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PICO Holdings, Inc. Announces Revised Compensation Arrangements
- Shareholder-Focused Revisions to Executive Bonus Plan and Director Compensation Arrangements
- New Employment Agreements
The approved arrangements include:
Mr. Cates, Chairman of PICO’s Compensation Committee commented, “The board believes that these changes to PICO’s executive compensation will serve to further incentivize management to execute on PICO’s stated business plan in the most efficient and effective manner, and more closely align management’s compensation with shareholder interests. Likewise, the revised NonEmployee Director Compensation Policy is designed to incentivize PICO’s nonemployee directors to take more, or all, of their compensation in the form of stock-based awards in an effort to better align their interests with shareholder interests. Furthermore, in conjunction with requiring directors to hold all stock-based awards through their service on the board, we believe directors will be even more focused on maximizing shareholder value.” Mr. Cates continued, “As part of these changes, the board also approved changes to the Company’s self-defined peer group, which will be further described in PICO’s proxy statement for its 2017 Annual Meeting of Shareholders.”
Mr. Silvers, PICO’s Lead Independent Director, commented, “The board believes these new arrangements are fair to all parties, and are designed to provide long-term alignment with the interests of our shareholders. As with the revised Executive Bonus Plan, the NonEmployee Director Compensation Policy is designed to more closely align the board’s compensation with actual shareholder returns.”
Mr. Webb, PICO’s Chairman and Chief Executive Officer, commented, “I appreciate the board’s efforts in working to put in place a program that rewards management for realizing value while protecting the interests of shareholders. I look forward to working to create value for our shareholders as we seek to monetize assets and efficiently return capital to the owners of the business.”
Mr. Silvers concluded, “I want to thank both Mr. Webb and Mr. Perri for their commitment to our shareholders and their flexibility in allowing the board to revise the Company’s compensation programs with a focus on shareholder interests. Their hard work, dedication and attention to the interests of shareholders is greatly appreciated by the board.”
As of September 30, 2016, our two major investments were:
At September 30, 2016,
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this press release that are not historical, including statements regarding the ability of our compensation arrangements to achieve their stated objectives, our ability to execute our business objectives, and our ability to monetize assets and return capital to shareholders through stock repurchases or through other means, are forward-looking statements based on current expectations and assumptions that are subject to risks and uncertainties.
In addition, a number of other factors may cause results to differ materially from our expectations, such as: any slow down or downturn in the housing recovery or in the real estate markets in which UCP and Vidler operate; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; prolonged weakness in the overall U.S. and global economies; the performance of the businesses; the continued service and availability of key management personnel; and potential capital requirements and financing alternatives.
For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our
We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release, except as may otherwise be required by law. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
This news release was distributed by GlobeNewswire, www.globenewswire.com.