Form 4: Getty Realty Corp Executive Olear Receives 30,000 Restricted Stock Units

Mark James Olear, EVP & Chief Operating Officer of Getty Realty Corp, reports the acquisition of 30,000 Restricted Stock Units (RSUs) on March 1, 2024.

Summary

• On March 1, 2024, Mark James Olear, the EVP & Chief Operating Officer of Getty Realty Corp, acquired 30,000 Restricted Stock Units (RSUs).
• These RSUs vest ratably over five years, starting on the first anniversary of the grant date, contingent upon continued service with the company.
• Unvested RSUs will fully vest upon termination of service without cause or death.
• The RSUs may also vest at the discretion of the Compensation Committee upon retirement.
• Settlement of the RSUs, either in cash or common stock, is at the discretion of the Compensation Committee and will occur upon the earlier of the tenth anniversary of the grant date (or the tenth anniversary of the first vesting date for RSUs granted in 2016-2018), or termination of service.
• The reporting person now beneficially owns 186,650 derivative securities.

Sentiment

Score: 7

Explanation: The document indicates a standard executive compensation practice, which is generally viewed neutrally to positively as it aligns management interests with shareholders. The vesting schedule and settlement options provide flexibility and incentive.

Positives

• The grant of RSUs aligns the executive's interests with the long-term performance of the company.
• The vesting schedule encourages continued service with Getty Realty Corp.

Future Outlook

The RSUs will vest over the next five years, subject to continued service, and will be settled in cash or common stock at the discretion of the Compensation Committee.

Industry Context

This is a standard practice for compensating executives in publicly traded companies, aligning their interests with those of shareholders.

Comparison to Industry Standards

• Granting restricted stock units (RSUs) to executives is a common practice among publicly traded companies to incentivize performance and align management's interests with shareholders.
• Companies like Realty Income (O) and National Retail Properties (NNN), which are also in the REIT sector, often use similar equity-based compensation plans for their executives.
• The vesting schedule of five years is fairly standard, as it encourages long-term commitment from the executive.
• The discretion given to the Compensation Committee to settle the RSUs in either cash or stock provides flexibility based on the company's financial situation and market conditions.

Stakeholder Impact

• Shareholders may view this as a positive sign, as it aligns executive compensation with the company's long-term performance.
• Employees may see this as a standard compensation practice for executives.

Key Dates