Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 51

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 15
Chunk 51
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 in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance based or market based conditions have been satisfied and the resulting number of shares have been determined during the year.(2)  Does not include restricted shares subject to open performance periods.  For the long-term equity compensation awards  established in 2022 and 2023 and the long-term and annual equity compensation awards established in 2024, the number of shares depend on satisfaction of performance based or market based conditions, and the number of shares to be earned could range from zero to 135,501.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Following is a vesting schedule of the total unvested shares for employees as of December 31, 2024:Unvested Shares Vesting ScheduleNumber of Shares202541,306 202622,978 202710,809 20286,546 20292,430 Total Unvested Shares                                                  84,069 Directors Equity AwardsThe Board of Directors has adopted a policy under the 2023 Equity Plan pursuant to which awards will be made to non-employee Directors.  The current policy provides that the Company shall automatically award an annual restricted share award to each non-employee Director who has been elected or re-elected as a member of the Board of Directors at the Annual Meeting.  The number of shares shall be equal to $135,000 divided by the fair market value of a share on the date of such election.  If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual restricted share award shall be pro rated.  The restricted shares vest in full on the earlier of the one-year anniversary of the date of grant or the next annual meeting of shareholders following the date of grant, subject to the non-employee director’s continued service on the Board through such vesting date, subject to certain exceptions.  The shares are expensed on a straight-line basis over the service period.  The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company’s Common Stock on such date.  These restricted shares will vest 25% per year over a four-year period