Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 15, 2023, the Company entered into award agreements (the “Award Agreements”) with certain executive officers. The executive officers were granted restricted stock units (“RSUs”), and stock options and performance share units (“PSUs”) previously granted to such executive officers, as allowed pursuant to the terms of the Company’s equity plan were cancelled. The Company’s Chief Executive Officer, Gregory Beard, was granted 2,000,000 RSUs, and 835,200 stock options previously granted to Mr. Beard were cancelled. The Company’s Chief Financial Officer, Matthew Smith, was granted 600,000 RSUs, and 28,800 stock options and 250,000 PSUs previously granted to Mr. Smith were cancelled. The Company’s Senior Vice President - Asset Manager, Richard Shaffer, was granted 125,000 RSUs, and 122,688 stock options previously granted to Mr. Shaffer were cancelled. All RSUs were granted under the Company’s previously adopted Omnibus Incentive Plan, dated October 19, 2021. All capitalized words used but not defined herein have the meanings assigned in the Award Agreements.
Further, Mr. Smith’s annual cash bonus increased from $300,000 to $450,000 and will be paid pro rata on a quarterly basis consistent with Company policy in 2023. Mr. Smith’s total cash compensation is now $750,000.
The foregoing description of the Award Agreements is qualified in its entirety by reference to the Award Agreements, including exhibits thereto, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q.