AI English summary of an SEC filing — figures as filed
UDR UDRUDR said Harry G. Alcock notified the company that he will resign as Senior Vice President – Chief Investment Officer effective on March 14, 2024, and that he intends to move to a consulting role beginning on July 31, 2024 August 1, 2024.
Key points
AI summaryUDR said Harry G. Alcock notified the company that he will resign as Senior Vice President – Chief Investment Officer effective on March 14, 2024, and that he intends to move to a consulting role beginning on July 31, 2024 August 1, 2024.
The company said that under the Letter Agreement, Mr. Alcock will remain Senior Vice President – Chief Investment Officer until the Resignation Date with no change in his compensation. The equity awards granted under the company's 2022 and 2023 long-term incentive programs will vest based on performance through the Resignation Date, and a pro-rated portion of his outstanding 2024 short-term and long-term incentive awards will vest.
The company said the Consulting Agreement runs from August 1, 2024 to December 31, 2025 and pays Mr. Alcock a monthly fee of $41,667. He will also earn an incentive consulting fee if he sources a transaction the company closes, with a minimum of $2,000,000 over the term of the agreement.
The company said in its press release that H. Andrew Cantor, Senior Vice President – Acquisitions and Dispositions, will continue to oversee the transactions platform, and Bob McCullough, Senior Vice President – Development, will continue to oversee the development platform.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Chief Investment Officer Retirement and Move to Consulting Role
UDR said Harry G. Alcock notified the company that he will resign as Senior Vice President – Chief Investment Officer effective on March 14, 2024, and that he intends to move to a consulting role beginning on July 31, 2024 August 1, 2024.
Source · Based on the filing body and exhibits
Letter Agreement Compensation and Vesting Terms
The company said that under the Letter Agreement, Mr. Alcock will remain Senior Vice President – Chief Investment Officer until the Resignation Date with no change in his compensation. The equity awards granted under the company's 2022 and 2023 long-term incentive programs will vest based on performance through the Resignation Date, and a pro-rated portion of his outstanding 2024 short-term and long-term incentive awards will vest.
Source · Based on the filing body and exhibits
Consulting Agreement Term and Fees
The company said the Consulting Agreement runs from August 1, 2024 to December 31, 2025 and pays Mr. Alcock a monthly fee of $41,667. He will also earn an incentive consulting fee if he sources a transaction the company closes, with a minimum of $2,000,000 over the term of the agreement.
Source · Based on the filing body and exhibits
Successor Leadership and Oversight of Transactions and Development
The company said in its press release that H. Andrew Cantor, Senior Vice President – Acquisitions and Dispositions, will continue to oversee the transactions platform, and Bob McCullough, Senior Vice President – Development, will continue to oversee the development platform.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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