Summary
This 8-K filing from Realty Income Corp (O) primarily details the finalization of retirement compensation for Michael R. Pfeiffer, former Executive Vice President, Chief Administrative Officer, General Counsel, and Secretary. Mr. Pfeiffer's retirement was effective June 30, 2021, and the Compensation Committee of the Board of Directors has approved the specific amounts to be paid or provided to him, reflecting his service and performance during his tenure. The compensation includes a pro-rated 2021 annual cash bonus, the vesting of performance shares from 2019 and 2020 awards, and a 2021 long-term incentive plan award settled in company common stock. These details provide transparency on the financial arrangements made upon the departure of a key executive, which is standard practice and important for understanding executive compensation policies.
Key Highlights
- 1Michael R. Pfeiffer, former EVP, Chief Administrative Officer, General Counsel, and Secretary, retired effective June 30, 2021.
- 2The Compensation Committee approved the final retirement compensation package for Mr. Pfeiffer on August 12, 2021.
- 3Mr. Pfeiffer will receive a 2021 annual cash bonus of $915,750 based on performance metrics.
- 4Performance shares from 2019 and 2020 awards, totaling 14,553 shares (5,628 + 8,925), will vest based on actual performance.
- 5Mr. Pfeiffer will also receive 2,428 shares of Company common stock for his 2021 long-term incentive plan award, valued at $165,000.
- 6The filing confirms the company's adherence to its disclosed retirement arrangements for senior executives.