Shareholders Approve 3 Million Share Increase for Long-Term Incentive Plan

summarizeSummary

Safehold Inc. shareholders approved a 3 million share increase for the company's long-term incentive plan, authorizing substantial future equity awards that will dilute existing shareholders and add to recent share overhang.

check_boxKey Events

• Shareholders Approve LTIP Amendment

  Shareholders approved an amendment to the 2009 Long-Term Incentive Plan, increasing the aggregate number of shares available for issuance by 3,000,000. This formalizes a proposal previously disclosed in late March.

• Significant Potential Dilution

  The 3,000,000 additional shares for equity awards represent a substantial potential dilution for existing shareholders, valued at approximately $42.5 million based on the current stock price. This adds to the potential share overhang from recent institutional selling and shelf registrations.

• Routine Annual Meeting Matters

  Shareholders also re-elected five directors, ratified Deloitte & Touche LLP as the independent auditor, and approved executive compensation on a non-binding, advisory basis.

auto_awesomeAnalysis

Safehold Inc. shareholders approved an amendment to the 2009 Long-Term Incentive Plan, increasing the available shares for equity awards by 3,000,000. This approval, which follows a proposal made in late March, authorizes the company to issue a substantial number of new shares for employee compensation. This significant potential dilution for existing shareholders, valued at approximately $42.5 million, adds to the existing share overhang from recent large institutional share sales and a new shelf registration.