8-KLeadership Changes

REALTY INCOME CORP 8-K Report, Executive Changes (Nov 17, 2016)

Filed November 17, 2016For Securities:O

Summary

Realty Income Corporation (O) filed an 8-K on November 17, 2016, reporting on special one-time equity grants approved by the Compensation Committee on November 10, 2016. These grants were awarded to 29 employees, including named executive officers, to recognize exceptional 2016 performance and to encourage continued retention with the company. The awards total 92,117 shares of common stock, with specific allocations made to key executives such as John P. Case (18,423 restricted shares) and Sumit Roy (9,211 restricted shares). These grants are subject to a four-year vesting schedule, with equal installments vesting annually, contingent upon continued employment. The awards are administered under the Company's 2012 Stock Incentive Award Plan and include provisions for accelerated vesting under certain conditions.

Key Highlights

  • 1Company approved special one-time equity grants on November 10, 2016.
  • 2Awards were granted to 29 employees to reward exceptional 2016 performance and promote retention.
  • 3Total of 92,117 restricted shares and restricted share units granted.
  • 4Named executive officers received grants, with CEO John P. Case receiving 18,423 restricted shares.
  • 5Awards vest in four equal installments on each anniversary of the grant date.
  • 6Vesting is contingent upon continued employment with the company.
  • 7Grants are governed by the 2012 Stock Incentive Award Plan, including provisions for accelerated vesting.

Frequently Asked Questions

The purpose of these special one-time grants was to reward 29 employees, including named executive officers, for their exceptional performance during 2016 and to incentivize their continued retention with Realty Income Corporation.

The awards consist of restricted shares and restricted share units totaling 92,117 shares. They vest over four years, with equal installments vesting on each anniversary of the grant date, provided the employee remains employed by the company.

Yes, the award agreements include provisions for accelerated vesting under certain specified circumstances, which are detailed within those agreements and the Company's 2012 Stock Incentive Award Plan.

The named executive officers who received grants include John P. Case (18,423 restricted shares), Sumit Roy (9,211 restricted shares), Paul M. Meurer (3,685 restricted shares), Michael R. Pfeiffer (3,685 restricted share units), and Neil Abraham (3,685 restricted shares).