NEW YORK | Thursday, July 7, 2011 7: 26 a.m. EDT
NEW YORK (Reuters) - the Commission of Simon Property Group Inc. (SPG).(N), the largest owner of U.S. malls and outlet centers, has agreed to a plan that will give the CEO and President David Simon 1 million units for him to stay with the company at least another eight years, according to a regulatory filing.
Based on the price actions when the Commission has concluded the agreement on 6 July, the price of retention was rated 120,3 million, according to a filing Thursday with the Securities and Exchange Commission.
Premiums of long term performance units, as the shares, once they are earned and acquired, will be distributed in three stages, starting in year six, according to the filing.
David Simon is also entitled to remain in the program of performance bonuses in the long term, according to the filing. This program gives the senior leaders of eight 35 million under the program in 2011. As General Manager, its share is 12 million, according to the filing.
The 2011 program will be based on performance over the years 2011 to 2013.
Simon also gets an annual salary of $ 1.25 million. But it is also eligible for an annual bonus of 200% of base salary target, or another $ 2.50 million, if it meets certain performance goals, according to the filing.
Simon Property Group is the largest U.S. real estate investment trust. David Simon became CEO in 1995, when the market capitalization was $ 1.5 billion dollars, according to the filing. July 6, when the Board and its Committee of approved Compensation plan, the market capitalization of the Indianapolis-based company has been more than 42 billion dollars.
Shares closed up 1.1% or $1.35 to 121.58 Simon $ to the New York Stock Exchange. Until now, the actions are up 22%. (Reporting by Ilaina Jonas; editing by Andre Grenon and Lisa Shumaker)
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