Hunt Bryan Gerald 4
4 · ESSEX PROPERTY TRUST INC · Filed Dec 15, 2011
Insider Transaction Report
Form 4
Hunt Bryan Gerald
V.P./ Chief Accounting Officer
Transactions
- Other
Series Z-1 Incentive Units
2011-12-06$1.00/sh+2,500$2,500→ 2,500 total→ Series Z-1 Incentive Units (2,500 underlying) - Award
Stock Option (right to purchase)
2011-12-06+2,500→ 2,500 totalExercise: $132.03Exp: 2021-12-06→ Common Stock (2,500 underlying)
Footnotes (3)
- [F1]Represents the grant of Series Z-1 Incentive Units in Essex Portfolio, L.P. ("EPLP") in December 2011. On January 1, 2012, there will be a 10% conversion ratchet percentage for such units if the FFO target for Essex Property Trust, Inc. is achieved. Thereafter, the conversion ratchet percentage will be increased each year if certain defined criteria are met. These Z-1 Units generally will be convertible into operating partnership units in EPLP at the earliest of a change in control or after the entire 2011 grant reaches a 100% conversion ratchet percentage
- [F2]A capital contribution of $1.00 per Series Z-1 Incentive Unit.
- [F3]10% of these options vested on December 6, 2011, the date of grant, and thereafter 1/60 of the options vest each month.