Mr. Pollock’s employment agreement provides for a base salary of not less than $500,000. The actual amount of Mr. Pollock’s annual base salary in 2024 was $500,000. Pursuant to the employment agreement, Mr. Pollock is entitled to total cash, comprised of his base salary, any annual cash bonus, and distributions from Holdings, for bonus periods in respect of calendar years 2023, 2024, and 2025 in aggregate amounts equal to $4,500,000, $5,000,000, and $6,000,000, respectively, subject to Mr. Pollock’s continued employment through the last day of the bonus period. It is expected that a significant portion of the total cash to which Mr. Pollock is entitled will be derived from distributions from Holdings pursuant to his minimum stated percentage of distributions from that entity. For each bonus period commencing on the period ending on the last day of the bonus period in respect of 2024, Mr. Pollock is eligible for a cash bonus in an amount to be determined in the sole discretion of GCMLP provided that his annual cash bonus for each bonus period in respect of calendar years 2023, 2024, and 2025 is expected to be at least $1,000,000 for each such bonus period. Mr. Pollock’s employment agreement further provides that he is eligible to participate in all employee benefit programs maintained by GCMLP on at least as favorable basis as any other member of senior management.
Under his employment agreement, Mr. Pollock is entitled to be granted 150,000 RSUs in each bonus period in respect of calendar years 2023, 2024, and 2025, which represent the right to receive shares of the Company’s Class A common stock, or cash at the option of GCMG. Each grant of RSUs vest in three equal installments, on the first, second and third anniversary of the date of grant, subject to continued service through each vesting date.
Mr. Pollock’s employment agreement also provides that Mr. Pollock is entitled to receive 10% of the total carried interest associated with programs managed by the Company’s Strategic Investments Group and will also receive 5% of the carried interest associated with the Company’s private markets investment strategies, and not less than 5% of any carried interest or incentive economics associated with newly created specialized funds that pursue absolute return strategies, provided such interests are otherwise awarded to other members of senior management of the Company. For 2024 the amounts Mr. Pollock received are included in the Summary Compensation Table, above.
Pamela Bentley. On December 31, 2020, GCMLP entered into an amended and restated employment agreement with Ms. Bentley, effective as of January 1, 2021. Ms. Bentley’s employment agreement provides that Ms. Bentley shall serve as the Chief Financial Officer of GCMLP for an initial term through October 1, 2022. After such initial term expired, the agreement automatically remains in place until the earliest to occur of the following events: Ms. Bentley’s death or disability (as defined in the employment agreement), termination by GCMLP for cause (as defined in the employment agreement), or with 90 days’ written notice by either party.
Ms. Bentley’s employment agreement provided for an initial base salary of $500,000. The actual amount of Ms. Bentley’s annual base salary in 2024 was $500,000. Pursuant to the employment agreement, Ms. Bentley is eligible to receive a discretionary cash bonus, and for 2024, the amount of Ms. Bentley’s discretionary bonus earned was $368,000. Ms. Bentley’s employment agreement further provides that she is entitled to basic medical insurance or other medical coverage.
Sandra Buchanan. On May 29, 2018, GCMLP entered into an employment agreement with Ms. Buchanan, which was subsequently amended on October 1, 2020. Ms. Buchanan’s employment agreement provides that Ms. Buchanan shall serve as Managing Director, Chief Human Resources Officer. The initial term of Ms. Buchanan’s employment agreement was two years, but, after such initial term expired, the agreement automatically remains in place until the earliest to occur of the following events: Ms. Buchanan’s death or disability (as defined in the employment agreement), termination by GCMLP for cause (as defined in the employment agreement), resignation by Ms. Buchanan for good reason, or with 90 days’ written notice by either party. “good reason” for the purposes of Ms. Buchanan’s employment agreement means: (i) a negative change in executive’s title; (ii) a material diminution of executive’s duties, responsibilities or reporting line; (iii) the relocation of executive’s principal place of employment outside of Chicago, Illinois; and (iv) any material breach by Grosvenor Capital Management L.P. of any material provision of the employment agreement.
Ms. Buchanan’s employment agreement provided for an initial base salary of $500,000. The actual amount of Ms. Buchanan’s annual base salary in 2024 was $500,000. Pursuant to the employment agreement, Ms. Hurse is eligible to receive a discretionary cash bonus, and for 2024, the amount of Ms. Buchanan’s discretionary bonus earned was $302,400. Ms. Buchanan’s employment agreement further provides that she is eligible to participate in all employee benefit programs maintained by GCMLP and to basic medical insurance or coverage.
In connection with the execution of Ms. Buchanan’s employment agreement, Ms. Buchanan was admitted as a member of Management LLC.