| Executive Compensation
Executive Compensation
Summary Compensation Table
The following table summarizes the compensation of our NEOs for 2021. We did not have any other executive officers serving on the last day of 2021. The amounts reported
for stock awards may not represent the amounts that the NEOs will actually realize from the awards. Whether, and to what extent, a named executive officer realizes value will depend on Regencys performance, stock price and continued
employment. Please see the 2021 Total Earned Compensation Table for the total compensation realized by each NEO.
SUMMARY COMPENSATION TABLE FOR
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name and Principal Position(1) |
|
Year |
|
|
Salary |
|
|
Stock Awards(2) |
|
|
Non-Equity Incentive Plan Compensation |
|
|
All Other Compensation(3) |
|
|
Total |
|
|
|
|
|
|
|
|
Martin E. Stein, Jr.
Executive Chairman of the Board |
|
|
2021 |
|
|
|
$700,000 |
|
|
|
$1,531,376 |
|
|
|
$0 |
|
|
|
$27,156 |
|
|
|
$2,258,532 |
|
|
|
2020 |
|
|
|
$700,000 |
|
|
|
$1,492,779 |
|
|
|
$250,000 |
|
|
|
$27,686 |
|
|
|
$2,470,465 |
|
|
|
2019 |
|
|
|
$900,000 |
|
|
|
$3,501,615 |
|
|
|
$1,189,440 |
|
|
|
$28,486 |
|
|
|
$5,619,541 |
|
|
|
|
|
|
|
|
Lisa Palmer
President and Chief Executive Officer |
|
|
2021 |
|
|
|
$900,000 |
|
|
|
$3,950,257 |
|
|
|
$2,160,000 |
|
|
|
$16,058 |
|
|
|
$7,026,315 |
|
|
|
2020 |
|
|
|
$825,000 |
|
|
|
$3,588,410 |
|
|
|
$518,000 |
|
|
|
$13,334 |
|
|
|
$4,944,744 |
|
|
|
2019 |
|
|
|
$610,000 |
|
|
|
$1,800,831 |
|
|
|
$575,840 |
|
|
|
$14,134 |
|
|
|
$3,000,805 |
|
|
|
|
|
|
|
|
Michael J. Mas
Executive Vice President, Chief Financial
Officer |
|
|
2021 2020
2019 |
|
|
|
$550,000 $500,000
$412,000 |
(4) |
|
|
$1,506,376 $1,148,292
$540,518 |
|
|
|
$880,000 $225,000
$252,803 |
|
|
|
$12,469 $12,230
$12,340 |
|
|
|
$2,948,845 $1,885,522
$1,217,661 |
|
|
|
|
|
|
|
|
James D. Thompson
Executive Vice President, Chief Operating
Officer |
|
|
2021 |
|
|
|
$530,000 |
|
|
|
$1,334,898 |
|
|
|
$848,000 |
|
|
|
$27,156 |
|
|
|
$2,740,054 |
|
|
|
2020 |
|
|
|
$515,000 |
|
|
|
$1,343,501 |
|
|
|
$232,000 |
|
|
|
$27,686 |
|
|
|
$2,118,187 |
|
|
|
2019 |
|
|
|
$500,000 |
|
|
|
$1,100,406 |
|
|
|
$472,000 |
|
|
|
$20,068 |
|
|
|
$2,092,474 |
|
|
|
|
|
|
|
|
Dan M. Chandler, III
Executive Vice President, Chief Investment
Officer(5) |
|
|
2021 2020
2019 |
|
|
|
$132,500 $515,000
$500,000 |
|
|
|
$1,308,898 $1,343,501
$1,100,406 |
|
|
|
$0 $206,000
$472,000 |
|
|
|
$110,327 $13,334
$14,576 |
|
|
|
$1,551,725 $2,077,835
$2,086,982 |
|
(1) Martin E. Stein, Jr. was Chairman and CEO until his transition to Executive Chairman effective January 1, 2020. Lisa Palmer was
President and Chief Financial Officer until she became President effective August 12, 2019. Ms. Palmer became President and CEO effective January 1, 2020. Mr. Mas assumed the position of Executive Vice President, Chief Financial
Officer effective August 12, 2019. Mr. Thompson became Executive Vice President, Chief Operating Officer and Mr. Chandler became Executive Vice President, Chief Investment Officer effective August 12, 2019. Mr. Chandler
resigned from the Company effective on March 26, 2021.
(2) The amounts in this column represent the aggregate grant date fair value computed in accordance with
FASB ASC Topic 718 for restricted stock awards and performance-based and market-based performance share awards. We use a Monte Carlo simulation model to value market-based awards, i.e., for performance awards tied to total relative shareholder
return. Our model estimates the fair value of the award based on our data and that of the FTSE Nareit Equity Shopping Centers Index.
2021 Stock Awards. The
goals for performance awards granted in 2021 are based entirely upon total shareholder return as compared to other publicly-traded companies in our sector, as represented by the FTSE Nareit Equity Shopping Centers Index.
The awards issued on January 28, 2021 assumed (a) stock price volatility of 42.6% for Regency and 43.7% for the index, (b) risk-free interest rates of
0.18%, (c) Regencys beta versus the index of 0.929, and (d) no dividend yield assumption given that the award includes dividend equivalents that are earned only to the extent that the underlying shares are earned. Based on the performance
goals and these capital market assumptions, the market-based awards issued on January 28, 2021 were valued using the Monte Carlo model at $42.63 per share.
The
2021 stock awards also include the grant date fair value of restricted stock awards to Ms. Palmer and Messrs. Stein, Chandler, Thompson and Mas. Mr. Chandler forfeited his outstanding stock awards when he resigned on March 26, 2021.
2020 Stock Awards. The goals for performance awards granted in 2020 based upon total shareholder return are entirely market-based.
The awards issued on January 31, 2020 assumed (a) stock price volatility of 18.5% for Regency and 18.9% for the index, (b) risk-free interest rates of
1.30%, (c) Regencys beta versus the index of 0.893, and (d) no dividend yield assumption given that the award includes dividend equivalents that are earned only to the extent that the underlying shares are earned. Based on the performance
goals and these capital market assumptions, the market-based awards issued on January 31, 2020 were valued using the Monte Carlo model at $73.54 per share.
The
2020 stock awards also include the grant date fair value of restricted stock awards to Ms. Palmer and Messrs. Stein, Chandler, Thompson and Mas.
2019 Stock
Awards. The goals for performance awards granted in 2019 based upon total shareholder return are entirely market-based.
The awards issued on January 31,
2019 assumed (a) stock price volatility of 19.3% for Regency and 19.3% for the index, (b) risk-free interest rates of 2.43%, (c) Regencys beta versus the index of 0.909, and (d) no dividend yield assumption given that the award
includes dividend equivalents that are earned only to the extent that the underlying shares are earned. Based on the performance goals and these capital market assumptions, the market-based awards issued on January 31, 2019 were valued using
the Monte Carlo model at $65.03 per share.
The 2019 stock awards also include the grant date fair value of restricted stock awards to Messrs. Chandler, Thompson and
Mas.
40 | REGENCY CENTERS | 2022 PROXY STATEMENT