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IRET > SEC Filings for IRET > Form 8-K on 1-Jul-2014All Recent SEC Filings

Show all filings for INVESTORS REAL ESTATE TRUST

Form 8-K for INVESTORS REAL ESTATE TRUST


1-Jul-2014

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 25, 2014, the independent trustees of Investors Real Estate Trust approved the payment of cash and stock awards to the Company's named executive officers, as set forth below. The cash bonuses were approved in accordance with the Company's Short-Term Incentive Program (STIP) under the 2008 Incentive Award Plan of Investors Real Estate Trust and IRET Properties for the fiscal year ended April 30, 2014 ("Fiscal 2014") and were based on the Company's achievement at the threshold level during Fiscal 2014 of a specified Funds From Operations target. The stock awards were approved in accordance with the Company's Long-Term Incentive Program (LTIP) under the 2008 Incentive Award Plan of Investors Real Estate Trust and IRET Properties for Fiscal 2014, and were based on the Company's achievement at the threshold level during Fiscal 2014 of a specified Total Shareholder Return target. Fifty percent of the stock awards are unrestricted, with immediate vesting, and 50% are restricted, and will vest if the recipient remains employed by the Company until the first anniversary of the last day of the Performance Period (April 30, 2015), subject to the terms and conditions of the LTIP. Any stock award that is not vested as of the earlier of termination of employment or the first anniversary of the last day of the Performance Period will be forfeited.

                                                    Fiscal 2014 Stock Award
                                                              $ Value, 4/30/2014
Named Executive Officer Fiscal 2014 Cash Award No. of Shares Share Price of $8.72

Timothy P. Mihalick                   $390,100        47,592             $415,000

Thomas A. Wentz, Jr.                  $237,600        35,092             $306,000

Diane K. Bryantt                      $172,590        25,490             $222,275

Michael A. Bosh                       $103,635        18,965             $165,375

Charles Greenberg                      $86,480        15,826             $138,000

Also on June 25, 2014, the Company's independent trustees approved the following fiscal year 2015 base salaries of the named executive officers, retroactive to May 1, 2014 (the Company has an April 30 fiscal year end):

Named Executive Officer Fiscal 2015 Base Salary Fiscal 2014 Base Salary % Increase

Timothy P. Mihalick                    $444,050                $415,000         7%

Thomas A. Wentz, Jr.                   $385,200                $360,000         7%

Diane K. Bryantt:                      $279,805                $261,500         7%

Michael  A. Bosh                       $235,935                $220,500         7%

Charles A. Greenberg                   $191,360                $184,000         4%


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