4//SEC Filing
PARKWAY PROPERTIES INC 4
Accession 0001123292-16-002842
CIK 0000729237operating
Filed
Oct 10, 8:00 PM ET
Accepted
Oct 11, 5:54 PM ET
Size
20.7 KB
Accession
0001123292-16-002842
Insider Transaction Report
Form 4
Bates Jason A
EVP & CHIEF INVESTMENT OFFICER
Transactions
- Award
Common Stock
2016-10-06+15,473→ 64,511 total - Tax Payment
Common Stock
2016-10-06−3,377→ 61,134 total - Disposition to Issuer
Common Stock
2016-10-06−61,134→ 0 total - Conversion
LTIP Units
2016-10-06−23,760→ 0 total→ Common OP Units (23,760 underlying) - Conversion
OP Units
2016-10-06+23,760→ 23,760 total→ Common Stock (23,760 underlying) - Disposition to Issuer
OP Units
2016-10-06−23,760→ 0 total→ Common Stock (23,760 underlying) - Disposition to Issuer
LTIP Units
2016-10-06−15,473→ 0 total→ Common OP Units (15,473 underlying)
Footnotes (9)
- [F1]On October 6, 2016, immediately prior to the effective time of the merger of the Company with and into a subsidiary of Cousins Properties Incorporated ("Cousins") and pursuant to the agreement and plan of merger, dated as of April 28, 2016, by and among the Company, Parkway Properties LP (the "Operating Partnership"), Cousins and Clinic Sub Inc., a wholly owned subsidiary of Cousins (the "Merger Agreement"), 15,473 LTIPs held by the reporting person were forfeited in exchange for restricted stock units of the Company. Excludes 4,440 previously reported performance-based restricted stock units granted on March 2, 2013, pursuant to the Company's 2013 Omnibus Equity Incentive Plan, which was amended, restated and superseded by the Company's 2015 Omnibus Equity Incentive Plan, as amended, with the vesting based upon the satisfaction of certain performance goals established by the Compensation Committee with respect to the three-year period ending March 1, 2016. [footnote continued]
- [F2][footnote continued] The performance criteria were not met and these restricted stock units were not earned. This transaction is exempt from Section 16(b) pursuant to Rule 16b-6(d) and further from the reporting requirements of Section 16(a) pursuant to Rule 16a-4(d), both rules promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.
- [F3]On October 6, 2016, 12,347 restricted share units vested and the reporting person instructed the company to withhold 3,377 shares to cover tax withholding obligations as permitted under the Parkway Properties, Inc. and Parkway Properties LP 2015 Omnibus Equity Incentive Plan.
- [F4]Disposed of pursuant to the Merger Agreement in exchange for shares of Cousins common stock and restricted stock units of Cousins (the "Cousins RSUs"), and cash in lieu of fractional shares. Pursuant to the Employee Matters Agreement by and between the Company, Cousins, Parkway, Inc. and affiliated parties, on the business day following the merger, the Cousins RSUs held by the reporting person were converted into restricted stock units of Parkway, Inc.
- [F5]Represented performance-based LTIP units that provided for vesting based on the attainment of targets for total return to stockholders during the performance period running from February 18, 2016 to February 17, 2019 (the "2016 LTIPs"), subject to the executive's continued employment with the Company. Subject to the satisfaction of the vesting requirements and certain restrictions set forth in the limited partnership agreement of the Operating Partnership (the "Partnership Agreement"), each LTIP unit may be converted, at the election of the executive or the Company, into a unit of limited partnership interest in the Operating Partnership ("OP unit"). [footnote continued]
- [F6][footnote continued] Each OP unit acquired upon conversion of an LTIP unit may be redeemed, at the election of the executive, for cash equal to the then fair market value of a share of Common Stock, except that the Company may, at its election, acquire each OP unit so presented for redemption for one share of Common Stock. Pursuant to the Merger Agreement and Partnership Agreement, OP units were acquired upon the conversion of the 2016 LTIPs.
- [F7]Pursuant to the Merger Agreement and Partnership Agreement, OP units were acquired upon the conversion of the 2016 LTIPs.
- [F8]The OP units will no longer be a derivative security of the Company following the effective time of the merger. Pursuant to an amendment to the Partnership Agreement, immediately following the effective time of the merger, the reporting person will hold 4,841 OP Units and will receive 38,778 operating partnership units of Cousins Properties LP.
- [F9]Forfeited in exchange for 15,473 restricted stock units of the Company immediately prior to the merger. Represented performance-based LTIP units that provided for vesting based on the attainment of targets for total return to stockholders during the performance period running from February 19, 2015 to February 18, 2018, subject to the executive's continued employment with the Company.
Documents
Issuer
PARKWAY PROPERTIES INC
CIK 0000729237
Entity typeoperating
IncorporatedMD
Related Parties
1- filerCIK 0000729237
Filing Metadata
- Form type
- 4
- Filed
- Oct 10, 8:00 PM ET
- Accepted
- Oct 11, 5:54 PM ET
- Size
- 20.7 KB