form8k.htm
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 4,
2010
EASTGROUP
PROPERTIES, INC.
(Exact
Name of Registrant as Specified in its Charter)
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Maryland
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1-07094
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13-2711135
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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190 East
Capitol Street, Suite 400, Jackson, MS 39201
(Address
of Principal Executive Offices, including zip code)
(601)
354-3555
(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 (see General Instruction A.2. below):
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Page 1 of 2 Pages
Item
5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On March
4, 2010, the Compensation Committee of the Board of Directors of EastGroup
Properties, Inc. (the "Company") awarded 20,000 shares of restricted stock as a
retention bonus to each of John F. Coleman, William D. Petsas and Brent W. Wood,
Senior Vice Presidents of the Company. The restricted stock awards
were made pursuant to the Company's 2004 Equity Incentive Plan, as amended, and
vest as follows provided that the applicable officer remains in the employ of
the Company as of such date:
1,400
shares on January 10, 2016
2,600
shares on January 10, 2017
4,000
shares on January 10, 2018
5,400
shares on January 10, 2019
6,600
shares on January 10, 2020
In the
event the officer’s employment terminates for reasons other than death or
permanent disability, the officer will forfeit all of his interest in shares
that have not vested as of the date of termination. If employment
terminates as a result of death or permanent disability, the officer or his
estate will receive a pro rata number of restricted shares based on the number
of full months elapsed since January 1, 2010 to the date of termination of
employment compared to the full vesting period.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: March
10, 2010
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EASTGROUP
PROPERTIES, INC.
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By:/s/ N. KEITH MCKEY
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N.
Keith McKey
Executive
Vice President, Chief Financial Officer and
Secretary
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Page 2 of 2
Pages