RAMCO Properties Grants New CEO Brian Harper and New CFO Michael Fitzmaurice Inducement Awards Pursuant to NYSE Rule 303A.08
June 15 2018 - 5:10PM
RAMCO (NYSE:RPT) today announced that Brian
Harper, the Company’s new President, Chief Executive Officer and
Trustee, has been granted certain equity awards effective June 15,
2018 and that Michael Fitzmaurice, the Company’s new Executive Vice
President, Chief Financial Officer and Secretary, will be granted
certain equity awards effective June 18, 2018. The awards will be
made pursuant to the Company’s employment agreements with Messrs.
Harper and Fitzmaurice as a material inducement to joining the
Company as executive officers.
The awards made to Mr. Harper are as follows:
(i) 176,195 restricted common shares of beneficial interest that
will vest in equal installments on the first three anniversaries of
the grant date and (ii) 371,966 performance shares (at target) that
will vest on March 1, 2021. The awards that will be made to Mr.
Fitzmaurice will be as follows: (i) 25,571 restricted common
shares of beneficial interest that will vest in equal installments
on the first three anniversaries of the grant date and
(ii) 25,571 performance shares (at target) that will vest on
March 1, 2021.
The performance shares will have the same terms
as the Company’s 2018 grant of performance shares to other
executives, but will be based on the Company’s total shareholder
return compared to the total shareholder return for the members of
the Company’s peer group for the period from the grant date through
December 31, 2020. Threshold performance (50%) will be at the 33rd
percentile for the peer group; target performance (100% payout)
will be at the 50th percentile of the peer group; and maximum
performance (200% payout) will be at the 90th percentile of the
peer group.
The awards are all being granted under the
Ramco-Gershenson Properties Trust Inducement Incentive Plan and
were approved in reliance on the employment inducement exemption
under the NYSE's Listed Company Manual Rule 303A.08, which requires
public announcement of inducement awards. Pursuant to the
requirements of that rule, the Company is issuing this press
release.
RAMCO Properties (NYSE:RPT) is a premier,
national publicly-traded shopping center real estate investment
trust (REIT) based in Farmington Hills, Michigan. The
Company's primary business is the ownership and management of
regional town centers, urban-infill properties and neighborhood
shopping centers primarily located in 15 of the 40 largest
metropolitan markets in the United States. At March 31,
2018, RAMCO owned interests in and managed a portfolio of 56
shopping centers and three joint venture properties. At
March 31, 2018, the Company's consolidated portfolio was 93.6%
leased. RAMCO is a fully-integrated qualified REIT that is
self-administered and self-managed. For additional information
about the Company please visit www.RAMCOproperties.com or follow
RAMCO on Twitter @RAMCOproperties and
facebook.com/RAMCOproperties.rpt/.
This press release may contain forward-looking
statements that represent the Company’s expectations and
projections for the future. Management of RAMCO believes the
expectations reflected in any forward-looking statements made in
this press release are based on reasonable assumptions. Certain
factors could occur that might cause actual results to vary,
including deterioration in national economic conditions, weakening
of real estate markets, decreases in the availability of credit,
increases in interest rates, adverse changes in the retail
industry, our continuing ability to qualify as a REIT and other
factors discussed in the Company’s reports filed with the
Securities and Exchange Commission.
Company Contact: Dawn L. Hendershot,
Senior Vice President of Investor Relations and
Public Affairs31500 Northwestern Highway, Suite
300Farmington Hills, MI
48334dhendershot@RAMCOproperties.com(248)
592-6202
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