| Schedule of LTIP Unit Activity |
During the year ended December 31, 2020, pursuant to the recommendation of the Compensation Committee of the Board (the “Compensation Committee”), the Board approved the following LTIP Unit activity:
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Number of |
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Date |
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Description |
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Units Issued |
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Vesting Dates |
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March 3, 2020 |
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Final awards under the 2017 Long-Term Incentive Plan |
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155 |
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50% on March 3, 2020; and |
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50% on March 3, 2021 |
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March 3, 2020 |
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Final awards under the 2019 Annual Incentive Plan |
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147 |
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50% on March 3, 2020; and |
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50% on March 3, 2021 |
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March 3, 2020 |
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Time-based awards under the 2020 Long-Term Incentive Plan |
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43 |
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33.33% on March 3, 2021; |
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33.33% on March 3, 2022; and |
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33.33% on March 3, 2023 |
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May 12, 2020(1) |
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Final awards under the 2017 Long-Term Incentive Plan |
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14 |
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50% on May 12, 2020; and |
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50% on May 12, 2021 |
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July 9, 2020 |
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Retention grants issued to executives in connection with |
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402 |
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25% on July 9, 2021; |
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the Internalization |
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25% on July 9, 2022; |
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25% on July 9, 2023; and |
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25% on July 9, 2024 |
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July 24, 2020 |
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Retention grants issued to non-executives in connection with |
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108 |
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25% on July 24, 2021; |
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the Internalization |
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25% on July 24, 2022; |
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25% on July 24, 2023; and |
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25% on July 24, 2024 |
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August 23, 2020(1) |
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Final awards under the 2017 Long-Term Incentive Plan |
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21 |
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50% on August 23, 2020; and |
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50% on August 23, 2021 |
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September 2, 2020 |
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Annual award to directors |
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19 |
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100% on September 2, 2021 |
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(1) |
Each of Mr. Barber and Mr. Kiernan received awards under the 2017 Long-Term Incentive Plan on the third anniversary of his hiring date, which was May 8, 2017 and August 23, 2017, respectively. |
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| Schedule of the annual awards and long-term awards |
A detail of the Company’s Long-Term Awards under the 2018, 2019 and 2020 programs, and the Annual Awards and Long-Term Awards under the 2020 program as of December 31, 2020 is as follows:
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2018 Long-Term Awards |
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110 |
2019 Long-Term Awards |
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82 |
2020 Annual Awards (1) |
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196 |
2020 Long-Term Awards (2) |
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70 |
Total target performance awards as of December 31, 2020 |
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458 |
(1) Approved by the Board on March 17, 2020. The number of target LTIP Units was based on the closing price of the Company’s common stock reported on the New York Stock Exchange (“NYSE”) on that date.
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(2) |
Approved by the Board on March 3, 2020. The number of target LTIP Units was based on the fair value of the Long-Term Awards as determined by an independent valuation consultant. |
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