John M. Cattonar
About John M. Cattonar
John M. Cattonar is Executive Vice President and Chief Investment Officer of Curbline Properties Corp. (CURB) and has served in this role since November 2023. He is 43 and previously served as EVP & CIO, and earlier SVP of Investments, at SITE Centers; prior roles include Vice President positions at Equity One and Seritage Realty Trust. He holds an M.S. in Real Estate Development from Columbia University and a B.A. in Economics from the University of North Carolina at Chapel Hill . Curbline’s early operating trend post spin-off shows sequential growth in revenue and EBITDA (table below), offering context for performance-linked awards while TSR metrics for his awards are governed by Compensation Committee frameworks rather than disclosed numeric outcomes .
| Operating Trend | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|
| Revenue ($) | 34,642,000* | 38,438,000* | 41,104,000* | 48,466,000* |
| EBITDA ($) | 16,024,000* | 19,544,000* | 22,609,000* | 28,742,000* |
| Values retrieved from S&P Global.* |
[Context: early post-spin operating progression supports incentive design but specific Cattonar TSR outcomes not yet measured.]
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SITE Centers | EVP & Chief Investment Officer | 2021–present (concurrent through spin-off) | Led investments; continuity into CURB post spin-off . |
| SITE Centers | SVP, Investments | 2017–2021 | Drove portfolio investment decisions . |
| Equity One | VP, Asset Management | 2015–2017 | Oversaw asset performance at a retail REIT . |
| Seritage Realty Trust | VP (asset management) | 2012–2015 | Managed redevelopments/retail real estate at a Sears affiliate . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| SITE Centers | Director | Appointed Sept 2024 | Concurrent service permitted under Employment/Shared Services agreements . |
Fixed Compensation
| Element | Detail |
|---|---|
| Base Salary | $500,000 annual rate under assigned employment agreement dated September 1, 2024; agreement expires September 30, 2026 . |
| Perquisites/Other | 401(k) match and disability insurance premiums in 2024; no large perquisites disclosed for Cattonar . |
| Insider Trading, Hedging & Pledging | Pre-clearance, blackout periods; prohibition on pledging, margining, and hedging for officers at VP+ levels . |
| Stock Ownership Guidelines | Section 16 officers (other than CEO/CFO) must own ≥1x base salary in stock/equivalents; all continuing NEOs met guidelines as of March 1, 2025, well ahead of March 31, 2030 compliance date . |
| Clawback Policy | NYSE/Rule 10D-1 compliant clawback adopted Sept 1, 2024; applies to incentive-based compensation in restatement scenarios . |
Performance Compensation
| Metric/Plan | Weighting/Structure | Target | Actual/Payout | Vesting/Notes |
|---|---|---|---|---|
| 2024 Annual Cash Incentive (Curbline portion) | Committee discretion for 2024 (post spin-off) | 100% of base salary; threshold 50%; max 150% | Maximum awarded for 2024 based on spin-off completion, acquisitions, credit facility, and hedging actions; Cattonar’s cash earned: CURB $187,500; SITE $562,500 (pro-rated, equals 150% of $500k) . | Single-year; split between SITE (pre-spin) and CURB (post-spin) . |
| NEO Performance Equity Award (post spin) | At least 50% tied to relative TSR; remainder to Committee-set metrics | Target $600,000; Max $1,200,000 | Early in performance period; valued at threshold in YE table due to limited performance history . | ~3-year performance period; 0–200% payout; dividends/distributions deferred per award terms . |
| Service-based Annual Equity (future) | Time-based equity | $150,000 in each of 2025 and 2026 (RSU or LTIP units at NEO’s election) | N/A | Vests generally over 4 years . |
2023–2024 Compensation (as disclosed)
| Year | Company | Salary ($) | Bonus ($) | Stock Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2024 | CURB | 125,000 | 187,500 | 957,634 | — | 2,499 | 1,272,633 |
| 2024 | SITE | 375,000 | 562,500 | 1,232,791 | — | 12,016 | 2,182,307 |
| 2023 | SITE | 475,000 | — | 1,458,668 | 750,000 | 12,399 | 2,696,067 |
Notes:
- 2024 bonuses represent annual cash performance-based incentive compensation split between SITE (pre-spin) and CURB (post-spin); maximum awarded for 2024 .
- 2024 CURB stock awards reflect performance-based restricted stock granted in October 2024; target $600k max $1.2m; valued under ASC 718 probable outcome .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (3/1/2025) | 38,273 shares; <1% of outstanding . |
| Additional Equity Interests | 112,824 RSUs credited to Cattonar’s account (excluded from beneficial ownership as they vest >60 days out) . |
| Outstanding Awards at 12/31/2024 | 135,670 unvested service-based RSUs (MV $3,150,257 at $23.22) and 12,948 “threshold” unearned PRSA shares (MV $300,653) . |
| Vesting Dates (Service RSUs) | 1,786 (2/22/2025); 3,966 (2/22/2025 & 2/22/2026); 6,982 (2/22/2025–2028); 17,330 (2/28/2025); 19,157 (2/28/2026); 42,872 (2/28/2027); 14,523 (9/15/2025–2027); 29,054 (9/15/2028) . |
| Hedging/Pledging | Prohibited for officers; compliance stated . |
| Ownership Guidelines | 1x base salary for Section 16 officers (non-CEO/CFO); Cattonar is in compliance as of 3/1/2025 . |
Vesting schedule detail for Cattonar (service-based RSUs):
| Tranche (Shares) | Vesting Dates |
|---|---|
| 1,786 | 2/22/2025 |
| 3,966 | 2/22/2025; 2/22/2026 |
| 6,982 | 2/22/2025; 2/22/2026; 2/22/2027; 2/22/2028 |
| 17,330 | 2/28/2025 |
| 19,157 | 2/28/2026 |
| 42,872 | 2/28/2027 |
| 14,523 | 9/15/2025; 9/15/2026; 9/15/2027 |
| 29,054 | 9/15/2028 |
| Performance RSAs (threshold 12,948) | Performance period ~3 years beginning 10/15/2024 . |
Insider selling pressure: Multiple annual vesting dates (February and September each year) may create incremental tradable share supply, subject to corporate blackout windows and pre-clearance under the Insider Trading Policy .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Assigned to CURB/CURB TRS effective September 1, 2024; supersedes prior SITE agreement . |
| Role at CURB | EVP & Chief Investment Officer since November 2023 . |
| Agreement Expiration | September 30, 2026 . |
| Base Salary | $500,000 . |
| Annual Cash Incentive | Threshold 50% of salary; Target 100%; Maximum 150% . |
| Long-term Incentives | Performance-based restricted stock: target $600,000 (max $1,200,000), ~3-year period; plus annual time-based equity grants of $150,000 in each of 2025 and 2026 . |
| Non-Compete/Non-Solicit | Customary; non-compete and non-solicit apply for one year post-termination; perpetual confidentiality and mutual non-disparagement . |
| Severance (No CoC) | 1.5x (salary + average of prior 3-year bonuses) as lump sum; pro-rata actual-year bonus; 18 months COBRA; equity vesting acceleration based on terms/performance to date . |
| Severance (CoC Double-Trigger) | 2.5x (salary + average bonus) as lump sum; pro-rata target bonus; 18 months COBRA; accelerated vesting per award terms . |
| Potential Payments (Illustrative at 12/31/24) | Involuntary/Good Reason: $5,448,040 total; CoC double-trigger: $6,548,040 total (includes cash severance, unvested equity values at assumptions, COBRA, accrued) . |
| Concurrent Service to SITE Centers | May render service to SITE as EVP & CIO under Shared Services Agreement, subject to CURB Board/SITE Board oversight . |
Compensation Structure Analysis
- Strong at-risk mix: Annual cash incentive at up to 150% of salary and a sizable performance equity award (target $600k; max $1.2m) with at least 50% tied to relative TSR align pay with shareholder outcomes .
- 2024 “spin year” discretion: Compensation Committee awarded the maximum annual incentive for 2024 based on spin execution, portfolio acquisitions, financing, and risk management actions—highlighting emphasis on transaction/strategic milestones in the inaugural year .
- Time-based equity cadence: Future annual service-based grants ($150k in 2025 and 2026) provide retention but add known vesting supply windows (Feb/Sep series) .
- Shareholder-friendly guardrails: No pledging/hedging; NYSE-compliant clawback; ownership guideline compliance documented as of 3/1/2025 .
Say-on-Pay & Peer Group
Curbline is an emerging growth company and utilizes reduced executive compensation disclosures; proxy does not disclose a formal compensation peer group for CURB nor say-on-pay results (EGC status) .
Related Party/Interlock Considerations
- Shared Services with SITE: CURB provides leadership/transaction services to SITE and receives services/office use from SITE. Cattonar can serve SITE under this framework, with conflict-review mechanics and termination/fee provisions; governance processes are outlined to manage conflicts .
- Agreements include Separation & Distribution, Tax Matters, Employee Matters, and a SITE ownership waiver for Alexander Otto (material shareholder), all disclosed in the 8‑K and proxy .
Performance & Track Record
- Operating momentum post-spin (see table in “About”): Revenues and EBITDA increased sequentially from Q4 2024 to Q3 2025*, though award performance periods are still early and PRSAs are valued at threshold due to limited history . Values retrieved from S&P Global.*
Investment Implications
- Alignment: High at-risk pay with explicit relative TSR weighting in long-term awards and ownership guideline compliance suggests solid pay-performance alignment .
- Retention: Contract through September 2026, annual time-based grants, and substantial severance/CoC protections (1.5x/2.5x cash multiples plus equity acceleration) mitigate near-term retention risk but raise potential change-of-control costs .
- Trading signals: Multiple vesting dates each year (February/September) could add episodic selling pressure; mitigated by pre-clearance/blackouts and no-pledging policy .
- Governance comfort: Prohibitions on hedging/pledging, a formal clawback, and conflict management around SITE shared services reduce key governance red flags .