UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 2017
CBRE GROUP, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-32205 | 94-3391143 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 400 South Hope Street, 25th Floor Los Angeles, California |
90071 | |
| (Address of Principal Executive Offices) | (Zip Code) |
(213) 613-3333
Registrant’s Telephone Number, Including Area Code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (which we may refer to as “we,” “us,” “our” or the “company”), in connection with the matters described herein.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e)
Compensation for Named Executive Officers for 2017
On March 3, 2017, the Compensation Committee of our Board of Directors established base salaries, annual performance award targets and long-term equity incentive award targets for 2017 for our named executive officers (listed below) whose compensation was disclosed in the Proxy Statement for our 2016 Annual Meeting of Stockholders.
| Name |
Base Salary |
Annual Performance Award Target |
Long-Term Equity Incentive Award Target |
|||||||||
| Robert E. Sulentic President and Chief Executive Officer |
$ | 990,000 | $ | 1,980,000 | $ | 5,630,000 | (1) | |||||
| James R. Groch Chief Financial Officer and Global Director of Corporate Development |
$ | 770,000 | $ | 1,155,000 | $ | 3,000,000 | ||||||
| Michael J. Lafitte Global Group President, Lines of Business and Client Care |
$ | 700,000 | $ | 1,050,000 | $ | 2,320,000 | ||||||
| Calvin W. Frese, Jr. Global Group President, Geographies |
$ | 700,000 | $ | 1,050,000 | $ | 2,320,000 | ||||||
| William F. Concannon Chief Executive Officer—Global Workplace Solutions |
$ | 700,000 | $ | 1,000,000 | $ | 2,170,000 | ||||||
| (1) | After his 2017 target long-term equity incentive award had been established by our Board of Directors, Mr. Sulentic requested, and our Board agreed, that $500,000 of such amount be redirected and matched 1.5 times by the company to fund additional discretionary cash bonuses of up to $1,250,000 for the company’s Section 16 officers (other than Mr. Sulentic) for outstanding performance in building the company in 2017. These bonuses will be proposed in early 2018 by Mr. Sulentic and awarded in the discretion of the Compensation Committee of the company’s Board of Directors. Therefore, Mr. Sulentic’s actual long-term equity incentive award for 2017 will be $5,130,000. |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 9, 2017 | CBRE GROUP, INC. | |||||
| By: | /s/ GIL BOROK | |||||
| Gil Borok | ||||||
| Deputy Chief Financial Officer and Chief Accounting Officer | ||||||
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