iStar Inc. (OTCMKTS:SFICP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
iStar Inc. announced today that Marcos Alvarado, iStar’s Chief Investment Officer, has been appointed iStar’s President, effective July1, 2018. Mr.Alvarado, who will also continue to serve as Chief Investment Officer, joined iStar in February2018. Mr.Alvarado receives an annual base salary of $500,000 and is eligible for an annual cash bonus under iStar’s incentive compensation program that will not be less than $2.0 million for 2018. Mr.Alvarado has been awarded 12.5 points in the 2017-2018 investment pool under iStar’s iPIP Plan and is eligible to receive 25 points in the 2019-2020 investment pool, subject to his continued employment at the time such points are awarded.
In addition, iStar announced that Andrew C. Richardson, who joined iStar in March2018 as its President, Land& Development and interim Chief Financial Officer, will serve as the Company’s Chief Financial Officer. As a result, iStar will terminate its search for a chief financial officer. Mr.Richardson’s annual base salary is $500,000 and he is eligible for an annual cash bonus under iStar’s incentive compensation program that will not be less than $750,000 for 2018. He may receive an additional bonus based on the performance of the company’s land and development assets. In addition, Mr.Richardson received a grant of 100,000 restricted stock units under iStar’s equity incentive plan and 2.0 points in the 2017-2018 iPIP investment pool.
Biographical information for Messrs.Alvarado and Richardson can be found in iStar’s 2018 annual proxy statement available on its website and at www.sec.gov.
