GLOBAL MEDICAL REIT INC. (NYSE:GMRE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
(e) Entry into Material Contract with Named Executive Officer and
Compensatory Arrangements of Certain Officers.
Equity Awards. The Board of Directors (the Board)
of Global Medical REITInc. (the Company) approved the
recommendation of the Compensation Committee of the Board with
respect to the grant of discretionary 2016 equity-based awards
(LTIP Awards) to certain officers of the Company and other
employees of the external manager of the Company (the
Advisor) who have performed services for the Company. The
LTIP Awards granted to the Companys executive officers are set
forth below. The LTIP Awards were granted to the Companys 2016
Equity Incentive Plan.
The number of LTIP units comprising each LTIP Award is based on
the average closing price ($9.21) of the Companys common stock
reported on the New York Stock Exchange on each of the ten (10)
trading days preceding the date of grant, December 21, 2016,
rounded down to the nearest whole unit number in order to
eliminate fractional units.
| Name | Title | 2016 Equity Bonus Award | Number of Units Awarded | |||||||
| Jeffrey Busch | Chairman of the Board President | $ | 80,000 | 8,688 | ||||||
| David Young | CEO | $ | 55,000 | 5,973 | ||||||
| Donald McClure | CFO | $ | 50,000 | 5,430 | ||||||
| Conn Flanigan | Secretary General Counsel | $ | 30,000 | 3,258 | ||||||
| Alfonzo Leon | CIO | $ | 90,000 | 9,774 | ||||||
| Allen Webb | SVP, Technical Accounting and SEC Compliance | $ | 50,000 | 5,430 | ||||||
| Danica Holley | COO | $ | 45,000 | 4,887 | ||||||
The LTIP Awards will be subject to the terms and conditions of
LTIP Vesting Agreements (LTIP Vesting Agreements) between
the Company and each grantee in the form attached hereto as
Exhibit 99.1 (for grantees who have an employment
agreement with the Advisor) or Exhibit 99.2 (for grantees
who do not have an employment agreement with the Advisor), which
are incorporated herein by reference.
The LTIP Awards will be subject to forfeiture restrictions that
will lapse (vesting) in equal one-third installments on
each of the first, second and third anniversary of the date of
grant, subject to continued service as an officer or employee of
the Company, as applicable, through each vesting date; provided
that vesting will accelerate in the event of a termination of the
officers or employees position, as applicable, without Cause or
for Good Reason (as defined in the LTIP Vesting Agreements) or as
a result of death or disability, and unvested LTIP Awards will be
forfeited in the event of any other termination event.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d)Exhibits
| Exhibit No. | Description | |
| 99.1 |
LTIP Vesting Agreement: For Grantees with an Employment Agreement with the Advisor |
|
| 99.2 |
LTIP Vesting Agreement: For Grantees without an Employment Agreement with the Advisor |
About GLOBAL MEDICAL REIT INC. (NYSE:GMRE)
Global Medical REIT Inc. focuses on operating as a real estate investment trust. The Company is engaged primarily in the acquisition and leasing of licensed purpose-built healthcare facilities in certain markets with various clinical operators. The Company seeks to invest in these purpose-built, specialized facilities, such as surgery centers, specialty hospitals and outpatient treatment centers. Its tenant-operators are physician group tenant-operators, community hospital tenant-operators and corporate medical treatment chain operators. Its properties include a six building, 52,266 square foot medical clinic portfolio in Tennessee; a combined approximately 27,190 square foot surgery center and medical office building located in West Mifflin, Pennsylvania; an approximately 8,840 square foot medical office building known as the Orthopedic Surgery Center, located in Asheville, North Carolina, and a 56-bed long term acute care hospital located at 1870 South 75th Street, Omaha, Nebraska. GLOBAL MEDICAL REIT INC. (NYSE:GMRE) Recent Trading Information
GLOBAL MEDICAL REIT INC. (NYSE:GMRE) closed its last trading session up +0.27 at 9.31 with 40,460 shares trading hands.