Urban Edge Properties (NYSE:UE) (the Company) announced that Chris Weilminster, the Companys new Chief Operating Officer, and Don Briggs, the Companys new President of Development, will commence employment with the Company today. Messrs. Weilminster and Briggs both join Urban Edge from Federal Realty Investment Trust, where they held senior leadership roles. Mr. Weilminster had been with Federal for 28 years, most recently serving as President of the Mixed-Use Division and Executive Vice President of Leasing. Mr. Briggs served as Federals Executive Vice President of Development, having joined Federal 18 years ago.
Concurrent with the commencement of Mr. Weilminsters employment, Mr. Minutoli will step down as Chief Operating Officer but will remain employed with the Company through 2018 to assist in transitioning his role.
The Company will grant Messrs. Weilminster and Briggs equity awards under the Urban Edge Properties 2018 Inducement Equity Plan (the Plan), a plan established in reliance on the employment inducement exemption under the New York Stock Exchanges (NYSEs) Listed Company Manual Rule 303A.08.
Mr. Weilminster and Mr. Briggs will be granted the following under the Plan today: (i) each will be awarded options to purchase 1,000,000 common shares of the Company with a 10 year term and an exercise price per share equal to the average of the high and low trading prices of the Companys common shares on the NYSE today, vesting over five years with 1/3rd vesting on each of the third, fourth and fifth anniversaries of the grant date, (ii) Mr. Weilminster will be awarded 170,628 Restricted LTIP Units of Urban Edge Properties LP, vesting over five years with 19,422 and 12,859 vesting on February 12, 2019 and 2020, respectively, 6,071 vesting on February 6, 2021 and 44,092 vesting on each of the third, fourth and fifth anniversaries of the grant date and (iii) Mr. Briggs will be awarded 182,262 Restricted LTIP Units of Urban Edge Properties LP, vesting over five years with 31,056 and 12,859 vesting on February 12, 2019 and 2020, respectively, 6,071 vesting on February 6, 2021 and 44,092 vesting on each of the third, fourth and fifth anniversaries of the grant date.
The terms and conditions of the Plan and the awards made today are substantially similar to those under the Companys 2015 Omnibus Share Plan.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 88 properties totaling 16.3 million square feet of gross leasable area.