Whitestone's management team and Board of Trustees believes that those who feel engaged, challenged, valued and truly connected are most likely to succeed. Our associates day-to-day role is critical as we work toward achieving specific, measureable goals. Our shareholders expect all associates to perform at peak level, and to "think and act like an owner."
The Whitestone REIT Long Term Incentive Stock Ownership plan, which became effective as of January 6, 2009, is the vehicle for associates to become equity owners that share in our Company's success--measured by the achievement of specific goals over a five year term.
The plan provides awards of equity (restricted stock units) upon the achievement of Whitestone's strategic goals based on occupancy and funds from operations by December 31, 2013. The units are "restricted"--meaning they have been set aside for eligible associates until our goals are achieved. At that time, the units will "vest" which means the restrictions are removed and the units become shares.