CEO Toomey forfeits $7M performance equity award; Board plans new employment agreement

UDR, Inc.

Thomas W. Toomey voluntarily forfeited Class 2 Performance LTIP Units worth $7M granted in Dec 2021.
Award was performance-based with absolute stock price hurdles; hurdles not achieved.
Board determined award no longer served long-term stockholder value creation objective.
Board expects to enter into a mutually agreed employment agreement with Toomey in Q1 2024.
No replacement supplemental equity award is planned by the Board.

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