity interests in two of our opportunity funds by $57 million of gross property value by providing liquidity to two existing fund investors by acquiring their interests in those funds;
|
•
|
Completed $174 million of fund acquisitions; and
|
•
|
Opportunistically sold $435 million in stabilized fund assets.
|
|
1-Year
|
3-Year
|
5-Year
|
10-Year
|
||||
AKR
|
7.48
|
%
|
44.55
|
%
|
117.68
|
%
|
154.22
|
%
|
Executive Compensation Peer Group Average
|
2.76
|
%
|
31.01
|
%
|
77.01
|
%
|
112.43
|
%
|
SNL US Equity REIT Index
|
5.35
|
%
|
36.51
|
%
|
78.88
|
%
|
52.94
|
%
|
SNL US Retail REIT Index
|
(5.98
|
)%
|
19.17
|
%
|
72.1
|
%
|
75.92
|
%
|
Pay Element
|
Description and Key Features
|
Objective
|
Base Salary
|
Fixed cash compensation, reviewed annually
Designed to recognize job responsibilities, individual performance and experience
|
Competitive salaries are set at a level that promotes executive retention and recruitment
|
Annual Incentives
|
Variable compensation, payable in cash and LTIP Units, based on corporate performance goals and individual performance
Target bonus pool is established at the beginning of each fiscal year and is earned based on:
Corporate financial targets (40% weighting);
Executing the Strategic Plan (30% weighting); and
Business unit and individual performance (30% weighting)
Bonus is payable 60% in cash, which may be exchanged for Company shares or LTIP Units (at a 25% discount), and 40% in equity-based awards (described in more detail below)
|
Emphasize short-term corporate objectives and individual contributions to the achievement of those objectives
Metrics and targets align with business strategy
|
Long-Term Incentives
|
40% of the annual incentives is payable in restricted LTIP Units, of which 50% vest ratably based on continued service and 50% vest upon the achievement of performance goals
Management is allocated a portion of the Promote distributions from our opportunity funds, which is subject to time-based, annual vesting over a five-year period
|
Emphasize long-term performance and retention over the vesting period.
Create direct alignment with our shareholder interests and our opportunity fund investors
|
•
|
2015 base salaries increased by 2.5%.
|
•
|
Annual incentives (including cash and equity) increased by 8.1% for our CEO and approximately 9.5% for our other NEOs, with the exception of Mr. Masters whose annual incentive decreased by approximately 3%.
|
•
|
Time-vested Restricted LTIP Units (granted in 2016 for 2015 performance) for our NEOs will vest ratably over five years.
|
•
|
Performance-based Restricted LTIP Units will be measured over a cumulative three-year performance period based on the achievement of TSR or FFO targets, with 60% of the earned units vesting at the end of the performance period, and the remaining 40% vesting ratably over the next two years, provided that the initial 60% vests as described above.
|
•
|
NEOs were granted an additional allocation in our Long-Term Investment Alignment Plan, with our CEO receiving an allocation of 1.75% of our Promote earned in our fourth opportunity fund ("Fund IV") and other NEOs receiving an allocation ranging from 0.325% to 0.8%, with the exception of Mr. Masters who was not granted any allocation.
|
•
|
Motivating the Company's NEOs to create maximum shareholder value.
|
•
|
Providing incentives to the Company's NEOs that reward dedication, hard work and success.
|
•
|
Providing a compensation program that ensures "pay for performance."
|
•
|
Aligning the interests of the Company's NEOs and shareholders as closely as possible.
|
•
|
Aligning the interests of the Company's NEOs and the Company's external fund investors as closely as possible.
|
•
|
Creating the right mix of long-term incentives to motivate and to retain the Company's NEOs.
|
•
|
Creating an incentive compensation program that can go beyond the Company's NEOs and be utilized throughout the organization.
|
•
|
Retail property focus (shopping centers and regional malls); and
|
•
|
Companies that are approximately no less than one-third (1/3) and no more than 3x the size of AKR in terms of implied market capitalization.
|
(Dollars in millions)
|
|
|
|
|
|
|
|
||||
Company
|
Implied Equity Market Cap
(1)
($)
|
|
Total Enterprise Value
(1)
($)
|
|
Headquarters
|
|
Sector
|
||||
CBL & Associates Properties, Inc.
|
$
|
2,968.3
|
|
|
$
|
8,679.3
|
|
|
Chattanooga, TN
|
|
Regional Malls
|
Equity One, Inc.
|
3,409.5
|
|
|
4,471.0
|
|
|
North Miami Beach, FL
|
|
Shopping Centers
|
||
Kite Realty Group Trust
|
2,224.0
|
|
|
3,775.0
|
|
|
Indianapolis, IN
|
|
Shopping Centers
|
||
National Retail Properties, Inc.
|
5,144.8
|
|
|
7,127.7
|
|
|
Orlando, FL
|
|
Free Standing
|
||
Pennsylvania RE Investment Trust
|
1,690.6
|
|
|
3,697.9
|
|
|
Philadelphia, PA
|
|
Regional Malls
|
||
Ramco-Gershenson Property Trust
|
1,308.2
|
|
|
2,321.2
|
|
|
Farmington Hills, MI
|
|
Shopping Centers
|
||
Regency Centers Corporation
|
6,300.0
|
|
|
7,880.3
|
|
|
Jacksonville, FL
|
|
Shopping Centers
|
||
Retail Opportunity Investments Corp.
|
1,846.3
|
|
|
2,374.2
|
|
|
San Diego, CA
|
|
Shopping Centers
|
||
Retail Properties of America, Inc.
|
3,496.7
|
|
|
5,849.3
|
|
|
Oak Brook, IL
|
|
Shopping Centers
|
||
Rouse Properties, Inc.
|
1,034.8
|
|
|
2,564.7
|
|
|
New York, NY
|
|
Regional Malls
|
||
Seritage Growth Properties
|
2,238.3
|
|
|
1,305.7
|
|
|
New York, NY
|
|
Other Retail
|
||
Spirit Realty Capital
|
4,406.4
|
|
|
8,225.5
|
|
|
Scottsdale, AZ
|
|
Free Standing
|
||
Tanger Factory Outlet Centers, Inc.
|
3,637.2
|
|
|
4,697.3
|
|
|
Greensboro, NC
|
|
Shopping Centers
|
||
Urban Edge Properties
|
2,508.3
|
|
|
3,249.0
|
|
|
New York, NY
|
|
Shopping Centers
|
||
Weingarten Realty Investors
|
4,381.5
|
|
|
6,326.1
|
|
|
Houston, TX
|
|
Shopping Centers
|
||
WP Glimcher, Inc.
|
2,709.4
|
|
|
6,906.8
|
|
|
Columbus, OH
|
|
Regional Malls
|
||
|
|
|
|
|
|
|
|
||||
Acadia Realty Trust
|
2,375.8
|
|
|
3,769.9
|
|
|
Rye, NY
|
|
Shopping Centers
|
||
Peer Group Median
|
2,838.9
|
|
|
4,584.1
|
|
|
|
|
|
||
(1)
Data as of October 20, 2015
|
|
|
|
|
|
|
|
Named Executive Officer
|
2014 Base
Salaries
|
|
2015 Base
Salaries
|
|
% Change
|
||||
Ken Bernstein, President & CEO
|
$
|
568,500
|
|
|
$
|
582,700
|
|
|
2.5%
|
Christopher Conlon, EVP & COO
|
372,600
|
|
|
381,900
|
|
|
2.5%
|
||
Joel Braun, EVP & CIO
|
394,100
|
|
|
404,000
|
|
|
2.5%
|
||
Jon Grisham, SVP & CFO
|
351,800
|
|
|
360,600
|
|
|
2.5%
|
||
Robert Masters, SVP & Senior Legal Counsel
|
319,500
|
|
|
327,500
|
|
|
2.5%
|
Annual Incentive Performance Criteria
|
2015 Weighting
|
Funds From Operations "FFO" Growth
|
10%
|
Same Property Net Operating Income "NOI" Growth
|
10%
|
1YR Total Shareholder Return
|
20%
|
Executing the Strategic Plan
|
30%
|
Business Unit & Individual Performance
|
30%
|
2015 Corporate Measures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO Growth
(1)
|
Bonus Allocation
|
Minimal
|
Threshold
|
Target
|
Outperform
|
Actual 2015 Results
|
Bonus Level Achieved
|
Absolute
|
10%
|
$1.35 - $1.369
|
$1.37 - $1.389
|
$1.39 - $1.409
|
$1.41 +
|
$1.53
|
Outperform
|
Relative vs. Peer Group
|
|
0% - 24%
|
25% - 49%
|
50% - 74%
|
75%+
|
N/A
(3)
|
|
|
|
|
|
|
|
|
|
NOI Growth (Same Property)
(2)
|
Bonus Allocation
|
Minimal
|
Threshold
|
Target
|
Outperform
|
Actual 2015 Results
|
Bonus Level Achieved
|
Absolute
|
10%
|
+3-3.24%
|
+3.25-3.49%
|
+3.50-3.74%
|
+3.75+
|
4.0%
|
Outperform
|
Relative vs. Peer Group
|
|
0% - 24%
|
25% - 49%
|
50% - 74%
|
75%+
|
N/A
(3)
|
|
|
|
|
|
|
|
|
|
Total Shareholder Return:
|
Bonus Allocation
|
Minimal
|
Threshold
|
Target
|
Outperform
|
Actual 2015 Results
|
Bonus Level Achieved
|
Absolute
|
20%
|
0% - 2.49%
|
2.5% - 4.99%
|
5.0% - 7.4%
|
7.5%+
|
7.5
|
Outperform
|
Relative vs. Peer Group
|
|
Bottom 24%
|
25% - 49%
|
50% - 74%
|
75%+
|
N/A
(3)
|
|
Executing the Strategic Plan
|
Bonus Weighting
|
Bonus Level Achieved
|
Maintain a high-quality core portfolio of retail assets
|
30%
|
Target
|
Maintain a healthy balance sheet with strong liquidity
|
||
Maintain a disciplined growth strategy that enable opportunistic investing
|
(1)
|
See table below for a reconciliation of Net Income (GAAP) to FFO.
|
(2)
|
Same-Property NOI excludes various items included in operating income (GAAP) that are not indicative of the operating performance of a store. Same-Property NOI is calculated by starting with operating income and (i) adding back general and administrative, depreciation and amortization, abandonment of project costs, reserve for notes receivable; and (ii) deducting management fee income; interest income; other income; lease termination income; and straight line rent and other adjustments.
|
(3)
|
Each objective is met if either one of the two performance standards (i.e. Absolute or Relative) for each measurement are achieved. "Relative" performance of Peer Group is not applicable as the Company met the "Absolute" standards for each objective measurement and vice versa.
|
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS
|
|
For the Year Ended December 31, 2015
|
||
(dollars in thousands, except per share data)
|
|
|
||
Net income attributable to Common Shareholders
|
|
$
|
65,708
|
|
Depreciation of real estate and amortization of leasing costs (net of noncontrolling interests' share)
|
|
52,013
|
|
|
Gain on disposition of properties (net of noncontrolling interests' share)
|
|
(11,114
|
)
|
|
Income attributable to noncontrolling interests' in Operating Partnership
|
|
3,811
|
|
|
Impairment of asset (net of noncontrolling interests' share)
|
|
1,111
|
|
|
Distributions - Preferred OP Units
|
|
31
|
|
|
Funds from operations
|
|
$
|
111,560
|
|
Funds from operations per share - Diluted
|
|
|
||
Weighted average Common Shares and OP Units
|
|
73,067
|
|
|
Funds from operations, per share
|
|
$
|
1.53
|
|
President & CEO
|
Bonus Allocation
|
Bonus Level Achieved
|
Ensuring AKR's long-term financial stability by raising new sources of capital, and by preserving & expanding AKR"s liquidity position
|
7.5%
|
Target
|
Developing short & long-term incentives consistent with the current economic environment and forecasts
|
7.5%
|
Target
|
Success in interfacing with Board of Directors to develop Company strategy to ensure shareholder value is maximized over the long-term
|
7.5%
|
Target
|
Stewardship at the top of organization, and success in interfacing with major institutional investors and JV partners
|
7.5%
|
Target
|
|
|
|
EVP & CIO
|
Bonus Allocation
|
Bonus Level Achieved
|
Maintain and improve morale of the Acquisitions team and retain/attract new and higher level talent to the team
|
7.5%
|
Target
|
Invested fund dollars within the time frame committed, and continue to reduce investments in non-strategic markets
|
7.5%
|
Target
|
Communication: interfacing with JV partners & support with investment transactions
|
7.5%
|
Outperform
|
Strong Leadership in the disciplines Executive is accountable for
|
7.5%
|
Target
|
|
|
|
EVP & COO
|
Bonus Allocation
|
Bonus Level Achieved
|
Improve overall occupancy, same store lease spreads and property operating metrics
|
7.5%
|
Outperform
|
Summarize financial detail on all major redevelopment assets, and create tracking mechanism of progress and issues
|
7.5%
|
Target
|
Maintain and enhance key retailer and other relationships
|
7.5%
|
Target
|
Strong Leadership in the disciplines Executive is accountable for
|
7.5%
|
Target
|
|
|
|
EVP & CFO
|
Bonus Allocation
|
Bonus Level Achieved
|
Ensure sufficient capital is available to execute the Company's growth plans
|
7.5%
|
Target
|
Source both equity and debt capital at the lowest cost possible
|
7.5%
|
Target
|
Ensure effective communication with the Street (Sellside, Buyside and press release)
|
7.5%
|
Outperform
|
Strong Leadership in the disciplines Executive is accountable for
|
7.5%
|
Target
|
|
|
|
SVP/Senior Legal Counsel
|
Bonus Allocation
|
Bonus Level Achieved
|
Invest extensive time mentoring the newly appointed General Counsel
|
7.5%
|
Target
|
Communication: interfacing with JV partners & support with investment transactions
|
7.5%
|
Target
|
Increase cross-training and cross-assignments within the Legal discipline
|
7.5%
|
Target
|
Strong Leadership in the disciplines Executive is accountable for
|
7.5%
|
Target
|
Named Executive Officer
|
2014 Annual Incentives
|
|
2015 Annual Incentives
|
|
% Change
|
||||
Ken Bernstein, President & CEO
|
$
|
3,100,000
|
|
|
$
|
3,350,000
|
|
|
8.1%
|
Christopher Conlon, EVP & COO
|
651,000
|
|
|
713,000
|
|
|
9.5%
|
||
Joel Braun, EVP & CIO
|
981,000
|
|
|
1,074,000
|
|
|
9.5%
|
||
Jon Grisham, SVP & CFO
|
572,000
|
|
|
626,000
|
|
|
9.4%
|
||
Robert Masters, SVP & Senior Legal Counsel
|
477,000
|
|
|
463,000
|
|
|
(2.9)%
|
Named Executive Officer
|
Cash
(1)
|
|
Elective LTIP Units
(2)(3)
|
|
Long-Term Incentives - Time-Based
(3)
|
Long-Term Incentives - Performance-Based
(3)
|
||||||||
Ken Bernstein, President & CEO
|
$
|
—
|
|
|
$
|
2,767,111
|
|
|
$
|
691,778
|
|
$
|
691,778
|
|
Christopher Conlon, EVP & COO
|
428,000
|
|
|
—
|
|
|
420,771
|
|
420,771
|
|
||||
Joel Braun, EVP & CIO
|
—
|
|
|
886,565
|
|
|
338,159
|
|
338,159
|
|
||||
Jon Grisham, SVP & CFO
|
—
|
|
|
517,626
|
|
|
129,059
|
|
129,059
|
|
||||
Robert Masters, SVP & Senior Legal Counsel
|
—
|
|
|
382,731
|
|
|
95,500
|
|
95,500
|
|
(1)
|
NEOs have the option of exchanging all or a portion of their cash bonus for LTIP Units. Amount reflects the amount elected in cash.
|
(2)
|
NEOs have the option of exchanging all or a portion of their cash bonus for LTIP Units. Amount reflects the amount elected in LTIP Units, inclusive of the additional value in connection with the 25% discounted share price.
|
(3)
|
The valuation of the awards is based on the Company’s closing Common Share price of $34.74 on the day preceding the grant date.
|
(4)
|
The term of long-term incentives is described in detail in the "Long-Term Incentives" section, below.
|
•
|
Time-based Restricted Share Units or LTIP Units;
|
•
|
Performance-based Restricted Share Units or LTIP Units; and
|
•
|
The Long-Term Investment Alignment Program.
|
•
|
Reward management for true, long-term performance and not simply for making investment decisions without consideration of actual value realized;
|
•
|
Motivate management to deliver superior returns to opportunity fund investors, as well as to the Company through its direct investment, strategic investments and successful liquidation of Acadia Strategic Opportunity Fund III LLC ("Fund III") and Acadia Strategic Opportunity Fund IV LLC ("Fund IV," and together with Fund III, the "Funds"), thereby increasing shareholder value;
|
•
|
Provide a retention tool for years to come; and
|
•
|
Further align the interests of management, shareholders and external investors.
|
(1)
|
The total percentage of the Promote allocated may not be directly correlated with the amount of the Fund’s invested capital. This provides the promote recipients with incentive to acquire appropriate assets with the remaining funds in the Fund and to ensure that diligent efforts will be made to achieve stabilization of those assets.
|
Named Executive Officer
|
2013 Award Percentage
|
2014 Award Percentage
|
2015 Award Percentage
|
Total Percentage
|
Ken Bernstein, President & CEO
|
0.8750%
|
0.8750%
|
1.7500%
|
3.5000%
|
Christopher Conlon, EVP & COO
|
0.4000%
|
0.4000%
|
0.8000%
|
1.6000%
|
Joel Braun, EVP & CIO
|
0.4000%
|
0.4000%
|
0.8000%
|
1.6000%
|
Jon Grisham, SVP & CFO
|
0.1625%
|
0.1625%
|
0.3250%
|
0.6500%
|
Robert Masters, SVP & Senior Legal Counsel
|
0.0000%
|
0.0000%
|
0.0000%
|
0.0000%
|
Total
|
1.8375%
|
1.8375%
|
3.675%
|
7.3500%
(1)
|
(1)
|
The total percentage of the Promote allocated may not be directly correlated with the amount of the Fund’s invested capital. This provides the promote recipients with incentive to acquire appropriate assets with the remaining funds in the Fund and to ensure that diligent efforts will be made to achieve stabilization of those assets.
|
Title
|
|
Multiple
|
CEO
|
|
10 x Base Salary + Cash Bonus
|
CIO
|
|
4 x Base Salary + Cash Bonus
|
All other NEOs
|
|
3 x Base Salary + Cash Bonus
|
Non-Employee Trustees
|
|
3x total annual fees
|
Name and Principal Position
|
|
Year
|
|
Salary ($)
|
|
Bonus
($)
|
|
Stock Awards
($) (1)
|
|
Option Awards ($) (1)
|
|
Non-Equity Incentive Plan Compensation ($)
|
|
Change in Pension Value and Nonqualified Deferred Compensation Earnings
($)
|
|
All Other Compensation ($) (3)
|
|
Total ($) (4)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Kenneth F. Bernstein
|
|
2015
|
|
$
|
582,700
|
|
|
$
|
1,711,259
|
|
(2
|
)
|
$
|
1,551,778
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
8,011
|
|
|
$
|
3,853,748
|
|
Chief Executive
|
|
2014
|
|
$
|
568,500
|
|
|
$
|
1,672,946
|
|
(2
|
)
|
$
|
4,661,506
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,878
|
|
|
$
|
6,910,830
|
|
Officer and President
|
|
2013
|
|
$
|
554,590
|
|
|
$
|
1,507,866
|
|
(2
|
)
|
$
|
1,507,946
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,728
|
|
|
$
|
3,578,130
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Jonathan W. Grisham
|
|
2015
|
|
$
|
360,600
|
|
|
$
|
315,735
|
|
(2
|
)
|
$
|
286,338
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
8,011
|
|
|
$
|
970,684
|
|
Chief Financial Officer
|
|
2014
|
|
$
|
351,800
|
|
|
$
|
315,120
|
|
(2
|
)
|
$
|
315,120
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,878
|
|
|
$
|
989,918
|
|
and Senior Vice
|
|
2013
|
|
$
|
343,200
|
|
|
$
|
232,204
|
|
(2
|
)
|
$
|
433,293
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,728
|
|
|
$
|
1,016,425
|
|
President
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Joel Braun
|
|
2015
|
|
$
|
404,000
|
|
|
$
|
541,560
|
|
(2
|
)
|
$
|
491,025
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
8,011
|
|
|
$
|
1,444,596
|
|
Chief Investment
|
|
2014
|
|
$
|
394,100
|
|
|
$
|
540,221
|
|
(2
|
)
|
$
|
540,195
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,878
|
|
|
$
|
1,482,394
|
|
Officer and Executive
|
|
2013
|
|
$
|
384,500
|
|
|
$
|
493,382
|
|
(2
|
)
|
$
|
493,383
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,728
|
|
|
$
|
1,378,993
|
|
Vice President
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Christopher Conlon
|
|
2015
|
|
$
|
381,900
|
|
|
$
|
603,358
|
|
(2
|
)
|
$
|
264,524
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
8,011
|
|
|
$
|
1,257,793
|
|
Chief Operating
|
|
2014
|
|
$
|
372,600
|
|
|
$
|
558,291
|
|
(2
|
)
|
$
|
865,241
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
5,667
|
|
|
$
|
1,801,799
|
|
Officer and Executive
|
|
2013
|
|
$
|
363,500
|
|
|
$
|
327,523
|
|
(2
|
)
|
$
|
327,522
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
3,903
|
|
|
$
|
1,022,448
|
|
Vice President
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Robert Masters
|
|
2015
|
|
$
|
327,500
|
|
|
$
|
263,296
|
|
(2
|
)
|
$
|
583,810
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
8,011
|
|
|
$
|
1,182,617
|
|
Senior Vice President,
|
|
2014
|
|
$
|
319,500
|
|
|
$
|
262,810
|
|
(2
|
)
|
$
|
262,810
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,878
|
|
|
$
|
852,998
|
|
Senior Legal Counsel,
|
|
2013
|
|
$
|
311,700
|
|
|
$
|
237,068
|
|
(2
|
)
|
$
|
237,015
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
7,728
|
|
|
$
|
793,511
|
|
Chief Compliance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Officer and Secretary
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015
|
|
2014
|
|
2013
|
||||||
Mr. Bernstein
|
|
$
|
4,741,377
|
|
|
$
|
7,167,424
|
|
|
$
|
3,908,208
|
|
Mr. Grisham
|
|
$
|
1,144,355
|
|
|
$
|
1,024,386
|
|
|
$
|
981,168
|
|
Mr. Braun
|
|
$
|
1,974,894
|
|
|
$
|
1,541,983
|
|
|
$
|
1,472,644
|
|
Mr. Conlon
|
|
$
|
1,659,518
|
|
|
$
|
1,076,534
|
|
|
$
|
1,590,935
|
|
Mr. Masters
|
|
$
|
909,242
|
|
|
$
|
1,244,861
|
|
|
$
|
845,048
|
|
ALL OTHER COMPENSATION TABLE
|
||||||||||||
|
|
Kenneth F.
Bernstein
|
|
Jonathan W. Grisham
|
|
Joel
Braun
|
||||||
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
Perquisites and other personal benefits, unless the aggregate amount is less than $10,000 (1)
|
|
$—
|
$—
|
$—
|
|
$—
|
$—
|
$—
|
|
$—
|
$—
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual Company contributions or allocations to vested and unvested defined contribution plans (2)
|
|
7,950
|
7,800
|
7,650
|
|
7,950
|
7,800
|
7,650
|
|
7,950
|
7,800
|
7,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The dollar value of insurance premiums paid by the Company on life insurance policies for the benefit of the NEO
|
|
61
|
78
|
78
|
|
61
|
78
|
78
|
|
61
|
78
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other Compensation
|
|
$8,011
|
$7,878
|
$7,728
|
|
$8,011
|
$7,878
|
$7,728
|
|
$8,011
|
$7,878
|
$7,728
|
|
|
Christopher Conlon
|
|
Robert
Masters
|
||||
|
|
2015
|
2014
|
2013
|
|
2015
|
2014
|
2013
|
Perquisites and other personal benefits, unless the aggregate amount is less than $10,000
|
|
$—
|
$—
|
$—
|
|
$—
|
$—
|
$—
|
|
|
|
|
|
|
|
|
|
Annual Company contributions or allocations to vested and unvested defined contribution plans (1)
|
|
7,950
|
5,589
|
3,825
|
|
7,950
|
7,800
|
7,650
|
|
|
|
|
|
|
|
|
|
The dollar value of insurance premiums paid by the Company on life insurance policies for the benefit of the NEO
|
|
61
|
78
|
78
|
|
61
|
78
|
78
|
|
|
|
|
|
|
|
|
|
Total Other Compensation
|
|
$8,011
|
$5,667
|
$3,903
|
|
$8,011
|
$7,878
|
$7,728
|
|
|
|
|
|
|
|
|
|
All Other Stock Awards:
|
|
|
|||||||||||||
|
|
Estimated Future Payouts Under Performance-Based Non-Equity Incentive Plan Awards
|
Estimated Future Payouts Under Performance-Based Equity Incentive Plan Awards
|
Number of Shares Stock or Units
|
|
Number of Securities Underlying Options
|
Exercise or Base Price of Option Awards
|
Grant Date Fair Value of Stock and Option Awards
|
||||||||||||||||
Name
|
Grant Date
|
Threshold
|
Target
|
Maximum
|
Threshold
|
Target
|
|
Maximum
|
|
|
|
|
|
|||||||||||
|
|
($)
|
($)
|
($)
|
(#)
|
(#) (1)
|
|
(#)
|
(#) (2)
|
|
(#)
|
($/Sh)
|
($/Sh) (3)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Kenneth F. Bernstein
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
17,644
|
|
|
—
|
|
17,643
|
|
|
—
|
|
—
|
|
$
|
981,348
|
|
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
70,575
|
|
|
—
|
|
—
|
|
2,281,689
|
|
|
|
|
|
|
|
|
17,644
|
|
|
|
88,218
|
|
|
|
|
$
|
3,263,037
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Jonathan W. Grisham
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
3,256
|
|
|
—
|
|
3,255
|
|
|
—
|
|
—
|
|
$
|
181,071
|
|
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
13,022
|
|
|
—
|
|
—
|
|
421,002
|
|
|
|
|
|
|
|
|
3,256
|
|
|
|
16,277
|
|
|
|
|
$
|
602,073
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Joel Braun
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
5,583
|
|
|
|
5,583
|
|
|
|
|
$
|
310,526
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
22,334
|
|
|
|
|
722,059
|
|
||||
|
|
|
|
|
|
5,583
|
|
|
|
27,917
|
|
|
|
|
$
|
1,032,585
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Christopher Conlon
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
3,705
|
|
|
|
3,705
|
|
|
|
|
$
|
206,072
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
7,232
|
|
|
|
|
233,810
|
|
||||
|
|
|
|
|
|
3,705
|
|
|
|
10,937
|
|
|
|
|
$
|
439,882
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Robert Masters
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
2,715
|
|
|
—
|
|
2,715
|
|
|
—
|
|
—
|
|
$
|
151,008
|
|
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
10,672
|
|
|
—
|
|
—
|
|
345,026
|
|
|
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|
—
|
|
10,859
|
|
|
—
|
|
—
|
|
351,072
|
|
|
|
|
|
|
|
|
2,715
|
|
|
|
24,246
|
|
|
|
|
$
|
847,106
|
|
OUSTANDING EQUITY AWARDS AT FISCAL YEAR-END
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
Equity Incentive Plan Awards:
|
|
|
|
|
|
Equity Incentive Plan Awards:
|
Equity Incentive Plan Awards:
|
|||||||||||
Name
|
Grant Date
|
Number of Securities Underlying Unexercised Options
|
Number of Securities Underlying Unexercised Options
|
Number of Securities Underlying Unexercised Unearned Options
|
Option Exercise Price
|
Option Expiration Date
|
Number of Shares or Units of Stock That Have Not Vested
|
|
Market Value of Shares or Units of Stock That Have Not Vested
|
Number of Unearned Shares, Units or Other Rights That Have Not Vested
|
Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested
|
|||||||||||
|
|
(#) Exercisable
|
(#) Unexercisable
|
(#)
|
($)
|
|
(#) (1) (9)
|
|
($) (1) (9)
|
(#) (1) (10)
|
($) (1) (10)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Kenneth F. Bernstein
|
1/31/2008
|
—
|
|
—
|
|
—
|
|
|
|
9,731
|
|
(2
|
)
|
$
|
322,583
|
|
$
|
—
|
|
$
|
—
|
|
|
1/31/2008
|
—
|
|
—
|
|
—
|
|
|
|
6,738
|
|
(2
|
)
|
223,365
|
|
6,738
|
|
223,365
|
|
|||
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
16,798
|
|
(3
|
)
|
556,854
|
|
—
|
|
—
|
|
|||
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
4,200
|
|
(3
|
)
|
139,230
|
|
4,200
|
|
139,230
|
|
|||
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
83,987
|
|
(3
|
)
|
2,784,169
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
8,167
|
|
(4
|
)
|
270,736
|
|
8,166
|
|
270,703
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
32,666
|
|
(4
|
)
|
1,082,878
|
|
—
|
|
—
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
11,282
|
|
(5
|
)
|
373,998
|
|
11,283
|
|
374,031
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
45,131
|
|
(5
|
)
|
1,496,093
|
|
—
|
|
—
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
16,989
|
|
(6
|
)
|
563,185
|
|
16,989
|
|
563,185
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
67,954
|
|
(6
|
)
|
2,252,675
|
|
—
|
|
—
|
|
|||
|
3/31/2014
|
—
|
|
—
|
|
—
|
|
|
|
91,358
|
|
(7
|
)
|
3,028,518
|
|
—
|
|
—
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
17,644
|
|
(8
|
)
|
584,899
|
|
17,643
|
|
584,865
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
70,575
|
|
(8
|
)
|
2,339,561
|
|
—
|
|
—
|
|
|||
|
|
—
|
|
—
|
|
—
|
|
|
|
483,220
|
|
|
$
|
16,018,744
|
|
65,019
|
|
$
|
2,155,379
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Jonathan W. Grisham
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
1,946
|
|
(3
|
)
|
$
|
64,510
|
|
$
|
—
|
|
$
|
—
|
|
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
489
|
|
(3
|
)
|
16,210
|
|
489
|
|
16,210
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
3,440
|
|
(4
|
)
|
114,036
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
1,856
|
|
(4
|
)
|
61,526
|
|
1,856
|
|
61,526
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
6,949
|
|
(5
|
)
|
230,359
|
|
—
|
|
—
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
4,514
|
|
(5
|
)
|
149,639
|
|
—
|
|
—
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
1,738
|
|
(5
|
)
|
57,615
|
|
1,738
|
|
57,615
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
3,200
|
|
(6
|
)
|
106,080
|
|
3,200
|
|
106,080
|
|
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
12,800
|
|
(6
|
)
|
424,320
|
|
—
|
|
—
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
3,255
|
|
(8
|
)
|
107,903
|
|
3,256
|
|
107,936
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
13,022
|
|
(8
|
)
|
431,679
|
|
—
|
|
—
|
|
|||
|
|
—
|
|
—
|
|
—
|
|
|
|
53,209
|
|
|
$
|
1,763,877
|
|
10,539
|
|
$
|
349,367
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Joel Braun
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
5,446
|
|
(3
|
)
|
$
|
180,535
|
|
$
|
—
|
|
$
|
—
|
|
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
1,365
|
|
(3
|
)
|
45,250
|
|
1,365
|
|
45,250
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
5,284
|
|
(4
|
)
|
175,165
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
557
|
|
(4
|
)
|
18,465
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
2,636
|
|
(4
|
)
|
87,383
|
|
2,636
|
|
87,383
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
3,692
|
|
(5
|
)
|
122,390
|
|
3,692
|
|
122,390
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
14,767
|
|
(5
|
)
|
489,526
|
|
—
|
|
—
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
5,486
|
|
(6
|
)
|
181,861
|
|
5,486
|
|
181,861
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
21,944
|
|
(6
|
)
|
727,444
|
|
—
|
|
—
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
5,583
|
|
(8
|
)
|
185,076
|
|
5,583
|
|
185,076
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
|
|
|
22,334
|
|
(8
|
)
|
740,372
|
|
—
|
|
—
|
|
||||
|
|
—
|
|
—
|
|
—
|
|
|
|
89,094
|
|
|
$
|
2,953,467
|
|
18,762
|
|
$
|
621,960
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Christopher Conlon
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
714
|
|
(3
|
)
|
$
|
23,669
|
|
$
|
714
|
|
$
|
23,669
|
|
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
18,373
|
|
(3
|
)
|
609,065
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
2,760
|
|
(4
|
)
|
91,494
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
1,383
|
|
(4
|
)
|
45,846
|
|
1,383
|
|
45,846
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
9,803
|
|
(5
|
)
|
324,969
|
|
—
|
|
—
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
2,451
|
|
(5
|
)
|
81,251
|
|
2,451
|
|
81,251
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
3,639
|
|
(6
|
)
|
120,633
|
|
3,639
|
|
120,633
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
14,554
|
|
(6
|
)
|
482,465
|
|
—
|
|
—
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
15,444
|
|
(6
|
)
|
511,969
|
|
—
|
|
—
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
3,705
|
|
(8
|
)
|
122,821
|
|
3,705
|
|
122,821
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
7,232
|
|
(8
|
)
|
239,741
|
|
—
|
|
—
|
|
|||
|
|
—
|
|
—
|
|
—
|
|
|
|
80,058
|
|
|
$
|
2,653,923
|
|
11,892
|
|
$
|
394,220
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Robert Masters
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
2,492
|
|
(3
|
)
|
$
|
82,610
|
|
$
|
—
|
|
$
|
—
|
|
|
3/3/2011
|
—
|
|
—
|
|
—
|
|
|
|
620
|
|
(3
|
)
|
20,553
|
|
620
|
|
20,553
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
4,999
|
|
(4
|
)
|
165,717
|
|
—
|
|
—
|
|
|||
|
3/15/2012
|
—
|
|
—
|
|
—
|
|
|
|
1,253
|
|
(4
|
)
|
41,537
|
|
1,254
|
|
41,570
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
7,095
|
|
(5
|
)
|
235,199
|
|
—
|
|
—
|
|
|||
|
2/22/2013
|
—
|
|
—
|
|
—
|
|
|
|
1,774
|
|
(5
|
)
|
58,808
|
|
1,774
|
|
58,808
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
2,669
|
|
(6
|
)
|
88,477
|
|
2,669
|
|
88,477
|
|
|||
|
2/28/2014
|
—
|
|
—
|
|
—
|
|
|
|
10,676
|
|
(6
|
)
|
353,909
|
|
—
|
|
—
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
2,715
|
|
(8
|
)
|
90,002
|
|
2,715
|
|
90,002
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
10,672
|
|
(8
|
)
|
353,777
|
|
—
|
|
—
|
|
|||
|
3/5/2015
|
—
|
|
—
|
|
—
|
|
|
|
10,859
|
|
(8
|
)
|
359,976
|
|
—
|
|
—
|
|
|||
|
|
—
|
|
—
|
|
—
|
|
|
|
55,824
|
|
|
$
|
1,850,565
|
|
9,032
|
|
$
|
299,410
|
|
|
|
|
|
|
|
Option Awards
|
|
Stock Awards
|
||||||||||
Name
|
|
Grant Date
|
|
Exercise/Vesting Date
|
|
Number of Shares Acquired on Exercise (#)
|
|
Value Realized on Exercise ($)
|
|
Number of Shares Acquired on Vesting (#)
|
|
Value Realized on Vesting ($) (1)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Kenneth F. Bernstein
|
|
1/6/2006
|
|
11/16/2015
|
|
36,034
|
|
|
$
|
401,058
|
|
|
—
|
|
|
$
|
—
|
|
|
|
1/31/2008
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
7,735
|
|
|
257,730
|
|
||
|
|
3/1/2010
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
24,733
|
|
|
824,104
|
|
||
|
|
3/3/2011
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
30,447
|
|
|
1,014,494
|
|
||
|
|
3/15/2012
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
24,499
|
|
|
816,307
|
|
||
|
|
2/22/2013
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
22,565
|
|
|
751,866
|
|
||
|
|
2/28/2014
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
25,482
|
|
|
849,060
|
|
||
|
|
3/31/2014
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
22,840
|
|
|
761,029
|
|
||
|
|
|
|
|
|
36,034
|
|
|
$
|
401,058
|
|
|
158,301
|
|
|
$
|
5,274,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Jonathan W. Grisham
|
|
1/6/2006
|
|
2/24/2015
|
|
1,491
|
|
|
$
|
22,231
|
|
|
—
|
|
|
$
|
—
|
|
|
|
1/31/2008
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
1,016
|
|
|
33,853
|
|
||
|
|
3/1/2010
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
2,208
|
|
|
73,571
|
|
||
|
|
3/3/2011
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
2,922
|
|
|
97,361
|
|
||
|
|
3/15/2012
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
3,576
|
|
|
119,152
|
|
||
|
|
2/22/2013
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
4,979
|
|
|
165,900
|
|
||
|
|
2/28/2014
|
|
1/6/2015
|
|
|
|
|
|
4,800
|
|
|
159,936
|
|
||||
|
|
|
|
|
|
1,491
|
|
|
$
|
22,231
|
|
|
19,501
|
|
|
$
|
649,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Joel Braun
|
|
1/6/2006
|
|
9/8/2015
|
|
6,088
|
|
|
$
|
48,156
|
|
|
—
|
|
|
$
|
—
|
|
|
|
1/31/2008
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
3,889
|
|
|
129,581
|
|
||
|
|
3/1/2010
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
6,320
|
|
|
210,582
|
|
||
|
|
3/3/2011
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
8,175
|
|
|
272,391
|
|
||
|
|
3/15/2012
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
5,554
|
|
|
185,059
|
|
||
|
|
2/22/2013
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
7,383
|
|
|
246,002
|
|
||
|
|
2/28/2014
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
8,227
|
|
|
274,124
|
|
||
|
|
|
|
|
|
6,088
|
|
|
$
|
48,156
|
|
|
39,548
|
|
|
$
|
1,317,739
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Christopher Conlon
|
|
3/1/2010
|
|
1/6/2015
|
|
—
|
|
|
$
|
—
|
|
|
1,375
|
|
|
$
|
45,815
|
|
|
|
3/3/2011
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
1,428
|
|
|
47,581
|
|
||
|
|
3/15/2012
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
2,763
|
|
|
92,063
|
|
||
|
|
2/22/2013
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
4,901
|
|
|
163,301
|
|
||
|
|
2/28/2014
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
9,317
|
|
|
310,442
|
|
||
|
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
19,784
|
|
|
$
|
659,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Robert Masters
|
|
1/31/2008
|
|
1/6/2015
|
|
—
|
|
|
$
|
—
|
|
|
1,645
|
|
|
$
|
54,811
|
|
|
|
3/1/2010
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
8,607
|
|
|
286,785
|
|
||
|
|
3/3/2011
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
3,730
|
|
|
124,284
|
|
||
|
|
3/15/2012
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
3,752
|
|
|
125,017
|
|
||
|
|
2/22/2013
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
3,547
|
|
|
118,186
|
|
||
|
|
2/28/2014
|
|
1/6/2015
|
|
—
|
|
|
—
|
|
|
4,002
|
|
|
133,347
|
|
||
|
|
|
|
|
|
—
|
|
|
$
|
—
|
|
|
25,283
|
|
|
$
|
842,430
|
|
Name
|
|
Cash Severance ($) (1)
|
|
Bonus Severance ($)
|
|
Options Awards ($)
|
|
Stock Awards ($) (4) (5)
|
|
Other Benefits ($) (6)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Kenneth F. Bernstein
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For Cause or Voluntary Resignation
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Death
|
|
1,748,100
|
|
|
11,851,678
|
|
(2
|
)
|
—
|
|
|
18,174,123
|
|
|
—
|
|
|||||
Disability
|
|
1,748,100
|
|
|
11,851,678
|
|
(2
|
)
|
—
|
|
|
18,174,123
|
|
|
35,282
|
|
|||||
Good Reason
|
|
1,748,100
|
|
|
11,851,678
|
|
(2
|
)
|
—
|
|
|
18,174,123
|
|
|
35,282
|
|
|||||
Without Cause
|
|
1,748,100
|
|
|
11,851,678
|
|
(2
|
)
|
—
|
|
|
18,174,123
|
|
|
35,282
|
|
|||||
Change in Control and Termination
|
|
1,748,100
|
|
|
11,851,678
|
|
(2
|
)
|
—
|
|
|
18,174,123
|
|
|
35,282
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Jonathan W. Grisham
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For Cause or Voluntary Resignation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Death
|
|
360,600
|
|
|
616,156
|
|
(3
|
)
|
—
|
|
|
2,113,244
|
|
|
—
|
|
|||||
Disability
|
|
360,600
|
|
|
616,156
|
|
(3
|
)
|
—
|
|
|
2,113,244
|
|
|
—
|
|
|||||
Good Reason
|
|
360,600
|
|
|
616,156
|
|
(3
|
)
|
—
|
|
|
2,113,244
|
|
|
—
|
|
|||||
Without Cause
|
|
360,600
|
|
|
616,156
|
|
(3
|
)
|
—
|
|
|
2,113,244
|
|
|
—
|
|
|||||
Change in Control and Termination
|
|
540,900
|
|
|
616,156
|
|
(3
|
)
|
—
|
|
|
2,113,244
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Joel Braun
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For Cause or Voluntary Resignation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Death
|
|
404,000
|
|
|
1,056,501
|
|
(3
|
)
|
—
|
|
|
3,575,427
|
|
|
—
|
|
|||||
Disability
|
|
404,000
|
|
|
1,056,501
|
|
(3
|
)
|
—
|
|
|
3,575,427
|
|
|
—
|
|
|||||
Good Reason
|
|
404,000
|
|
|
1,056,501
|
|
(3
|
)
|
—
|
|
|
3,575,427
|
|
|
—
|
|
|||||
Without Cause
|
|
404,000
|
|
|
1,056,501
|
|
(3
|
)
|
—
|
|
|
3,575,427
|
|
|
—
|
|
|||||
Change in Control and Termination
|
|
606,000
|
|
|
1,056,501
|
|
(3
|
)
|
—
|
|
|
3,575,427
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Christopher Conlon
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For Cause or Voluntary Resignation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Death
|
|
381,900
|
|
|
931,708
|
|
(3
|
)
|
—
|
|
|
3,048,143
|
|
|
—
|
|
|||||
Disability
|
|
381,900
|
|
|
931,708
|
|
(3
|
)
|
—
|
|
|
3,048,143
|
|
|
—
|
|
|||||
Good Reason
|
|
381,900
|
|
|
931,708
|
|
(3
|
)
|
—
|
|
|
3,048,143
|
|
|
—
|
|
|||||
Without Cause
|
|
381,900
|
|
|
931,708
|
|
(3
|
)
|
—
|
|
|
3,048,143
|
|
|
—
|
|
|||||
Change in Control and Termination
|
|
572,850
|
|
|
931,708
|
|
(3
|
)
|
—
|
|
|
3,048,143
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Robert Masters
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
For Cause or Voluntary Resignation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Death
|
|
327,500
|
|
|
686,363
|
|
(3
|
)
|
—
|
|
|
2,149,975
|
|
|
—
|
|
|||||
Disability
|
|
327,500
|
|
|
686,363
|
|
(3
|
)
|
—
|
|
|
2,149,975
|
|
|
—
|
|
|||||
Good Reason
|
|
327,500
|
|
|
686,363
|
|
(3
|
)
|
—
|
|
|
2,149,975
|
|
|
—
|
|
|||||
Without Cause
|
|
327,500
|
|
|
686,363
|
|
(3
|
)
|
—
|
|
|
2,149,975
|
|
|
—
|
|
|||||
Change in Control and Termination
|
|
491,250
|
|
|
686,363
|
|
(3
|
)
|
—
|
|
|
2,149,975
|
|
|
—
|
|
TRUSTEE COMPENSATION
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Name
|
|
Fees Earned or Paid in Cash ($)
|
|
Stock Awards ($) (2)
|
|
Option Awards ($)
|
|
Non-Equity Incentive Plan Compensation ($)
|
|
Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)
|
|
All Other Compensation ($) (9)
|
|
Total ($)
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Lee S. Wielansky (1)
|
|
$
|
100,000
|
|
|
$
|
152,223
|
|
(3
|
)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,627
|
|
|
$
|
258,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Lorrence T. Kellar
|
|
—
|
|
|
174,443
|
|
(4
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
8,912
|
|
|
183,355
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Douglas Crocker II
|
|
—
|
|
|
166,112
|
|
(5
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
4,896
|
|
|
171,008
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Wendy Luscombe
|
|
77,500
|
|
|
80,000
|
|
(6
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
4,895
|
|
(6
|
)
|
162,395
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
William T. Spitz
|
|
—
|
|
|
166,112
|
|
(7
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
8,662
|
|
|
174,774
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
C. David Zoba
|
|
—
|
|
|
108,750
|
|
(8
|
)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108,750
|
|
OUTSTANDING TRUSTEE EQUITY AWARDS AT FISCAL YEAR-END
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
Option Awards
|
|
Stock Awards
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Equity Incentive Plan Awards:
|
|
|
|
|
|
|
|
|
|
Equity Incentive Plan Awards:
|
|
Equity Incentive Plan Awards:
|
|||||||||||
Trustee
|
|
Grant Date
|
|
Number of Securities Underlying Unexercised Options (#) Exercisable
|
|
Number of Securities Underlying Unexercised Options (#) Unexercisable
|
|
Number of Securities Underlying Unexercised Unearned Options (#)
|
|
Option Exercise Price
|
|
Option Expiration Date
|
|
Number of Shares or Units of Stock That Have Not Vested (#) (2)
|
|
Market Value of Shares or Units of Stock That Have Not Vested ($) (1)
|
|
Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)
|
|
Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lee S. Wielansky
|
|
5/16/2013
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
968
|
|
(3
|
)
|
$
|
32,089
|
|
|
|
|
|
|||||
|
|
6/4/2014
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,490
|
|
(4
|
)
|
82,544
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,320
|
|
(5
|
)
|
76,908
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
|
|
|
|
|
|
|
|
|
|
2,570
|
|
(6
|
)
|
85,196
|
|
|
|
|
|
||||||||
Total
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
8,348
|
|
|
$
|
276,737
|
|
|
—
|
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Lorrence T. Kellar
|
|
5/16/2013
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
763
|
|
(3
|
)
|
$
|
25,293
|
|
|
|
|
|
|||||
|
|
6/4/2014
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,579
|
|
(4
|
)
|
52,344
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
3,033
|
|
(5
|
)
|
100,544
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,570
|
|
(6
|
)
|
85,196
|
|
|
|
|
|
||||||
Total
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
7,945
|
|
|
$
|
263,377
|
|
|
—
|
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Douglas Crocker II
|
|
5/15/2006
|
|
3,000
|
|
|
—
|
|
|
|
|
$
|
22.40
|
|
|
5/15/2016
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
|
|
5/16/2013
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
763
|
|
(3
|
)
|
25,293
|
|
|
|
|
|
||||||
|
|
6/4/2014
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,579
|
|
(4
|
)
|
52,344
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,383
|
|
(5
|
)
|
45,846
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
|
|
|
|
|
|
|
|
|
|
1,383
|
|
(5
|
)
|
45,846
|
|
|
|
|
|
||||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,570
|
|
(6
|
)
|
85,196
|
|
|
|
|
|
||||||
Total
|
|
|
|
3,000
|
|
|
—
|
|
|
|
|
|
|
|
|
7,678
|
|
|
$
|
254,525
|
|
|
—
|
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Wendy Luscombe
|
|
5/16/2013
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
762
|
|
(3
|
)
|
$
|
25,260
|
|
|
|
|
|
|||||
|
|
6/4/2014
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,580
|
|
(4
|
)
|
52,377
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,570
|
|
(6
|
)
|
85,196
|
|
|
|
|
|
||||||
Total
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
4,912
|
|
|
$
|
162,833
|
|
|
—
|
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
William T. Spitz
|
|
5/16/2013
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
763
|
|
(3
|
)
|
$
|
25,293
|
|
|
|
|
|
|||||
|
|
6/4/2014
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,579
|
|
(4
|
)
|
52,344
|
|
|
|
|
|
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,766
|
|
(5
|
)
|
91,693
|
|
|
|
|
|
||||||
|
|
6/9/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
2,570
|
|
(6
|
)
|
85,196
|
|
|
|
|
|
||||||
Total
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
7,678
|
|
|
$
|
254,526
|
|
|
—
|
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
C. David Zoba
|
|
8/28/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,715
|
|
(7
|
)
|
$
|
56,852
|
|
|
|
|
|
|||||
|
|
8/28/2015
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
1,900
|
|
(8
|
)
|
62,985
|
|
|
|
|
|
||||||
Total
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
3,615
|
|
|
$
|
119,837
|
|
|
—
|
|
|
$
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
|
|
KEEP THIS PORTION FOR YOUR RECORDS
|
||||||||||||||||||||||||||||||
DETACH AND RETURN THIS PORTION ONLY
|
||||||||||||||||||||||||||||||||
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.
|
||||||||||||||||||||||||||||||||
ACADIA REALTY TRUST
|
||||||||||||||||||||||||||||||||
|
THE BOARD OF TRUSTEES RECOMMENDS THAT YOU
VOTE "FOR" ALL THE NOMINEES, AND "FOR" PROPOSALS 2, 3 AND 4. |
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Vote On Trustees
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
1.
|
Election of Trustees
|
For
|
Against
|
Abstain
|
|
|
|
||||||||||||||||||||||||
|
|
Nominees:
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
1a.
|
Kenneth F. Bernstein
|
o
|
o
|
o
|
|
|
||||||||||||||||||||||||
|
|
1b.
|
Douglas Crocker II
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
1c.
|
Lorrence T. Kellar
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
1d.
|
Wendy Luscombe
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
1e.
|
William T. Spitz
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
1f.
|
Lynn Thurber
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
1g.
|
Lee S. Wielansky
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
1h.
|
C. David Zoba
|
o
|
o
|
o
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||
|
Vote On Proposals
|
|
For
|
Against
|
Abstain
|
|||||||||||||||||||||||||||
|
2.
|
THE RATIFICATION OF THE APPOINTMENT OF BDO USA, LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER 31, 2016.
|
|
o
|
o
|
o
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
3.
|
THE APPROVAL, ON AN ADVISORY BASIS, OF THE COMPENSATION OF NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THE COMPANY'S 2016 PROXY STATEMENT IN ACCORDANCE WITH COMPENSATION RULES OF THE SECURITIES AND EXCHANGE COMMISSION.
|
|
o
|
o
|
o
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
4.
|
TO CONSIDER AND ACT UPON A PROPOSAL TO APPROVE THE SECOND AMENDED AND RESTATED ACADIA REALTY TRUST 2006 SHARE INCENTIVE PLAN
|
|
o
|
o
|
o
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
5.
|
TO TRANSACT SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
For address changes and/or comments, please check this box and write them on the back where indicated.
|
|
|
|
o
|
|
||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Please sign exactly as name appears on the certificate or certificates representing shares to be voted by this proxy, as shown on the label above. When signing as executor, administrator, attorney, Trustee, or guardian, please give full title as such. If a corporation, please sign full corporation name by president or other authorized officer. If a partnership, please sign in partnership name by authorized person(s).
|
|
||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Signature [PLEASE SIGN WITHIN BOX]
|
Date
|
|
|
|
|
Signature (Joint Owners)
|
Date
|
|
1.
|
Purpose................................................................................................................................................................1
|
2.
|
Definitions...........................................................................................................................................................1
|
3.
|
Administration...................................................................................................................................................6
|
3.1
|
The Plan.................................................................................................................................................6
|
3.2
|
Eligible Individuals...............................................................................................................................7
|
3.3
|
Plan Interpretation.................................................................................................................................7
|
4.
|
Shares Subject to the Plan.................................................................................................................................8
|
4.1
|
Aggregate Limit.....................................................................................................................................8
|
4.2
|
Maximum Number of Shares................................................................................................................8
|
4.3
|
Outstanding Option or Award................................................................................................................8
|
5.
|
Option Grants for Eligible Individuals............................................................................................................8
|
5.1
|
Authority of Committee........................................................................................................................8
|
5.2
|
Purchase Price.......................................................................................................................................8
|
5.3
|
Maximum Duration...............................................................................................................................9
|
5.4
|
Vesting...................................................................................................................................................9
|
5.5
|
Modification or Substitution..................................................................................................................9
|
5.6
|
Non-transferability.................................................................................................................................9
|
5.7
|
Vesting; Exercisability...........................................................................................................................9
|
5.8
|
Effect of Change in Control.................................................................................................................10
|
5.9
|
Dividend Equivalent Rights................................................................................................................10
|
6.
|
Share Appreciation Rights..............................................................................................................................10
|
6.1
|
Time of Grant.......................................................................................................................................11
|
6.2
|
Share Appreciation Right Related to an Option..................................................................................11
|
6.3
|
Share Appreciation Right Unrelated to an Option...............................................................................11
|
6.4
|
Method of Exercise..............................................................................................................................12
|
6.5
|
Form of Payment.................................................................................................................................12
|
6.6
|
Modification or Substitution................................................................................................................12
|
6.7
|
Effect of Change in Control.................................................................................................................12
|
7.
|
Restricted Shares/Restricted Share Units......................................................................................................12
|
7.1
|
Grant....................................................................................................................................................12
|
7.2
|
Non-transferability...............................................................................................................................13
|
7.3
|
Lapse of Restrictions...........................................................................................................................13
|
7.4
|
Modification or Substitution................................................................................................................13
|
7.5
|
Dividend and Dividend Equivalent Rights..........................................................................................13
|
7.6
|
Delivery of Shares...............................................................................................................................13
|
8.
|
Performance Awards.......................................................................................................................................13
|
8.1
|
Performance Awards............................................................................................................................13
|
8.2
|
Performance Shares.............................................................................................................................15
|
8.3
|
Effect of Change in Control.................................................................................................................16
|
8.4
|
Non-transferability...............................................................................................................................16
|
8.5
|
Modification or Substitution................................................................................................................16
|
9.
|
Other Share-Based Awards.............................................................................................................................16
|
9.1
|
Grant....................................................................................................................................................16
|
9.2
|
Rights of Grantee.................................................................................................................................17
|
9.3
|
Non-transferability...............................................................................................................................17
|
9.4
|
Lapse of Restrictions...........................................................................................................................17
|
9.5
|
Modification or Substitution................................................................................................................17
|
10.
|
Unrestricted Shares..........................................................................................................................................17
|
11.
|
Effect of a Termination of Employment or Service......................................................................................17
|
12.
|
Adjustment Upon Changes in Capitalization................................................................................................18
|
13.
|
Interpretation...................................................................................................................................................18
|
14.
|
Termination and Amendment of the Plan......................................................................................................19
|
15.
|
Non-Exclusivity of the Plan.............................................................................................................................19
|
16.
|
Limitation of Liability.....................................................................................................................................19
|
17.
|
Regulations and Other Approvals; Governing Law.....................................................................................19
|
17.1
|
Jurisdiction..........................................................................................................................................20
|
17.2
|
Obligation............................................................................................................................................20
|
17.3
|
Compliance..........................................................................................................................................20
|
17.4
|
Options and Awards.............................................................................................................................20
|
17.5
|
Restrictions..........................................................................................................................................20
|
18.
|
Miscellaneous....................................................................................................................................................21
|
18.1
|
Multiple Agreements...........................................................................................................................21
|
19.
|
Effective Date...................................................................................................................................................21
|