Demchak Robert P 4
4 · WASHINGTON PRIME GROUP INC. · Filed Apr 5, 2021
Insider Transaction Report
Form 4
Demchak Robert P
Secretary and General Counsel
Transactions
- Disposition to Issuer
LTIP Units
2021-04-01−3,130→ 0 total→ Common Stock, par value $0.0001 per share (3,130 underlying)
Footnotes (2)
- [F1]Represents long-term incentive performance ("LTIP") units of Washington Prime Group, L.P. (the "Operating Partnership"), of which Washington Prime Group Inc. (the "Company" or "WPG") is the general partner, issued as long-term incentive compensation pursuant to the Operating Partnership's 2014 Stock Incentive Plan in compliance with Rule 16b-3. Each of the LTIP units have vested and, subject to certain qualifying book-up events, may be converted into a unit of limited partnership interest of the Operating Partnership ("Partnership Unit"). Each Partnership Unit may then be exchanged, at the option and discretion of the reporting person, for, as determined by the Company, a share of the Company's common stock on a one-for-one basis or cash.
- [F2]The reporting person is terminating, canceling and abandoning all the listed LTIP units. The reporting person was awarded 15,000 LTIP units on August 25, 2014 (the "First Grant") and another 13,162 LTIP units on February 25, 2016 (the "Second Grant"). Each of the aforementioned awards were adjusted following the Company's one (1) for nine (9) reverse stock split (the "Split") that became effective on December 22, 2020. The Split impacted WPG's common shares and securities convertible or exercisable into WPG common stock. As a result of the Split, the First Grant was adjusted from 15,000 LTIP units outstanding to 1,667 LTIP units outstanding and the Second Grant was adjusted from 13,162 LTIP units outstanding to 1,463 LTIP units outstanding.