Sax owner execs get stock for performance

1-Feb-12 – Three executives with the real estate investment trust that owns Marina City’s Hotel Sax and adjacent commercial property have been awarded stock worth hundreds of thousands of dollars. The awards are performance-based, says the company, and a significant part of their compensation.

Michael Barnello (left), President and CEO of LaSalle Hotel Properties, received 24,021 shares. Bruce Riggins, Vice President and CFO, got 9,239 shares. Alfred Young, Vice President and COO, took home 12,934 shares. On Wednesday, LaSalle’s stock price closed at $27.27.

According to a document filed on Wednesday with the U.S. Securities and Exchange Commission, the stock was awarded on January 26.

These “time-based restricted” shares, for which the executives are eligible after a certain time period, make up about two-thirds of their equity compensation. The Maryland-based company’s board of trustees increased this percentage from half after giving the executives raises last October. They will be eligible for more stock next January and at least one more year after that.