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HST > SEC Filings for HST > Form 8-K on 20-Jun-2013All Recent SEC Filings

Show all filings for HOST HOTELS & RESORTS, INC.



Change in Directors or Principal Officers

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

On June 14, 2013, the Compensation Policy Committee (the "Committee") of the Board of Directors of Host Hotels & Resorts, Inc. (the "Company") adopted a new compensatory arrangement for Gregory J. Larson in connection with his promotion to Executive Vice President and Chief Financial Officer of the Company on May 20, 2013 as previously disclosed in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "Commission") on May 22, 2013. Mr. Larson's base salary was increased to $450,000, retroactive to May 20, 2013. Mr. Larson will continue to participate in the annual incentive award program at the same level as in prior years with the annual cash parameters of an executive vice president. For employees at the level of executive vice president, the annual cash parameters are 50% of base salary for performance at the "threshold" level, 100% of base salary for performance at the "target" level and 200% of base salary for performance at the "high" level. The terms of the annual incentive award program have been previously disclosed in the Company's Definitive Proxy Statement on Schedule 14A filed with the Commission on April 10, 2013. In addition, the Committee authorized increased awards of (i) restricted common stock to Mr. Larson and (ii) stock options for the current year. Mr. Larson will receive additional shares of restricted common stock of the Company based at the "high" level of performance with a value of $180,000 with the number of shares to be determined based on the average high and low price of the Company's common stock for the sixty (60) calendar days ending May 20, 2013. The additional stock options will be valued at $10,000 with an exercise price equal to the fair market value of the Company's common stock on June 14, 2013.

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