Contents Introduction 1 Key Components of Executive Compensation for REITs 3 Base salary 3 Incentive Compensation 3 Cash 3 Equity 3 Perquisites 5 Compensation Trends in the REIT Industry 6 Pay Mix 6 Formulaic Bonuses 7 Long-Term Incentive Design 8 Performance Metrics for REITs 10 Goal Setting for Performance Metrics 12 Severance Policies 13 Executive Compensation Design Process 14 Overview 14 Role of Various Parties 14 Board of Directors 14 Compensation Committee 15 Independent Compensation Consultants 18 Outside Law Firm 19 Company Management 20 Stock Exchange and SEC Independence Rules 21 Rule 10C-1 of the Exchange Act 21 NYSE 22 Nasdaq 22 Key Terms of Equity Plans and Award Agreements 23 Overview 23 Equity Plans 23 Award Agreements 24 Types of Awards 24 Restricted Stock 24 Restricted Stock Units 24 Options and Stock Appreciation Rights 24 LTIP Units 25 Prevalence of Award Type in the REIT Industry 25 I | 2024 Guide to REIT Executive Compensation
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