Business Context and Reporting Period
This Form 8-K Current Report was filed by Rexford Industrial Realty, Inc. on December 29, 2016. The report discloses the approval of equity-based compensation awards under the Company's 2013 Incentive Award Plan by the Compensation Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements.
Material Changes and Executive Awards
On December 29, 2016, the Compensation Committee approved grants of Long-Term Incentive Plan (LTIP) Units and Performance Units to three executives. The terms are materially consistent with awards granted on December 15, 2015.
LTIP Units Awarded
| Executive | Total LTIP Units |
|---|---|
| Howard Schwimmer | 44,034 |
| Michael Frankel | 44,034 |
| Adeel Khan | 28,622 |
Performance Units Awarded
| Executive | Total Performance Units | Absolute TSR Base Units | Relative TSR Base Units |
|---|---|---|---|
| Howard Schwimmer | 84,575 | 31,450 | 47,175 |
| Michael Frankel | 84,575 | 31,450 | 47,175 |
| Adeel Khan | 29,850 | 11,100 | 16,650 |
Performance Units awarded in excess of the base units represent distribution equivalent units that will vest based on the vesting of the absolute and relative TSR base units.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. It notes that the award descriptions are subject to the terms of the Time-Based LTIP Unit Agreement and OPP Performance Unit Agreement filed as exhibits to a prior 8-K.
Investor Verification Checklist
- Verify the specific vesting schedules and performance metrics for the LTIP and Performance Units by reviewing the agreements filed as Exhibit 10.2 and 10.3 in the December 21, 2015 Form 8-K.
- Confirm the total number of units outstanding and the dilution impact of these awards on existing shareholders.
- Review the Company's most recent 10-K or 10-Q for financial metrics, as this 8-K does not contain operational or financial data.