4/A: Acadia Realty Trust Executive Corrects Vesting Terms on Previously Reported LTIP Units

Joseph Napolitano, Sr. VP of Acadia Realty Trust, files an amended Form 4 to correct the vesting terms of previously granted long-term incentive partnership units (LTIPs).

Summary

• Joseph Napolitano, a Senior Vice President at Acadia Realty Trust, filed an amended Form 4/A with the SEC on March 5, 2024.
• The amendment corrects the vesting terms of 42,041 long-term incentive partnership units (LTIPs) granted to Mr. Napolitano.
• Originally filed on February 21, 2024, the initial Form 4 incorrectly described the vesting schedule.
• The corrected vesting terms state that 13,189 LTIPs will vest in equal amounts on January 6, 2025, and on each of the first, second, third, and fourth anniversaries thereafter.
• The remaining 28,852 LTIPs will vest in equal amounts on January 6, 2025, and on each of the first and second anniversaries thereafter, subject to a two-year post-vesting hold period.
• Vesting is contingent upon Mr. Napolitano's continued employment on the vesting date, with customary exceptions.
• The LTIP Units are exchangeable on a 1:1 basis for common partnership units of Acadia Realty Limited Partnership (ARLP), which in turn are exchangeable for common shares of beneficial interest of Acadia Realty Trust.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing correcting a previous error. It doesn't contain any information that would significantly impact investor sentiment positively or negatively. The correction of vesting terms provides clarity, which is generally viewed as a positive.

Future Outlook

The vesting of the LTIP units is contingent upon continued employment, suggesting an incentive for the executive to remain with the company.

Industry Context

Form 4 filings are standard practice and provide transparency into executive compensation and ownership changes within publicly traded companies.

Stakeholder Impact

• Shareholders benefit from accurate reporting of executive compensation.
• The executive is impacted by the corrected vesting schedule.

Key Dates