Maddux John Charles 4
4 · Meruelo Maddux Properties, Inc. · Filed Mar 29, 2010
Insider Transaction Report
Form 4
Maddux John Charles
DirectorPresident and COO
Transactions
- Award
LTIP Units
2009-12-31+10,000→ 30,000 total→ Common Stock (10,000 underlying)
Footnotes (3)
- [F1]The long-term incentive plan units ("LTIP Units") of Meruelo Maddux Properties, L.P. (the "Operating Partnership") were granted to the reporting person on December 31, 2009 pursuant to the 2007 Equity Incentive Plan of Meruelo Maddux Properties, Inc. (the "Company").
- [F2]LTIP Units are subject to forfeiture over a three-year period. Upon the occurence of certain "triggering events," the LTIP Units can over time achieve full parity with common units of the Operating Partnership for all purposes, and therefore accrete to an economic value equivalent to one share of common stock of the Company on a one-for-one basis. If such parity is reached, non-forfeitable LTIP Units may be converted into common units of the Operating Partnership and then may be converted into an equal number of common units or cash, at the option of the Operating Partnership.
- [F3]The LTIP Units do not have an expiration date.