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MAA > SEC Filings for MAA > Form 8-K on 29-Dec-2011All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statem

ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Effective December 27, 2011, the Compensation Committee of the registrant's Board of Directors and the full Board of Directors, in respect to the Chief Executive Officer, adopted the 2012 Long Term Incentive Program, or 2012 LTIP, for 57 employees including Eric H. Bolton, Jr., Chief Executive Officer, Albert M. Campbell, III, Executive Vice President and Chief Financial Officer, and Thomas L. Grimes, Jr., Executive Vice President and Chief Operating Officer whom are all named executive officers. The 2012 LTIP allows for the award of shares of restricted stock based on a percentage of the participant's salary. The plan provides for the opportunity to earn shares of restricted stock based on three performance criteria: absolute total shareholder return, relative total shareholder return and time-based shares. The relative performance metrics will compare the registrant's performance against the NAREIT Apartment REIT Index. Any earned shares of restricted stock will be issued on January 10, 2013 and will vest 25% on January 10, 2014, 25% on January 9, 2015, 25% on January 8, 2016 and 25% on January 10, 2017. All vestings are dependent upon continued employment in good standing through the vest date. Earned and issued shares of restricted stock will earn dividends during their vesting period.

A copy of the 2012 LTIP is set forth on Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

ITEM 9.01 Financial Statements and Exhibits

      (c)      Exhibits

Exhibit Number   Description
4.1              Form of Restricted Stock Agreement
10.1             2012 Long Term Incentive Program

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