Terreno Realty Corp
For the period ended May 7, 2024. Filed Mar 22, 2024.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 7, 2024 · Filed Mar 22, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant ☑
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
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| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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| ☑ | Definitive Proxy Statement |
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| ☐ | Definitive Additional Materials |
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| ☐ | Soliciting Material under §240.14a-12 |
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Terreno Realty Corporation
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☑ | No fee required |
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| ☐ | Fee paid previously with preliminary materials |
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| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 |
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(415)655-4580
March 22, 2024
Dear Fellow Stockholder:
You are cordially invited to attend the 2024 annual meeting of stockholders of Terreno Realty Corporation. This meeting will be held on Tuesday, May 7, 2024, at 8:00 a.m., local time, at our Bellevue office, 10500 NE 8 th Street, Suite 1910, Bellevue, Washington 98004.
The attached proxy statement, accompanied by the notice of meeting, describes the matters expected to be acted upon at the meeting. We urge you to review these materials carefully and to use this opportunity to take part in the affairs of Terreno Realty Corporation by voting on the matters described in the proxy statement. Following the formal portion of the meeting, our directors and management team will be available to answer appropriate questions.
Your vote is important. Whether or not you plan to attend the meeting, please authorize a proxy to vote your shares as promptly as possible by calling the toll-free telephone number or via the internet. If you received a proxy card by mail, you may complete the enclosed proxy card and return it as promptly as possible. The proxy statement and the enclosed proxy card contain instructions regarding all three methods of voting. If your shares of common stock are held by a broker, bank or other nominee, please follow the instructions you receive from your broker, bank or other nominee to have your shares of common stock voted. If you attend the meeting, you may continue to have your shares voted as you have previously instructed or you may withdraw your proxy at the meeting and vote your shares in person.
We have also enclosed a copy of our 2023 Annual Report. Thank you for your interest in Terreno Realty Corporation.
Sincerely,
| W. Blake Baird | Michael A. Coke |
|---|---|
| Chairman and Chief Executive Officer, Co-Founder | President, Co-Founder |
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To be Held on May 7, 2024
To Our Stockholders:
Notice is hereby given that the 2024 annual meeting of the stockholders of Terreno Realty Corporation, a Maryland corporation, will be held on Tuesday, May 7, 2024 at 8:00 a.m., local time, at our Bellevue office, 10500 NE 8 th Street, Suite 1910, Bellevue, Washington 98004. At the meeting, stockholders will consider and vote on the following matters:
| 1. | The election of seven directors, each to serve until the next annual meeting of stockholders and until his or her successor has been duly elected and qualifies; |
| 2. | A resolution to approve, on a non-binding, advisory basis, the compensation of certain executives, as more fully described in the accompanying proxy statement; |
| 3. | The ratification of the appointment of Ernst & Young LLP as our independent registered certified public accounting firm for the 2024 fiscal year; and |
| 4. | Such other business as may properly come before the annual meeting, including any adjournments or postponements of the meeting. |
If you were a stockholder of record of our common stock as of the close of business on March 8, 2024, you can vote in person or by proxy at the meeting. If you do not plan to attend the meeting and vote in person, please authorize a proxy to vote your shares in one of the following ways (if you received paper copies of the proxy materials):
| • | Use the toll-free telephone number shown on your proxy card on or before 11:59 p.m., Eastern Time, on May 6, 2024 (this call is toll-free if made in the United States or Canada); |
| • | Go to the website address shown on your proxy card on or before 11:59 p.m., Eastern Time, on May 6, 2024 and authorize a proxy via the internet; or |
| • | Mark, sign, date and promptly return the enclosed proxy card in the postage-paid envelope so that it is received by 11:59 p.m., Eastern Time, on May 6, 2024. |
If you received a notice of internet availability of proxy materials, please follow the voting instructions in that notice. If your shares of common stock are held by a broker, bank or other nominee, please follow the instructions you receive from your broker, bank or other nominee to have your shares of common stock voted. Stockholders who authorize a proxy over the internet, who authorize a proxy by telephone or who return proxy cards by mail prior to the meeting may nonetheless attend the meeting, revoke their proxies and vote their shares in person.
By Order of our Board of Directors
W. Blake Baird Chairman and Chief Executive Officer
Bellevue, Washington
March 22, 2024
TABLE OF CONTENTS
| Page | |
|---|---|
| Questions and Answers | 1 |
| Corporate Governance and Related Matters | 6 |
| Independent Directors | 6 |
| Executive Sessions | 6 |
| Nominations for Directors | 6 |
| Communications with our Board of Directors | 8 |
| Board Leadership Structure | 8 |
| Risk Oversight | 8 |
| Compensation Committee Interlocks and Insider Participation | 9 |
| Code of Business Conduct and Ethics | 9 |
| Corporate Governance Guidelines | 9 |
| Meetings and Committees of Our Board of Directors | 9 |
| Meetings | 9 |
| Committee Membership | 9 |
| Other Committees | 11 |
| Environmental Stewardship, Social Responsibility and Governance | 12 |
| Environmental Stewardship | 12 |
| Social Responsibility | 12 |
| Governance | 13 |
| Proposal 1 – Election of Directors | 15 |
| Executive Officers | 19 |
| Proposal 2 – Non-Binding, Advisory Approval of the Compensation of Our Named Executive Officers | 20 |
| Proposal 3 – Ratification of the Appointment of Independent Registered Certified Public Accounting Firm | 22 |
| Fees Paid to Independent Registered Certified Public Accounting Firm | 22 |
| Audit Fees | 22 |
| Audit-Related Fees | 23 |
| Tax Fees | 23 |
| All Other Fees | 23 |
| Pre-Approval Procedures | 23 |
| Report of the Audit Committee | 24 |
| Compensation Committee Report | 25 |
| Compensation Discussion and Analysis | 26 |
| Overview | 26 |
| Objectives | 26 |
| Management’s and Advisor’s Role in Compensation Decisions | 26 |
| Principal Elements of Compensation and Total Direct Compensation | 26 |
| Other Elements of Compensation | 30 |
| Other Compensation Practices and Policies | 30 |
| Policy Concerning Hedging and Pledging Transactions | 31 |
| Clawback Policy | 31 |
| Risk Considerations in our Compensation Programs | 31 |
| Summary Compensation Table | 33 |
| Grants of Plan-Based Awards | 37 |
| Page | |
|---|---|
| Outstanding Equity Awards at Fiscal Year End | 38 |
| Stock Vested Table | 40 |
| Nonqualified Deferred Compensation | 40 |
| Pay Versus Performance | 42 |
| Payments upon Termination of Employment and Change of Control | 46 |
| Director Compensation | 51 |
| Equity Compensation Plan Information | 52 |
| Certain Transactions | 52 |
| Security Ownership | 53 |
| Stockholder Proposals | 55 |
| Other Matters | 55 |
(415)655-4580
PROXY STATEMENT
2024 ANNUAL MEETING OF STOCKHOLDERS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.