(Read more on the debt and equitymarkets.)
PHILADELPHIA-Ten top executive officers of locally based RAITFinancial Trust have voluntarily forfeited equity incentive awardsthat were valued at slightly more than $11.8 million when they weregranted on this Jan. 23, according to a filing with the SEC. Theawards are phantom stock units, which is a form of deferredcompensation, and were subject to vesting periods of between fouror five years, beginning in January 2008.
The value is calculated on the fair value of RAIT common sharesat the time the awards were granted. According to the SEC document,$2.1 million of the total was expensed through this Sept. 30, andthe remaining $9.7 million will expense as a non-cash compensationexpense during the quarter ended this Dec. 31.
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