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an additional annual retainer of $25,000 for any outside director who serves as chairperson of the Board, payable
quarterly, in arrears, based upon continued service through such applicable quarter, paid at the completion of such applicable quarter, with (i) the quarterly retainer payable in respect of the quarter ended March 31, 2020, paid in the
form elected by the such outside director pursuant to the Q1 Election; and (ii) the quarterly retainer payable in respect of each quarter ended June 30, 2020, September 30, 2020, December 31, 2020 and March 31, 2021,
respectively, paid in the form of Director DSUs; and
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reimbursement for reasonable travel and related expenses associated with attendance at Board or committee
meetings.
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Accordingly, in April 2020, we granted to each of Messrs. Abrahamson and Isaac 5,972 immediately vested
shares of our common stock, each of Messrs. Alba and Shah 7,166 immediately vested shares of our common stock and Mses. Birch and Gould and Mr. Loeb 5,176 immediately vested shares of our common stock in respect of their annual retainers earned
for their service in the quarter ended March 31, 2020. In May 2020, we granted to each of Messrs. Abrahamson, Alba, Bowers, Isaac and Loeb and Mses. Birch and Gould 23,924 Director RSUs and to Mr. Shah 35,886 Director RSUs, in each case in
respect of their annual equity awards. In June 2020, we granted to each of Messrs. Abrahamson and Isaac 4,454 Director DSUs, each of Messrs. Alba, Bowers and Shah 5,345 Director DSUs, and each of Mses. Birch and Gould and Mr. Loeb 3,860
Director DSUs, in each case in respect of their annual retainers earned for their service in the quarter ended June 30, 2020. In September 2020, we granted to each of Messrs. Abrahamson and Isaac 3,441 Director DSUs, each of Messrs. Alba,
Bowers and Shah 4,129 Director DSUs, and each of Mses. Birch and Gould and Mr. Loeb 2,982 Director DSUs, in each case in respect of their annual retainers earned for their service in the quarter ended September 30, 2020. In December 2020,
we granted to each of Messrs. Abrahamson and Isaac 2,276 Director DSUs, each of Messrs. Alba, Bowers and Shah 3,271 Director DSUs, and each of Mses. Birch and Gould and Mr. Loeb 2,362 Director DSUs, in each case in respect of their annual
retainers earned for their service in the quarter ended December 31, 2020.
Consulting AgreementMr. Alba
On September 11, 2018, we entered into a consulting agreement (the Consulting Agreement) with Mr. Alba. Pursuant to the
terms of the Consulting Agreement, Mr. Alba provided assistance with developing, reviewing and refining the Companys real estate and capital deployment policies, strategies and programs, together with providing advice and assistance on
such other matters relating to the Companys business was mutually agreed from time to time and received an annual cash consulting fee of $100,000, payable in equal monthly installments. The Consulting Agreement provided for an initial one-year consulting term that extended automatically for additional one-year periods, unless the Company or Mr. Alba elected not to extend the term. The Consulting
Agreement contained an indefinite covenant not to disclose confidential information. The Consulting Agreement was mutually terminated effective March 31, 2020.
Directors Deferral Plan
In February
2021, our Board of Directors adopted a deferral plan for our directors (the Directors Deferral Plan) pursuant to which our directors may elect to defer all of their quarterly cash retainer and/or annual RSU award (provided that for 2021,
the amount of the cash retainer that may be deferred is limited to the amount received in respect of the period from and after April 1, 2021) until either (a) the first business day of a year no earlier than two years from the year for
which the election is made, (b) as soon as practicable following termination of service on the Board of Directors, or (c), the earlier of (a) or (b). Under the Directors Deferral Plan, directors cash retainers are deferred into a
number of DSUs issued pursuant to the Omnibus Incentive Plan with a fair market value equal to the amount of the cash retainer payable on the applicable payment date. Such DSUs are entitled to dividend equivalent rights.
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