Business Context and Reporting Period
This Form 8-K Current Report was filed by Sunstone Hotel Investors, Inc. on June 22, 2006. The report discloses the entry into a material definitive agreement regarding executive compensation.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, margins, debt, or liquidity metrics. The only specific financial value disclosed is the valuation of a stock grant.
- Stock Grant Value: $300,000
- Shares Granted: 10,707 shares of restricted common stock
- Recipient: William M. Wagner, Senior Vice President and Chief Accounting Officer
Material Changes
The material change reported is the approval of a restricted stock grant under the Company's 2004 Long-Term Incentive Plan. The vesting schedule is structured as follows:
- One-third of the shares vested immediately on the grant date.
- The remaining two-thirds vest ratably on the first and second anniversaries of the grant date.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, outlook, or discussion of risks and contingencies. The valuation of the grant was based on the average closing price of the Company's common stock on the New York Stock Exchange for the twenty consecutive trading days ending on the third trading day prior to the date of approval.
Investor Verification Checklist
- Verify the total number of shares outstanding and the impact of this grant on dilution.
- Confirm the specific vesting conditions and performance metrics (if any) attached to the 2004 Long-Term Incentive Plan.
- Review the Company's most recent 10-Q or 10-K for comprehensive financial performance data not included in this 8-K.