PICO HOLDINGS: Bloggers Displeased by Unnecessary UCP Incentives
Activist bloggers at http://www.ReformPICONow.com note that UCP Director Peter H. Lori is out of compliance with the Director Stock Ownership Guidelines. The activist bloggers are displeased that PICO proposes to pay certain members of "management" a bonus for the monetization of the UCP stake.
According to the UCP Director Stock Ownership Guidelines, within three years of appointment, all UCP Directors must own equity equivalents equal to at least three times their annual cash retainer.
According to the activist bloggers, "UCP Director and Univision CFO Mr. Lori is out of compliance with those Guidelines. Mr. Lori's third anniversary as a UCP Director passed in July of 2016. Based on the 2015 UCP Proxy Statement, the latest information available, Mr. Lori's annual cash retainer was $85,000. Three times this amount is $255,000. Per Mr. Lori's latest Form 4, he owns 23,273 shares and equity equivalents. With UCP shares currently selling for $9.90, Mr. Lori's UCP position has a value of $230,000. Mr. Lori is about $25,000 short of compliance.