SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
Filed by the Registrant [X]
Filed by a Party other than the Registrant [_]
Check the appropriate box:
[_] Preliminary Proxy Statement
[_] CONFIDENTIAL, FOR USE OF THE
COMMISSION ONLY (AS PERMITTED BY
RULE 14A-6(E)(2))
[_] Definitive Proxy Statement
[X] Definitive Additional Materials
[_] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
Grubb & Ellis Company
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
N/A
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required.
[_] 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:
-------------------------------------------------------------------------
(2) Aggregate number of securities to which transaction applies:
-------------------------------------------------------------------------
(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):
-------------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
-------------------------------------------------------------------------
(5) Total fee paid:
-------------------------------------------------------------------------
[_] Fee paid previously with preliminary materials.
[_] 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.
(1) Amount Previously Paid:
-------------------------------------------------------------------------
(2) Form, Schedule or Registration Statement No.:
-------------------------------------------------------------------------
(3) Filing Party:
-------------------------------------------------------------------------
(4) Date Filed:
-------------------------------------------------------------------------
GRUBB & ELLIS COMPANY
2215 Sanders Road, Suite 400
Northbrook, IL 60062
SUPPLEMENT
dated November 1, 1999
TO THE PROXY STATEMENT
dated October 14, 1999
for the
1999 Annual Meeting of Stockholders
-----------------------------------
The following errata sheet contains a revision of certain numerical data in the
Summary Compensation Table for Ms. Ehrenberg and Mr. Orrico and replaces page 14
to the Grubb & Ellis Company Proxy Statement dated October 14, 1999.
B. Executive Compensation
The following table shows compensation earned, including deferred compensation,
for services in all capacities with the Company and its subsidiaries for the
fiscal years ended June 30, 1999, 1998 and 1997 for the person who served as
Chief Executive Officer for the 1999 fiscal year; and for each of the other four
most highly-compensated executive officers of the Company. The bonuses for the
1999 fiscal year represent payments for the first six months of the 1999 fiscal
year for all persons except Mr. Young, who received a bonus for the entire
fiscal year. These other officers will be eligible to receive bonuses for the
final six months of the 1999 fiscal year, which are expected to be paid by March
31, 2000.
SUMMARY COMPENSATION TABLE
- ---------------------------------------------------------------------------------------------------------------------
Long-Term
Compensation
Annual Compensation Awards
-------------------------------- ------------
Securities
Underlying All Other
Name and Salary Bonus Options/SARs Compensation
Principal Position(1) Year ($) ($) (#)(2) ($)(3)
--------------------------- ---- ------- ------- ------------ ------------
Neil Young 1999 425,000 250,000 0 3,000
Chairman and Chief Executive Officer 1998 425,000 270,000 0 3,000
1999 400,000 400,000 0 2,000
Maureen A. Ehrenberg 1999 263,000 85,000 12,000 3,000
President, Management Services 1998 218,000 95,000 100,000 2,000
1997 -- -- -- --
Douglas P. Frye 1999 225,000 68,000 25,000 3,000
President, Institutional Services Group 1998 200,000 108,000 0 3,000
1997 150,000 138,000 50,000 189,000
John G. Orrico 1999 275,000 75,000 12,000 3,000
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
President, Transaction Services 1998 219,000 115,000 50,000 3,000
1997 177,000 130,000 50,000 2,000
Steven D. Scruggs 1999 250,000 52,000 0 3,000
President, Corporate Services Group 1998 250,000 115,000 0 3,000
1997 146,000 83,000 100,000 100,000
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------
(1) Ms. Ehrenberg was appointed President, Management Services in February
1998. Prior to that time, she served as Central Regional President of
Management Services. Mr. Orrico was appointed President, Transaction
Services in February 1998. He served as President, Transaction Services,
Eastern Region from July 1997 to February 1998.
(2) The amounts represent options to purchase the numbers of shares of common
stock indicated.
(3) Represents Company contributions made during each calendar year following
the 1998, 1997, and 1996 plan years (calendar years) to the 401(k) plan
accounts of the designated individuals, except as follows: with respect to
the 1997 fiscal year, Mr. Frye's compensation includes $187,000 in
commissions as well as a 401(k) contribution of $2,000, and Mr. Scruggs
received a signing bonus of $100,000 in connection with the commencement of
his employment in October 1996.
FOR THE BOARD OF DIRECTORS
/s/ Robert J. Walner
---------------------
Robert J. Walner
Corporate Secretary
November 1, 1999