UDR said it entered into an Executive Agreement with Thomas W. Toomey, its Chairman and Chief Executive Officer, on February 15, 2024. Unless terminated earlier, the agreement remains in effect until the 5th anniversary of its signing date.

1. 01

   UDR said it entered into an Executive Agreement with Thomas W. Toomey, its Chairman and Chief Executive Officer, on February 15, 2024. Unless terminated earlier, the agreement remains in effect until the 5th anniversary of its signing date.

2. 02

   The company said it set Toomey's annual base salary at $900,000, his annual bonus target at $2,100,000, and his long-term incentive award target at $7,000,000 under the Executive Agreement.

3. 03

   The company said that if Toomey is terminated without Cause or resigns for Good Reason, he will receive three times the sum of his then-current base salary and target annual bonus, subject to conditions including submission of a release of claims. It said his health, dental and vision benefit coverage continues until he reaches age 75.

4. 04

   The company said that if Toomey is terminated for Cause, his unvested equity awards are immediately forfeited and canceled, and he will not receive severance pay. It also said Toomey is subject to customary non-solicitation and non-competition covenants, and that amounts paid under the agreement are subject to clawback policies.

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