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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/10/23 Necessity Retail REIT, Inc. DEFC14A 12:5.5M Necessity Retail REIT, Inc. Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: DEFC14A Definitive Proxy Statement - Contested HTML 664K Solicitation 6: R1 Cover HTML 16K 7: R2 Pay vs Performance Disclosure HTML 145K 10: XML IDEA XML File -- Filing Summary XML 15K 8: XML XBRL Instance -- tm231972d12_defc14a_htm XML 152K 9: EXCEL IDEA Workbook of Financial Reports XLSX 13K 3: EX-101.DEF XBRL Definitions -- rtl-20221231_def XML 18K 4: EX-101.LAB XBRL Labels -- rtl-20221231_lab XML 36K 5: EX-101.PRE XBRL Presentations -- rtl-20221231_pre XML 18K 2: EX-101.SCH XBRL Schema -- rtl-20221231 XSD 24K 11: JSON XBRL Instance as JSON Data -- MetaLinks 123± 152K 12: ZIP XBRL Zipped Folder -- 0001104659-23-043625-xbrl Zip 2.15M
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A:
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•
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Proposal No. 1 — Election of Directors. The election of each nominee for director requires the affirmative vote of a plurality of all of the votes cast at a meeting at which a quorum is present, in person via webcast or by proxy. There is no cumulative voting in the election of our directors. Each share may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to be voted. For purposes of this proposal, withhold votes and broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the vote although they will be considered present for the purpose of determining the presence of a quorum. |
Directors with Terms expiring at
the Annual Meeting/Nominee |
| |
Class
|
| |
Age
|
| |
Position
|
| |
Director
Since |
| |
Current
Term Expires |
| |
Expiration
of Term For Which Nominated |
|
Lisa D. Kabnick | | |
III
|
| |
67
|
| |
Lead Independent Director, and Nominating and Corporate Governance Committee Chair
|
| |
2015
|
| |
2023
|
| |
2026
|
|
Edward M. Weil, Jr. | | |
III, Managing
Director |
| |
56
|
| |
Chief Executive Officer,
President, and Chair of Board |
| |
2015
|
| |
2023
|
| |
2026
|
|
Continuing Directors | | | | | | | | | | | | | | | | | | | |
Stanley R. Perla | | |
I
|
| |
79
|
| |
Independent Director,
Audit Committee Chair
|
| |
2013
|
| |
2024
|
| | | |
Edward G. Rendell | | |
I
|
| |
79
|
| |
Independent Director,
Compensation Committee Chair |
| |
2017
|
| |
2024
|
| | | |
Leslie D. Michelson | | |
II
|
| |
72
|
| |
Independent Director
|
| |
2012
|
| |
2025
|
| | | |
Executive Officer (not listed above) | | | | | | | | | | | | | | | | | | | |
Jason F. Doyle | | |
N/A
|
| |
49
|
| |
Chief Financial Officer,
Treasurer and Secretary |
| |
N/A
|
| |
N/A
|
| |
N/A
|
|
| |
The Necessity Retail REIT, Inc.
Board Diversity Matrix |
| | ||||||||
| | Total Number of Directors | | | |
5
|
| | ||||
| | Part I: Gender Identity | | | |
Female
|
| | |
Male
|
| |
| | Directors | | | |
1
|
| | |
4
|
| |
| |
Part II: Demographic Background
|
| | | | | | | | | |
| | White | | | |
1
|
| | |
4
|
| |
| |
Directors who are Military Veterans: 1
|
| |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock Awards
($)(1) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| ||||||||||||||||||
Edward M. Weil, Jr., President
and Chief Executive Officer |
| | | | 2022 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | 2021 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,008(2) | | | | | | 3,008 | | | ||
| | | 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,906(2) | | | | | | 8,906 | | | ||
Jason F. Doyle, Chief Financial
Officer, Secretary and Treasurer |
| | | | 2022 | | | | | $ | 325,000(3) | | | | | $ | 96,364(3) | | | | | $ | 134,200 | | | | | $ | 50,674(4) | | | | | $ | 606,238 | | |
| | | 2021 | | | | | | 164,665(3) | | | | | | 47,645(3) | | | | | | 96,222 | | | | | | 22,637(4) | | | | | | 331,169 | | | ||
| | | 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Grant Date(1)
|
| |
All Other Stock
Awards: |
| |
Grant Date
Fair Value of Stock and Option Awards ($)(2) |
| |||||||||
Name
|
| |
Number of
Shares of Stock or Units (#) |
| |||||||||||||||
| | | | April 25, 2022 | | | | | | 16,775 | | | | | $ | 134,200 | | |
| | |
Stock Awards
|
| |||||||||
| | |
Number of
Shares or Units of Stock That Have Not Vested (#) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($) |
| ||||||
| | | | — | | | | | $ | — | | | |
| | | | 24,387(1) | | | | | $ | 144,615(2) | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
| | |
Number of
Shares Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($) |
| |
Number of
Shares Acquired on Vesting (#)(1) |
| |
Value Realized
on Vesting ($)(2) |
| ||||||||||||
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | |
| | | | — | | | | | $ | — | | | | | | 2,538 | | | | | $ | 18,879 | | |
Name
|
| |
Fees Paid
in Cash ($) |
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
Changes in
Pension Value and Nonqualified Deferred Compensation Earnings ($) |
| |
All Other
Compensation ($)(2) |
| |
Total
Compensation ($) |
| |||||||||||||||||||||
Lisa D. Kabnick
|
| | | $ | 200,000 | | | | | $ | 84,674(3) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 8,406 | | | | | $ | 293,080 | | |
Leslie D. Michelson
|
| | | $ | 95,000 | | | | | $ | 84,674(3) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 8,511 | | | | | $ | 293,185 | | |
Stanley R. Perla
|
| | | $ | 110,000 | | | | | $ | 84,674(3) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 8,406 | | | | | $ | 293,080 | | |
Governor Edward G. Rendell
|
| | | $ | 85,000 | | | | | $ | 84,674(3) | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 8,458 | | | | | $ | 293,132 | | |
Year | | | Summary Compensation Table Total for PEO(1) | | | Compensation Actually Paid to PEO(1)(2) | | | Average Summary Compensation Table Total for Non-PEO NEOs(2)(3) | | |
Average Compensation Actually Paid to Non-PEO NEOs(3) | | | Value of Initial Fixed $100 Investment Based On(4): | | | Net Loss Attributable to Common Stockholders (in thousands) | | | Adjusted Funds from Operations (in thousands) | | |||||||||||||||||||||||||||
|
Total Shareholder Return | | | Peer Group Total Shareholder Return | | ||||||||||||||||||||||||||||||||||||||||||||
2022 | | | | $ | — | | | | | $ | — | | | | | $ | i 606,238 | | | | | $ | i 542,866 | | | | | $ | i 64.09 | | | | | $ | i 99.58 | | | | | $ | ( i 105,854) | | | | | $ | i 139,956 | | |
2021 | | | | $ | i 3,008 | | | | | $ | i 3,008 | | | | | $ | i 331,169 | | | | | $ | i 327,617 | | | | | $ | i 86.99 | | | | | $ | i 131.65 | | | | | $ | ( i 63,318) | | | | | $ | i 118,013 | | |
2020 | | | | $ | i 8,906 | | | | | $ | i 8,906 | | | | | $ | — | | | | | $ | — | | | | | $ | i 64.53 | | | | | $ | i 93.69 | | | | | $ | ( i 46,650) | | | | | $ | i 97,969 | | |
Fiscal Year | | | SCT Total | | | Deductions from SCT Total(1) | | | Additions to SCT Total(2) | | | CAP | | ||||||||||||||||||||||||
| Fair Value of Current Year Equity Awards | | | Change in Value of Prior Years’ Awards Unvested | | | Change in Value of Prior Years’ Awards that Vested | | |||||||||||||||||||||||||||||
2022 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
2021 | | | | $ | i 3,008 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | i 3,008 | | |
2020 | | | | $ | i 8,906 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | i 8,906 | | |
Fiscal Year | | | Summary Compensation Table (“SCT”) Total | | | Deductions from SCT(1) | | | Additions to SCT(2) | | | CAP | | ||||||||||||||||||||||||
| Fair Value of Current Year Equity Awards | | | Change in Value of Prior Years’ Awards Unvested | | | Change in Value of Prior Years’ Awards that Vested i | | |||||||||||||||||||||||||||||
2022 | | | | $ | i 606,238 | | | | | $ | i 134,200 | | | | | $ | i 99,476 | | | | | $ | ( i 24,360) | | | | | $ | ( i 4,288) | | | | | $ | i 542,866 | | |
2021 | | | | $ | i 331,169 | | | | | $ | i 96,222 | | | | | $ | i 92,960 | | | | | $ | — | | | | | $ | — | | | | | $ | i 327,617 | | |
2020 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Common Stock
|
| |||||||||
Beneficial Owner(1)
|
| |
Number of Shares
Beneficially Owned |
| |
Percent of
Class |
| ||||||
The Vanguard Group, Inc.(2)
|
| | | | 19,302,816 | | | | | | 18.2% | | |
BlackRock, Inc.(3)
|
| | | | 12,501,080 | | | | | | 11.8% | | |
State Street Corporation(4)
|
| | | | 6,910,582 | | | | | | 6.5% | | |
| | | | 66,481 | | | | | | * | | | |
| | | | 33,402 | | | | | | * | | | |
Lisa D. Kabnick(6)
|
| | | | 334,366 | | | | | | * | | |
Leslie D. Michelson(7)
|
| | | | 82,802 | | | | | | * | | |
Stanley R. Perla(8)
|
| | | | 89,918 | | | | | | * | | |
Edward G. Rendell(9)
|
| | | | 96,697 | | | | | | * | | |
All directors and executive officers as a group (six persons)
|
| | | | 703,667 | | | | | | * | | |
| | |
Year Ended
December 31, 2022 |
| |
Payable (Receivable) as
of December 31, 2022 |
| ||||||
| | |
(In thousands)
|
| |||||||||
One-time fees and reimbursements:
|
| | | $ | 387 | | | | | $ | 9 | | |
Acquisition related cost reimbursements(1)
|
| | | | — | | | | | | — | | |
Vesting and conversion of Class B Units | | | | | | | | | | | | | |
Ongoing fees: | | | | | | | | | | | | | |
Asset management fees to related party(2)
|
| | | | 32,026 | | | | | | — | | |
Property management and leasing fees(3)
|
| | | | 12,860 | | | | | | 1,302 | | |
Professional fees and other reimbursements(4)
|
| | | | 16,231 | | | | | | 527 | | |
Total related party operation fees and reimbursements
|
| | | $ | 61,504 | | | | | $ | 1,838 | | |
Performance Level
|
| |
Absolute TSR
|
| |
Percentage of LTIP
Units Earned |
| |
Number of LTIP Units
Earned |
| ||||||
Below Threshold
|
| |
Less than 18%
|
| | | | 0% | | | | | | 0.00 | | |
Threshold
|
| |
18%
|
| | | | 25% | | | | | | 1,066,110.63 | | |
Target
|
| |
24%
|
| | | | 50% | | | | | | 2,132,221.25 | | |
Maximum
|
| |
36% or higher
|
| | | | 100% | | | | | | 4,264,442.50 | | |
Performance Level
|
| |
Relative TSR Excess
|
| |
Percentage of Relative
TSR LTIP Units Earned |
| |
Number of LTIP Units
Earned |
| ||||||
Below Threshold
|
| |
Less than -600 bps
|
| | | | 0% | | | | | | 0.000 | | |
Threshold
|
| |
-600 bps
|
| | | | 25% | | | | | | 1,066,110.625 | | |
Target
|
| |
0 bps
|
| | | | 50% | | | | | | 2,132,221.250 | | |
Maximum
|
| |
+600 bps
|
| | | | 100% | | | | | | 4,264,442.500 | | |
| | |
2022
(in thousands) |
| |
2021
(in thousands) |
| ||||||
Audit Fees
|
| | | $ | 2,600 | | | | | $ | 1,600 | | |
Audit Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total | | | | $ | 2,600 | | | | | $ | 1,600 | | |
Name
|
| |
Transaction Date
|
| |
Number of Shares of
Common Stock |
| |
Acquisition (A) or
Disposition (D) |
| |
Transaction
Description Code |
| ||||||
Edward G Rendell
|
| | | | 4/15/2021 | | | | | | 8,799 | | | |
A
|
| |
A
|
|
Edward G Rendell
|
| | | | 4/22/2022 | | | | | | 10,718 | | | |
A
|
| |
A
|
|
Edward M Weil, Jr.
|
| | | | 7/21/2021 | | | | | | 4,496,796(1) | | | |
D
|
| |
D
|
|
Edward M Weil, Jr.
|
| | | | 7/21/2021 | | | | | | 8,528,885(2) | | | |
A
|
| |
A
|
|
Jason F Doyle
|
| | | | 6/24/2021 | | | | | | 10,150 | | | |
A
|
| |
A
|
|
Jason F Doyle
|
| | | | 4/25/2022 | | | | | | 16,775 | | | |
A
|
| |
A
|
|
Jason F Doyle
|
| | | | 5/2/2022 | | | | | | 723 | | | |
D
|
| |
F
|
|
Jason F Doyle
|
| | | | 6/14/2022 | | | | | | 7,200 | | | |
A
|
| |
P
|
|
Leslie D Michelson
|
| | | | 4/15/2021 | | | | | | 8,799 | | | |
A
|
| |
A
|
|
Leslie D Michelson
|
| | | | 4/22/2022 | | | | | | 10,718 | | | |
A
|
| |
A
|
|
Name
|
| |
Transaction Date
|
| |
Number of Shares of
Common Stock |
| |
Acquisition (A) or
Disposition (D) |
| |
Transaction
Description Code |
| ||||||
Lisa Kabnick
|
| | | | 4/15/2021 | | | | | | 8,799 | | | |
A
|
| |
A
|
|
Lisa Kabnick
|
| | | | 3/1/2022 | | | | | | 71,375 | | | |
A
|
| |
P
|
|
Lisa Kabnick
|
| | | | 3/1/2022 | | | | | | 71,375 | | | |
A
|
| |
P
|
|
Lisa Kabnick
|
| | | | 4/22/2022 | | | | | | 10,718 | | | |
A
|
| |
A
|
|
Stanley R Perla
|
| | | | 4/15/2021 | | | | | | 8,799 | | | |
A
|
| |
A
|
|
Stanley R Perla
|
| | | | 1/28/2022 | | | | | | 5,000 | | | |
A
|
| |
P
|
|
Stanley R Perla
|
| | | | 2/28/2022 | | | | | | 10,000 | | | |
A
|
| |
P
|
|
Stanley R Perla
|
| | | | 4/22/2022 | | | | | | 10,718 | | | |
A
|
| |
A
|
|
This ‘DEFC14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/29/35 | ||||
1/1/29 | ||||
12/31/28 | ||||
11/4/25 | ||||
7/20/24 | ||||
3/19/24 | ||||
12/31/23 | ||||
12/13/23 | ||||
11/13/23 | ||||
5/18/23 | ||||
5/17/23 | ||||
4/22/23 | ||||
4/20/23 | ||||
4/11/23 | ||||
Filed on: | 4/10/23 | |||
4/7/23 | DEFC14A, PRER14A | |||
4/6/23 | PRER14A | |||
4/3/23 | 8-K | |||
3/24/23 | ||||
3/22/23 | PREC14A | |||
3/20/23 | ||||
3/16/23 | ||||
3/10/23 | ||||
2/23/23 | 10-K, 8-K, DFAN14A | |||
2/9/23 | 8-K, SC 13G/A | |||
2/3/23 | SC 13G | |||
1/24/23 | SC 13G/A | |||
1/18/23 | ||||
1/1/23 | ||||
12/31/22 | 10-K | |||
12/30/22 | ||||
12/23/22 | PRRN14A | |||
12/19/22 | DFAN14A | |||
12/2/22 | ||||
12/1/22 | ||||
11/7/22 | 8-K | |||
10/24/22 | ||||
10/1/22 | ||||
9/16/22 | ||||
5/4/22 | 8-K | |||
4/25/22 | 4, 8-K, 8-K/A | |||
1/1/22 | ||||
12/31/21 | 10-K | |||
7/21/21 | 4, 8-K | |||
7/20/21 | ||||
7/19/21 | ||||
5/4/21 | ||||
5/3/21 | ||||
3/1/21 | ||||
12/31/20 | 10-K | |||
11/4/20 | 8-K | |||
12/31/19 | 10-K | |||
2/16/17 | 3, 4, 8-K, 8-K/A | |||
List all Filings |