Amendment to Short-Term and Long-Term Incentive Plans for S. Riffee – Washington Real Estate Investment Trust
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Summary
Washington Real Estate Investment Trust amended its Short-Term Incentive Plan (STIP) and Long-Term Incentive Plan (LTIP) for Stephen E. Riffee, Executive Vice President and Chief Financial Officer, effective January 1, 2014. The amendment sets specific threshold, target, and high award opportunity levels for Mr. Riffee, replacing the standard levels in the original plans. The changes apply only to Mr. Riffee and are documented as of March 4, 2015.
EX-10.58 3 ex1058amendmenttostipandlt.htm EXHIBIT 10.58 Ex 10.58 Amendment to STIP and LTIP
Exhibit 10.58
Statement of Amendment
of STIP and LTIP for S. Riffee
On March 4, 2015, the Board of Trustees and Compensation Committee of Washington Real Estate Investment Trust (the “Trust”) adopted the following amendments to the Short-term Incentive Plan, effective January 1, 2014 (the “STIP”) and the Long-term Incentive Plan, effective January 1, 2014 (the “LTIP”).
STIP Amendment
The following threshold, target and high Award opportunity levels shall apply under the STIP with respect to Stephen E. Riffee (to be used with respect to Mr. Riffee only in lieu of the Award opportunity levels in Section 4.1 of the STIP):
Cash Component (50%) | Restricted Share Component (50%) | ||||||
Threshold | Target | High | Threshold | Target | High | ||
Stephen E. Riffee as Executive Vice President and Chief Financial Officer | 42% | 87.5% | 140% | 42% | 87.5% | 140% | |
LTIP Amendment
The following threshold, target and high Award opportunity levels shall apply under the LTIP with respect to Mr. Riffee (to be used with respect to Mr. Riffee only in lieu of the Award opportunity levels in Section 4.1 of the LTIP):
Threshold | Target | High | |
Stephen E. Riffee as Executive Vice President and Chief Financial Officer | 44% | 95% | 149% |
This Statement of Amendment is made as of March 4, 2015 to serve as the written memorialization of such STIP and LTIP amendments.
WASHINGTON REAL ESTATE INVESTMENT TRUST | ||
By: | /s/ Laura M. Franklin | |
Laura M. Franklin | ||
Executive Vice President - Accounting and Administration | ||
