Document

DEF 14A 1 ladr2021def14a.htm DEF 14A Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE

SECURITIES EXCHANGE ACT OF 1934 (Amendment No. )

Filed by the Registrant ý

Filed by a Party other than the Registrant o

Check the appropriate box:

o Preliminary Proxy Statement

o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

ý Definitive Proxy Statement

o Definitive Additional Materials

o Soliciting Material under §240.14a-12


LADDER CAPITAL CORP
(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 the appropriate box):

ý No fee required.

o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1)Title of each class of securities to which transaction applies:

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(3)Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

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o Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

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(4)Date Filed:


			Sincerely,

			/s/ Alan H. Fishman
			Alan H. Fishman
			Chairperson of the Board of Directors


GENERAL INFORMATION		1
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE		8
	Nominees for Election to the Board	8
	Directors	9
	Corporate Governance	10
	Compensation of the Board	15
	Executive Officers	15
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS		17
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS		19
EXECUTIVE COMPENSATION		22
	Compensation Discussion and Analysis	22
	Compensation Philosophy and Objectives	22
	Setting Executive Compensation	22
	Elements of Compensation	26
	Compensation Committee Report	29
	Summary Compensation Table	29
	Grants of Plan-Based Awards for Fiscal Year	32
	Outstanding Equity Awards at Fiscal Year End	34
	Grants Made Pursuant to the 2014 Omnibus Incentive Plan	37
	Options Exercised and Stock V ested in Fiscal Year	38
	Pension Benefits	38
	Nonqualified Deferred Compensation	38
	Employment Agreements	38
	Potential Payments upon Termination or Change in Control	40
	Termination, Severance and Change of Control Arrangements	42
	CEO Pay Ratio Disclosure	45
	Director Compensation	45
AUDIT COMMITTEE REPORT		47
PROPOSALS		48
	Overview of Proposals	48
	Proposal 1 — Election of Directors	48
	Proposal 2 — Ratification of Appointment of Independent Registered Public Accounting Firm	48
	Proposal 3 — S ay on Pay	49
ANNEX		52


	Class A common stock(1)(2)
Name of Beneficial Owner(3)	Number	Percentage
Principal Stockholders:
BlackRock, Inc.(4)	10,666,034	8.4	%
The Vanguard Group(5)	9,325,679	7.4	%
Named Executive Officers and Directors:
Alan H. Fishman	1,218,559	*
Brian Harris(6)	7,299,236	5.8	%
Mark Alexander	94,187	*
Douglas Durst(7)	3,576,683	2.8	%
Pamela McCormack(8)	1,005,292	*
Jeffrey Steiner	20,368	*
David Weiner	15,786	*
Marc Fox(9)	416,717	*
Robert Perelman(10)	310,011	*
Kelly Porcella	125,798	*
Other Executive Officers	60,971	*
Executive Officers and Directors as a group (11 persons)	14,143,608	11.1	%


Name and Principal Position	Year	Salary		Stock Awards (1)		Non-Equity Incentive Plan Compensation (2)		All Other Compensation (3)		Total

Brian Harris	2020	$	1,000,000	$	9,022,636	$	—	$	12,054	$	10,034,690
Chief Executive Officer	2019	1,000,000		8,299,999		7,400,000		8,187		16,708,186
	2018	1,000,000		7,300,008		9,000,000		8,232		17,308,240
Pamela McCormack	2020	750,000		3,568,276		—		4,572		4,322,848
President	2019	750,000		2,199,993		2,200,000		37,498		5,187,491
	2018	750,000		2,399,995		2,250,000		3,360		5,403,355
Marc Fox	2020	450,000		968,532		—		12,054		1,430,586
Chief Financial Officer	2019	450,000		900,001		800,000		23,302		2,173,303
	2018	450,000		1,000,007		875,000		8,232		2,333,239
Robert Perelman	2020	300,000		968,532		—		8,052		1,276,584
Head of Asset Management	2019	300,000		575,004		450,000		21,475		1,346,479
	2018	300,000		500,003		650,000		8,232		1,458,235
Kelly Porcella (4)	2020	200,000		1,019,503		—		2,136		1,221,639
Chief Administrative Officer and General Counsel	2019	200,000		515,006		575,000		3,567		$	1,293,573


Name	Year	Stock Dividends Accrued on Unvested Stock	Group Term Life Imputed Income	Long Term Disability Imputed Income

Brian Harris	2020		11,484	570
	2019	—	7,482	705
	2018		7,482	750
Pamela McCormack	2020		4,002	570
	2019	34,183	2,610	705
	2018		2,610	750
Marc Fox	2020		11,484	570
	2019	15,115	7,482	705
	2018		7,482	750
Robert Perelman	2020		7,482	570
	2019	13,288	7,482	705
	2018		7,482	750
Kelly Porcella	2020		1,566	570
	2019	1,296	1,566	705


Name	Grant Date	Estimated Possible Payouts Under Non-Equity Incentive Plan Awards Target ($)(1)(2)	Estimated Future Payouts Under Equity Incentive Plan Awards Target (#)(2)(3)	All Other Stock Awards: Number of Shares of Stock or Units (#)(2)(4)(5)(6)	Grant Date Fair Value of Stock and Option Awards (7)

Brian Harris	12/17/2020			908,624	$	9,022,636
	2/18/2020			443,376	8,299,999
		7,400,000
Pamela McCormack	12/17/2020		120,380	238,963	3,568,276
	2/18/2020		58,761	58,760	2,199,993
		2,200,000
Marc Fox	12/17/2020		32,675	64,861	968,532
	2/18/2020		24,039	24,038	900,001
		800,000
Robert Perelman	12/17/2020		32,675	64,861	968,532
	2/18/2020		15,357	15,359	575,004
		450,000
Kelly Porcella	12/17/2020		34,394	68,275	1,019,503
	2/18/2020		13,756	13,755	515,006
		575,000


Name		Option awards (1)						Stock awards (1)
		Number of securities underlying unexercised options (#) exercisable	Number of securities underlying unexercised options (#) unexercisable (2) (3)	Equity incentive plan awards: number of securities underlying unexercised unearned options (#)	Option exercise price ($) (3)		Option expiration date	Number of shares or units of stock that have not vested (#)	Market value of shares or units of stock that have not vested ($) (4)		Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#)	Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($)

Brian Harris
2015 Annual Award	(5)	133,736			$	11.72	2/18/26	—	$	—
2014 Annual Award	(6)	321,178		—	$	16.14	2/18/25	—	$	—	—	$	—
Total		454,914	—	—			—	—	$	—	—	$	—
Pamela McCormack									—
2020 Annual Award	(7)							120,380	$	1,177,316
2019 Annual Award	(8)							58,761	$	574,683
2018 Annual Award	(9)							45,558	$	445,557
2017 Annual Award	(10)							21,283	$	208,148
2015 Annual Award	(5)	11,939	—		$	11.87	2/18/26
2015 Annual Award	(5)	24,186			$	11.72	2/18/26
2014 Annual Award	(6)	86,006	—	—	$	16.14	2/18/25	—	$	—	—	$	—
Total		122,131	—	—			—	245,982	2,405,704		—	$	—
Marc Fox
2020 Annual Award	(7)							32,675	$	319,562
2019 Annual Award	(8)							24,039	$	235,101
2018 Annual Award	(9)							18,982	$	185,644
2017 Annual Award	(10)							10,015	$	97,947
2015 Annual Award	(5)	5,618			$	11.87	2/18/26
2015 Annual Award	(5)	11,382			$	11.72	2/18/26
2014 Annual Award	(6)	40,314	—		$	16.14	2/18/25
Total		57,314	—	—			—	85,711	$	838,254	—	$	—
Robert Perelman
2020 Annual Award	(7)							32,675	$	319,562
2019 Annual Award	(8)							15,357	$	150,191
2018 Annual Award	(9)							9,492	$	92,832
2017 Annual Award	(10)							9,138	$	89,370
2015 Annual Award	(5)	4,681			$	11.87	2/18/26
2015 Annual Award	(5)	9,486			$<

SEC Form DEF 14A filed by Ladder Capital Corp