NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE:UE) (the “Company”) announced that Chris
Weilminster, the Company’s new Chief Operating Officer, and Don Briggs,
the Company’s 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 Federal’s
Executive Vice President of Development, having joined Federal 18 years
ago.
Concurrent with the commencement of Mr. Weilminster’s 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 Exchange’s (“NYSE’s”) Listed CompanyManual 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
Company’s 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 Company’s 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.
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Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief
Financial Officer
Source: Urban Edge Properties