Weingarten Realty urges shareholders to vote to approve executive compensation
Weingarten Realty Investors issued the following statement in response to Institution Shareholder Services' recommendation against Proposal Three: Advisory Proposal to Approve Executive Compensation to be voted on at the 2019 Annual Meeting. "ISS has raised two issues. First, they indicate that existing Change In Control greements provide for automatic accelerated vesting upon a change-in-control event. This is an error as the agreements have always been dual trigger'," said CEO Drew Alexander. "Furthermore, the excise tax gross up' provision in question has been a part of the Change In Control agreements for Steve Richter and Johnny Hendrix for over 20 years. This provision is no longer supported by ISS; however, existing agreements were grandfathered. The agreements were recently amended to extend the defined service period beyond the age of 65. No other part of the agreement was modified. We encourage shareholders to vote FOR Proposal Three: Advisory Proposal to Approve Executive Compensation."