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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tanger Inc | NYSE:SKT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.85 | -3.00% | 27.50 | 28.237 | 27.06 | 27.91 | 964,803 | 01:00:00 |
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Glass Lewis, which recommends a vote “FOR” our “"Say-on-Pay"” proposal, noted no issues with the separation agreement with our now former President and COO, Mr. Thomas E. McDonough. However, ISS states that their lack of support for our “"Say-on-Pay"” proposal stems from what they label as accelerated vesting of certain outstanding equity awards, which is an enhancement to the treatment he was otherwise entitled to receive upon his retirement.
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ISS acknowledges that severance cash payments are subject to restrictive covenant compliance and are smaller than would normally be authorized upon a qualifying termination.
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While certain equity awards were accelerated for Mr. McDonough, this is a common practice amongst public companies as well as our peers that utilize retirement policies.
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The actual amount accelerated was approximately $1.66 million or 54% of the $3.03 million that ISS had speculated.
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The single-trigger change-in-control equity benefits feature have been eliminated from future arrangements, and only remains in legacy agreements. Neither of our new employment agreements with our CEO and new President/Chief Operating Officer have these provisions.
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1 Year Tanger Chart |
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